The 38-year-old Mandarin shopping center sells to St. Augustine investor.
Colliers International announced March 13 it brokered the $9.4 million sale of the Mandarin Central retail center to a St. Augustine-based investor group.
Mandarin Central is a 63,346-square-foot center on 6.92 acres at 11018 Old St. Augustine Road.
Joe Montgomery, Tony D’Ambrosio and Ernie Saltmarsh IV of Colliers International represented the seller, Milestone Properties Inc. of Delray Beach.
Milestone, through MPI/Mandarin Central Inc., sold the property to Mandarin Central Plaza LLC.
The deal closed March 10 and the buyer secured a $6.58 million mortgage from Valley National Bank the same day.
Mandarin Central is north of Interstate 295, northwest of Losco and Old St. Augustine roads.
Built in 1985, Mandarin Central is 94% leased. Tenants include Dollar General, Pizza Hut, Salento Steakhouse and service-oriented businesses. CVS Pharmacy occupies a parcel in front of the center.
The Mandarin area is a densely populated area with many national retailers. Regency Centers Inc. owns the adjacent Old St. Augustine Plaza anchored by Publix, Hobby Lobby and Burlington.
Colliers international is an international real estate services and investment management company with offices in Jacksonville.