Sale of Jacksonville retail centers rings up $24.85M

Pinecrest-based MMG Equity Partners and a joint venture partner sold a Jacksonville shopping center anchored by a Fresh Market for about $220 per square foot.

Also anchored by a Stein Mart, the 113,000-square-foot Harbour Village shopping center at Atlantic Boulevard and San Pablo Road in Jacksonville commanded a $24.85 million sale price.

In 2011, MMG Equity and Global Fund Investments formed a joint venture that paid a special servicer $12.6 million for a delinquent loan secured by the shopping center, then took title through foreclosure.

Global Fund Investments led a concerted leasing effort that increased the shopping center’s occupancy rate to 100 percent currently from 86 percent in 2011.

Dennis Carson and Casey Rosen, senior vice presidents of the Florida arm of brokerage firm CBRE’s national retail investment group, represented the sellers in the transaction.

MMG Equity is a privately owned real estate investment company focused on acquisition, development and management of Florida shopping centers.