Rettner pays $18.8 million for Mandarin South Shopping Center

Preferred Growth Properties sold the Winn-Dixie-anchored property, which is 98% leased.

Winn-Dixie anchors the Mandarin South Shopping Center at 11700 San Jose Blvd.
Winn-Dixie anchors the Mandarin South Shopping Center at 11700 San Jose Blvd.
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Investor Ronald Rettner paid $18.825 million Dec. 13 for the Mandarin South Shopping Center, a Winn-Dixie-anchored property at 11700 San Jose Blvd.

Rettner bought the property through Richardson Realty LLC, which is led by Rettner Manager LLC. Ronald Rettner is the manager of that.

Rettner is based in New York with offices in Ponte Vedra Beach.

Cantrell & Morgan Brokerage Director Sean McGill, who represented Rettner in the purchase along with Cantrell & Morgan co-CEO Jim Loftin, said the 70,169-square-foot center is about 98% leased. He said there is a 1,407-square-foot vacancy.

Rettner bought the 4.9-acre property from Preferred Growth Properties LLC, which sold it through PGP Jacksonville LLC.

The deed and mortgage were recorded Dec. 15.

Ameris Bank in Jacksonville made a $9.5 million mortgage to Richardson Realty LLC on Dec. 13.

Mandarin South was built in 1982 at southwest San Jose Boulevard and Loretto Road.

It was 64% vacant when PGP Jacksonville LLC bought it for $4.7 million in July 2014. PGP invested more than $11 million in renovations in 2018.

PGP redeveloped the center and leased about 28,000 square feet to Earth Fare. The specialty grocer opened in 2017 and closed in February 2020.

Winn-Dixie replaced Earth Fare and opened Nov. 11, 2020.

Preferred Growth Properties LLC is the real estate subsidiary of Books-A-Million.

McGill said he will handle leasing of the center. PGP managed the leasing during its ownership.

Jacksonville-based Cantrell & Morgan Inc. represented PGP in the 2014 purchase.

PGP has been active in the market. It also bought, developed and sold property near St. Johns Town Center.

Rettner has invested in several Jacksonville retail properties, including in Gateway Village at Town Center; along Hendricks Avenue near San Marco; and the former Wine Cellar restaurant near the Downtown Southbank.




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