Monthly Archives: February 2016
Town Center Promenade, Core Property Capital’s development across from St. Johns Town Center, will feature Northeast Florida’s first Red Robin Gourmet Burgers, as well as Aldi’s second Jacksonville location. Other retailers who will be joining them include Texas de Brazil, Piada Italian Street Food, Newk’s Eatery, Starbucks, Aspen Dental and Mattress Firm. In addition to the retail, Core plans to build 2 hotels and multifamily along the rear portion of the property.
Publix Super Markets Inc. is planning a remodel of it’s store within the Medical & Merchants Shopping Center, located at San Pablo Road and Beach Boulevard. The renovation is expected to cost $750,000, and will be handled by local contractor, Elkins Construction.
Colliers multifamily specialists Bradley Coe and Douglas Blair recently sold the Atlantica Apartments located at 2760 Mayport Road in Atlantic Beach for $7.8M ($78k/unit). The property is comprised of 7 buildings that total 100 units. The property sold to Becovic Management Group (IN based), who had purchased land across the street back in December for a planned 156 unit luxury apartment development that will be called Ocean Blue Apartments. Construction on that project is set for April of this year.
Blue Rock Premier Properties recently purchased 2 apartment buildings in Jacksonville’s Southside for $48M. Both apartment communities will be re-branded and renovated. The assets included the 284 unit Landmark at Hampshire Place and 248 unit Landmark at Sage Commons. The company made another large portfolio purchase back in October of 2015, when they bought a 1,040 unit portfolio for $64.8M. The founder was quoted saying “The Jacksonville market will continue to be a major focus for us in 2016 and beyond, as well as Tampa, Orlando and Fort Myers”.
Local retail owner/developer Ben Hakimian of Hakimain Holdings recently acquired a class-A office building along Butler Boulevard in the Southside submarket for $11.4M. The seller was Greenfield Partners, who purchased the building themselves in 2013 as part of a large portfolio sold by Liberty Property Trust. The building is called Liberty Center, and is 6-stories totaling just over 114k SF; it was 87% occupied at the time of the sale.
Mr. Hakimian is well known for his multitenant retail portfolio, making this recent office purchase a surprise to many people.
Miami based Salgo Development recently purchased Beauclerc Village from Equity One for $5.5M, or $78/SF±. Beauclerc Village is a 70,429± SF multitenant retail shopping center located in Mandarin,and anchored by Save A Lot and Big Lots.
The Intermodal Container Transfer Facility (ICTF for short) that is currently under construction near the Dames Point JaxPort terminal is set to be “substantially complete” this month, according to senior JaxPort officials. The ICTF will provide increased efficiency for logistics companies shipping products thru Jacksonville. An ICTF allows for the transfer of TEU’s from large container ships to rail lines in a much more efficient manner, which will in turn make Jacksonville a more attractive place for logistics firms to do business. Expect increased activity in the Northside industrial submarket in coming months following the completion.
Winn-Dixie re-opened the doors of it’s store in Point Meadows Shopping Center, located at Baymeadows and I-295, after being closed for 5 years. Not only has the store re-opened, but now has a totally new look and feel from traditional Winn Dixie stores, and is the first of 50 store remodels. The purpose of the new design is to “change the way customers see Winn-Dixie”. The new store format includes a focus on “quality produce, artisan cheese and organic products”, and features a health store-within-a-store called Naturally Better, a made-to-order section called The Kitchen, and a higher end meat section with dry aged meats and fresh bakery. The new store is only a few miles from where Southeastern Grocers is relocating their HQ office, in Prominence office park.
Below is a simple graph of the percent changes in employment in JAX and the U.S. – and JAX is out consistently out-performing the nation. And the results in the table suggest a strong (and sustainable) 2.6% job growth over the past 12 months, now at 650,200 jobs in the region, 102.2% of the prior peak of 2006. The biggest gainers over the past year – Leisure and Hospitality (+6.2%), Education and Health Services (+5.2%) and +3.2% for Trade, Transportation and Utilities. The only loser – Information Services, down 3.3%, but also the smallest employer in the region at less than 9k total jobs. Overall, the JAX economy created some 16,300 jobs in the past year, up 2.6%. Courtesy of US Bureau of Labor Statistics.