Wilson Square Retail Center Trades for $43/SF – CoStar Group
Gatlin Development Co. acquired the Wilson Square Shopping Center in Jacksonville from Isram Realty & Management Inc. for $2.7 million, or about $43 per square foot.
The 63,487-square-foot shopping center was built in 1987 and is situated on 8.79 acres. The center was 37 percent leased at the time of the sale, with the anchor space sitting vacant since Food Lion moved out in 1st quarter 2012.
Gatlin Development recently executed a 36,000-square-foot lease with Walmart Neighborhood Market, which will see the grocery chain occupy the anchor space by the 4th quarter of this year. The Walmart deal will bring the center to 94 percent occupancy.