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$10M Jacksonville shopping center sells in Mandarin

Colliers International's Joe Montgomery, Tony D’Ambrosio and Ernie Saltmarsh brokered the sale to Mandarin Central Plaza LLC

A St. Augustine company has bought Mandarin Central, a 64,000-square-foot shopping center in Jacksonville.

Terms of the sale were not disclosed, but the property at 11018 Old St. Augustine Road was listed at just under $10 million.

Colliers International's Joe Montgomery, Tony D’Ambrosio and Ernie Saltmarsh brokered the sale to Mandarin Central Plaza LLC, which is registered to Reekee, Pruthvi and Kevin Patel in St. Augustine.

 

mandarin sc

“Jacksonville is experiencing an employment-driven expansion and commercial real estate values are beginning to catch up and reflect those attractive economic conditions,” Montgomery said in a statement. “Jacksonville fundamentals are very solid.”

The shopping center was constructed in 1985 and last sold for $1.2 million. It was 94 percent leased at the time of sale, according to Colliers. Tenants include Dollar General, Pizza Hut and Salento Steakhouse.

Read more about the sale here.

Source | Jacksonville Business Journal