JLL Capital Markets announced the sale of Collins Plaza, a 40,000-square-foot shopping center at northwest Interstate 295 and Collins Road.
Property records show Gatlin Development Co. sold the property to institutional investor Crow Holdings, which bought the property for $14.95 million through CH Retail Fund II/Jacksonville Collins Plaza LLC.
The deed was executed Dec. 3 and recorded Dec. 7 with the Duval County Clerk of Courts.
JLL said Collins Plaza is 96 percent leased. National retail tenants include Starbucks, Pet Supermarket, Jersey Mike’s Subs, Great Clips, AT&T and Metro PCS.
JLL said managing director Carson Good and senior vice president Tarik Bateh led the sale on behalf of Gatlin.
Bateh said in a news release the property has strong visibility from I-295 and is in front of Walmart Supercenter and near Costco Wholesale.
“These factors along with the stability of surrounding neighborhoods and employment centers generated significant investor interest both nationally and from foreign investors,” Bateh said.
Frank Gatlin III, CEO and president of Gatlin Development, said his group sold Collins Plaza “as we focus our efforts on the balance of our strategic plans in metro Jacksonville.”
Gatlin is developing The Pavilion at Durbin Park with Gate Petroleum Co. in northern St. Johns County.
JLL Capital Markets said it is a full-service global provider of capital solutions for real estate investors and occupiers.