JACKSONVILLE, Fla., May 5, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Gateway Town Center, a 560,352-square foot regional shopping center in Jacksonville. The listing price of $23 million represents $41 per square foot.
David Hsieh, an associate vice president, and James Hoggatt, a retail investment specialist, both in the firm’s Jacksonville office, are representing the seller, a Jacksonville-based limited liability corporation.
“The Gateway Town Center is comprised of an indoor mall and an outdoor retail center anchored by Publix,” says Hsieh. “The upside lies in the more than 160,000 vacant square feet.”

Located at 5320 Norwood Avenue in Jacksonville, the property features more than 1,600 feet of linear frontage on Interstate 95, is accessible from two highway exits and is less than three miles from Shands HealthCare, affiliated with the University of Florida Health Science Center, and downtown Jacksonville. Jacksonville’s third-largest public transportation station is located on site.

Built in 1967 on approximately 56 acres, Gateway Town Center was renovated in 2005. The center’s national anchor tenants include Publix, Radio Shack, Firestone, Payless and Family Dollar. The Publix lease expires in 2015 with options to renew.

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With more than 1,200 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 3,441 transactions in 2009, the largest of any firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.

www.MarcusMillichap.com

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