Monthly Archives: December 2015
The 90K SF CenterOne Medical Office Building near the St. Johns Town Center, just sold for $34.3M. The buyer was CNL Healthcare Properties, a REIT based out of Orlando. The multi-tenant building was 100% leased at the time of the sale, and the group that sold the building leased back a portion of the space.
A new LA-Z Boy concept store is coming to the St. Johns Town Center, opening up in the freestanding, 19,000 square foot former TigerDirect Building. The space is larger than a typical LA-Z Boy store, and the company is spending a reported $600K on build-out. The store will feature LA-Z Boys newest store design and aims to open in late March-April.
The Jacksonville Transportation Authority (JTA) recently announced a long anticipated plan (preliminary) for the Skyway, an automated/elevated monorail system that runs to and from 8 stations in the CBD, on both the South and North-banks of the river. JTA has taken a lot of criticism in recent years over the Skyway project, and the number of riders got so low that the city waived the cost to ride the monorail, in an effort to try to boost its use. JTA hopes to finalize the project, including securing funding for the construction by this time next year. The plans outlined by JTA show a major expansion of the rail line, to expand to new locations on both sides of the river, including:
- Brooklyn area where several hundred new apartments have been built
- The site of proposed development on the Southbank called “The District” (formerly Healthy Town)
- The location of the proposed “Shipyards” development, And
- EverBank Field
National Report: Small Business Humming in Jacksonville
The article references the Kauffman Main Street Entrepreneurship Index, which ranked Jacksonville #29 (out of the 40 top metros for small business growth). Jacksonville was right behind Austin, TX, and just ahead of Charlotte, NC.
Colleen Michele Jones with the Jacksonville Business Journal covered the story.
Jacksonville Housing Market Continues to Post Strong Numbers
In November, median sales price rose to $164,650, and compared to last November, housing stats improved across the board. Pending sales are up from 1,662 to 2,029; The average number of days a listing stayed on the market fell to 81 from 83, and new listings increased by 67 to 2,424.
Derek Gilliam with the Jacksonville Business Journal covered the story.
Jacksonville City Council passed a unanimous vote to fund half of the $90M cost to build a covered practice field and 5,000 seat amphitheater adjacent to EverBank field. Jaguar’s owner Shad Khan will pay the other $45M to complete the project.
Fields Auto Group is in the process of acquiring Jacksonville based Brumos Automotive, who operates Mercedes-Benz, Lexus and Porsche dealerships in town. The Brumos company has been around since 1959, and is a well known and respected business locally. Like Brumos, Fields is a privately owned company, and headquartered in Glencoe, Ill. Fields currently operates the Land Rover/Jaguar dealership in Jacksonville, and Cadillac dealerships in St. Augustine and Orange Park. When the acquisition of Brumos is complete, the Fields Auto Group will encompass 40 dealerships across the country.
Colliers International Northeast Florida broker/principal, Jason Ryals, just sold the 106,000 square foot K-Mart at 9600 San Jose Boulevard for $4.3 million. The buyer of the property was a subsidiary of Ash Properties. Plans for the site have not yet been made public. K-Mart began a 40 year lease on the property in the mid 1990’s, prior to it’s shuttering most Northeast Florida locations.
Alexa Epitropoulos with the Jacksonville Business Journal just published an article recapping all of the exciting restaurants that have recently opened or are set to open in the Downtown and Riverside submarkets. Restaurants included in the story include:
- Sbraga and Company (recently opened in 220 Riverside project; run by celebrity chef and Top Chef Kevin Sbraga)
- Hobnob (2016 opening in 220 Riverside project)
- Brixx Pizza (2016 opening in 220 Riverside project)
- Metro Diner (major expansion this year; purchased by Outback founders)
- Black Sheep (successful Riverside/5 Points restaurant expanding into downtown; going into former Midtown Deli location; kiosk planned for Hemming Park)
- Cowford Chophouse (major renovation going on in historic Bostwick Building, at Main and Ocean Streets)
- Il Disco (former Pele’s Wood Fire Grill; a JV that includes Forking Amazing Restaurants)
- Maple Street Biscuits (First St. Augustine location to open this month; further expanding in St. Johns County in 2016)
There is a new, 156-unit luxury apartment building in the works for Atlantic Beach. The project is being referred to as Ocean Blue, and is being developed by Indiana based Becovic Management Group. The project is located on Mayport Road, and adjacent to Hanna Park. According to the news article, “the project will include seven three-story residential buildings, four garage structures, a clubhouse, pool, cyber café and espresso bar, outdoor movie theater, on-site car wash and walking trail.” Colliers International’s Bradley Coe represented the buyer in the transaction.
According to the annual U.S. Bureau of Economic Analysis report, Jacksonville’s GDP is up 5% Y-O-Y, making it’s $65 billion economy 49th in the Nation.