Marcus & Millichap Lists Publix-Anchored Jacksonville Retail Center

By Robert Demeter

Gateway Town Center, Publix Supermarket

Jacksonville–Marcus & Millichap has announced that the company has obtained the exclusive listing for Gateway Town Center, an open-air, Publix-anchored, 578,452-square-foot shopping center located in Jacksonville. The property is currently listed for $12 million.

Craig Thomas, a vice president investments in the firm’s Jacksonville office, along with Drew Kristol, Kirk D. Olson and Jonathan Gerszberg, vice presidents investments in Marcus & Millichap’s Miami office, have the exclusive listing to market the property on behalf of the seller.

“The offering is an opportunity to purchase a Publix-anchored shopping center with a 3.97-acre parcel of vacant land situated behind it,” said Kristol in prepared remarks. “The center includes a vacant 176,000-square-foot enclosed mall that can be sold off separately or redeveloped.”

The open-air Gateway Town Center was built in 1967 and renovated in 2005, and serves Jacksonville’s Northside community. In addition to the Publix Supermarket, tenants at the shopping center include Footlocker, Firestone, Wells Fargo and Family Dollar among others.

The property is located on more than 53 acres at 5238 Norwood Ave. with almost 1,000 feet of frontage on Interstate 95. It is accessible from two exits on 95, Golfair Boulevard and Norwood Avenue.

“Investors are looking for value-add retail opportunities in densely populated corridors within the Jacksonville MSA. Gateway Town Center is the only major-retailer-anchored retail destination within this mature suburban market,” added Thomas.

Image via Google Maps.