Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of a 32-acre land parcel with 18 developable acres located between Florida State Road 16 and Four Mile Road in St. Augustine, Florida.
The site has over 1,700 feet of frontage on Four Mile Road. The land is within walking distance of a Publix-anchored shopping center and is within the St. Johns County School District.
Jacksonville-based Gatlin Development Co. bought the property through HWY 16A Apartments LLC for $8.5 million. The deal closed January 15th.
“Located within an Opportunity Zone, the property is well-suited for the development of approximately 315 multifamily units,” said Tyler Nilsson. Nilsson and Erik Bjornson, IPA senior directors, represented the seller. Tyler Nilsson is a leading multifamily specialist in the Jacksonville area, representing institutional and private clients.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
Institutional Property Advisors (IPA) is a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
