Monthly Archives: July 2015

Macquarie Group Plans to Open Jax Office in 2016

Australia-based Macquarie Group announced it plans to open an office in downtown Jacksonville in early 2016. This announcement was made two days after Jacksonville City Council approved an incentive package valued at $393,600, for a “confidential financial institution”, code named Project Post. The company could receive up to $1.39 million from the state in additional incentive dollars. Macquarie Group plans to bring 123 new, high paying jobs to the city by the end of 2017. David Bauerlein with The Florida Times Union covered the story, which appeared on the front page of the Friday, July 21st paper.

State Job Market Grew 3.2% – 60% Faster Than Nation

Florida’s job growth is forecast to be 3.2% for 2015 and growing even faster in 2016 (+3.4%), well ahead of the nation at 2.0%, according to Kiplinger.  Florida ranks in the top 5 in the nation for 2015, and the only state on the East Coast in the top 7; the top ten for 2015 (along with their 2016 job growth forecast) – Utah (+3.4%), Washington, (+3.2%), Idaho (+3.6%), Nevada (+4.5%), and Florida (+3.4%) followed by Oregon (+3.4%), Arizona (+3.3%), and Georgia (+3.0%), California (2.4%) and South Carolina (2.8%).  Among 2015’s top ten, the 2016 expectations rank Florida as tied for #3 behind only Nevada and Idaho.  See the link to the rankings at via the JAX Business Journal.

Deutsche Bank Looking for $5.5M Incentives to Create 475 New Jobs

Duetsche Bank is looking to add 475 new jobs in multiple locations in Duval County, and wants help from the city/state in terms of economic incentives.  That would take their employment to over 2,100 by 2017.  Karen Brune Mathis of The JAX Daily Record has the story.

McKesson Closing 168.5k SF Distribution Center on Westside

After buying PSS World Medical in 2013, McKesson has decided to close its Westside warehouse where it employed some 16 persons, and consolidate its distribution function into a Chicago location.  Karen Brune Mathis has the story for The JAX Daily Record.

Westside Warehouse Sells For $11/SF

Atlantic Safety Products bought a 168k SF warehouse at 109 Stevens St in West JAX from Lexington Realty Trust for $1.85M, or $11/SF.  Karen Brune Mathis has the mention for The JAX Daily Record.

Home Depot is Buying Jax Based Interline Brands in $1.63B Deal

Home Depot announced Wednesday that it will be acquiring Jacksonville, FL based Interline Brands in a $1.63B deal. Interline Brands is a distributor of maintenance, repair and operation products. Timothy Gibbons with The Jacksonville Business Journal has the story.

New Retail Center Planned for former Golden Corral Beach Blvd. Site

A SC-based owner that owned the site on Beach Blvd. out front of the Regal Cinemas where Golden Corral operated for 15 years, is replacing the restaurant with a 15,100 SF multi-tenant retail building that should open in early 2016.  Karen Brune Mathis has the article here for The JAX Daily Record.

Pattillo Buys Westside Warehouse at $46/SF

Pattillo Industrial Real Estate bought a 79,500 SF warehouse it built for D&H Distributing back in 2004 for about $3.68M, or $46/SF inclusive of a pad to expand the building by another 40k SF.  Its address is 8000 Forshee Drive.  Karen Brune Mathis of The JAX Daily Record has the mention.

Transactions Around Town June 2015

Roger Bull provides a great summary of recent commercial sales around town in his Sunday Business Notebook for July 11, 2015.  Among them:

  • Reserve Water of Miami paid $6.68M for the Reserve at Waters Inlet apartment community at 6100 Arlington Expressway.
  • PNC of Louisville KY paid $6.5M for Monaco Arms apartments at 10415 Monaco Drive.
  • Ziff Properties out of Charleston SC paid $8.625M for the self-storage facility at 9119 Merrill Road next to the Big Lots retail center and across from the Publix.
  • LEDIC Management paid $15.5M or about $51k/u for the 304-unit Desert Winds Apartments off Atlantic Blvd.
  • Setzers Eight Street Corp. paid $998k, or $145/SF for a small retail center at 1533 San Marco Blvd.

NE FL Building Permits At Highest Point Since 2007

In June, JAX’ four-county metro area issues some 788 permits for single-family homes, the highest volume of permits since 2007, and twice the number than any month from 2009 to 2011, but more importantly, still less than half of the unsustainable 2005 peak.  Roger Bull of The Florida Times-Union has the story here.

In a related story, the Northeast Florida Association of Realtors reports home sales for June 2015 were up 13% and the median price up 11%, to $183,590.  The strongest areas of purchases, in terms of the number of transactions from June 2014 to June 2015, were NE St. Johns County, Orange Park, Fleming Island, and Southside.  Overall, some 2,587 homes were sold in the area, about 100 more than the previous record set in the boom-time of 2005. The Florida Times-Union staff has the report here.