The Real Deal Miami

Jacksonville retail center listed for sale at $12M

The Publix-anchored open-air shopping center covers almost 580,000 square feet

April 23, 2016 12:30PM

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Gateway Town Center in Jacksonville

Gateway Town Center in Jacksonville

A Publix-anchored shopping center in Jacksonville spanning almost 580,000 square feet is listed for sale with an asking price of $12 million.

Brokerage firm Marcus & Millichap got the exclusive listing for the 579,452-square-foot Gateway Town Center at 5238 Norwood Avenue in Jacksonville’s Northside community.

The open-air shopping center, built in 1967 and renovated in 2005, is located on about 53 acres of land with almost 1,000 feet of frontage on Interstate 95.

In addition to a Publix supermarket, the tenants of Gateway Town Center include Footlocker, Firestone, Wells Fargo and Family Dollar.

“Gateway Town Center is the only major-retailer-anchored retail destination within this mature suburban market,” Craig Thomas, vice president investments with Marcus & Millichap in Jacksonville, said in a press release. “Investors are looking for value-add retail opportunities in densely populated corridors within the Jacksonville MSA.”

The open-air shopping center is listed for sale together with an adjacent 3.97-acre parcel of vacant land and a vacant 176,000-square-foot enclosed mall that could be sold off separately or redeveloped.