Ben Carter, chairman of Ben Carter Enterprise Inc. of Atlanta. His firm handles the leasing for the Markets at Town Center.
Ashley Gurbal Kritzer
Reporter- Jacksonville Business Journal
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The Markets at Town Center, the shopping center between the St. Johns Town Center and Costco Wholesale Corp., is for sale, and the deal is expected to fetch a “premiere price” from an institutional investor.
“It’s certainly the premiere asset on the market, retail-wise, in the city of Jacksonville,” said Karl Johnston, senior director of the capital markets group for Cushman Wakefield of Florida Inc. “Institutions feel fairly comfortable with the immediate area around the St. Johns Town Center and envision it as a safe deployment of capital.”
The value of the property — 350,000 square feet on 52.5 acres — was pegged at $130 million by Real Estate Alert, a commercial real estate newsletter, though Johnston said that number is “probably a little aggressive.”
Pinehill Investment Co. of Atlanta developed the Markets, which opened in 2009. Ben Carter Enterprises of Atlanta, which developed the first phase of the town center, is the leasing agent. Representatives from both firms did not return phone calls seeking comment.
The Markets is a mix of bars and restaurants, including Suite, Whiskey River and BlackFinn American Grille; and retailers Ulta Beauty, Recreational Equipment Inc., West Marine and Motherhood Maternity, among others.
Nordstrom Rack (NYSE: JWN) is under construction in the Markets.
RELATED: Nearby office parks Deerwood North, Deerwood South sold for $130 million
The property has been on the market for two to three weeks, and is already garnering a great deal of interest from investors, said Brad Peterson, senior managing director with the Orlando office of HFF LP.
Ashley covers real estate, sports business, hospitality and health care
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