Gatlin Development Co. sold part of its Grand Cypress development in St. Johns County on May 1 to Tampa real estate giant Lykes Brothers for $18.2 million.
Through Grand Cypress Marketplace LLC, Jacksonville-based Gatlin sold two properties totaling 5.38 acres to 7L Cypress Plaza LLC.
7L is at 400 N. Ashley Drive, Suite 2500, in Tampa. It shares an address with Lykes Brothers.
The properties include the Winn-Dixie grocery store that was completed in 2022 and two other shopping center buildings with businesses including Teriyaki Madness, St. Johns Nail Spa and others.
The sold properties are at 100 and 140 Little Cypress Drive, county records show.
Gatlin developed Grand Cypress at the former greyhound racetrack and poker room site in St. Johns County after buying the nearly 100-acre property for $16.5 million in 2021.
The 41,500-square-foot grocery store Winn-Dixie and a separate 2,000-square-foot liquor store opened in 2022.
Lykes Brothers was founded by Howell Tyson Lykes and his seven sons in 1900 with a 500-acre ranch near Brooksville.
Lykes says it owns more than 610,000 acres in Florida and Texas.
Lykes says it is “a diverse enterprise that includes cattle, citrus, farming, forestry, hunting, and land and water resource management.”
Gatlin has been selling pieces of Grand Cypress.
Gatlin sold a parcel at 140 Cypress Edge Drive in Grand Cypress for $1.95 million in February. In July 2023, it sold 63 Little Cypress Drive for $2.025 million. In November 2023, it sold 35 Little Cypress Drive for $2.58 million.