Monthly Archives: March 2016
The Harbour Place Shopping Center located at the south-east quadrant of Atlantic Boulevard and Hodges Boulevard just sold for $24M, just shy of the $25.7M paid for Intracoastal Center (Beach and San Pablo) which is also anchored by Publix and also traded this week. The two centers are located less than 4 miles from each other. Publix Supermarkets purchased the shopping center from Lat Purser and Associates and plans on doing a renovation of the center. According to CoStar, Harbour Place is about 104,000 SF and was built in 1990.
The Colliers International Northeast Florida Investment Services Team just sold Intracoastal Center, a multitenant retail shopping center anchored by Publix Supermarkets, located at the south-east quadrant of San Pablo Road and Beach Boulevard in Jacksonville, Florida. The 155,899 SF shopping center got its name due to its location just west of the Intracoastal Waterway. Other tenants within the center include Planet Fitness, Publix Liquors, Greenberg Dental, H&R Block and a Fifth Third Bank (outparcel). In addition to the retail tenancy, there is also a large medical component, with medical tenants accounting for about 41% of the space, including Family Care Partners, Precision Imaging, DaVita Dialysis and Heartland Rehab.
Colliers International Northeast Florida’s team of Scott Rogers, SIOR, CCIM, Ronald McVay and Ernie Saltmarsh IV exclusively represented the seller, a private local individual, and found the buyer, a New York based family in a 1031 tax-deferred exchange. The buyer plans on an extensive renovation of the center, including the roofs, parking lots, signage and facade. Publix has also submitted plans for the proposed $750,000 renovation of their 62,000 SF store. This is the third Publix anchored shopping center that the Colliers Investment Services Team has sold in the past 8 months.
Mayo Clinic just announced plans to spend an estimated $100M on improvements to their campus on San Pablo Road in Jacksonville, including the construction of a 4-story building that will house cancer and neurological related care specialists. Additionally, a state of the art proton emission tomography (PET) radiochemistry facility will be constructed on site, allowing them to produce highly advanced radiopharmaceuticals. The new facility is expected to serve 126,000 patients in its first year, and expected to open in the spring of 2018. The new additions will not only improve upon Mayo’s already impeccable clinical practice, but will also play an important role in the research that they do. The improvements will further Mayo’s goal of becoming the destination medical center of the Southeast.
According to a recent Jacksonville Business Journal article, “The housing market in Northeast Florida posted strong numbers in February with nearly 1,800 closed sales, 2,425 pending sales and an increase in year-over-year average price.”
Publix Super Markets Inc. recently filed plans for an $850k renovation at their store in Harbour Place Shopping Center, which is located at the SWQ of Atlantic Boulevard and Hodges Boulevard. This comes on the heels of a recent announcement announcing plans for a $750k renovation of the Publix at Beach Boulevard and San Pablo Road.
International Decor Outlet Taking 200K SF + at Regency Mall
“International Décor Outlet, the home improvement and décor mall taking over 200,000 square feet of Regency Square Mall, is opening up this summer” according to a recent article from the Jacksonville Business Journal.
Maple Street Biscuit Planning New Location
Maple Street Biscuit Company just announced that it will be opening a new location in Fleming Island. The exact location is unclear at this time, but according to the restaurant, a lease has already been signed. Ever since opening its doors at the first location in San Marco in 2012, the brand has spread throughout the Northeast Florida market, with stores in Julington Creek, Jacksonville Beach, Murray Hill, St. Augustine and even Tallahassee. The restaurant also has locations underway in Gainesville and Tampa.
The long awaited East San Marco project appears to be back on schedule- with construction set to begin late this summer. The project, which was first announced back in 2002, is estimated to cost about $60MM. It will feature 239 apartment units stacked on top of 46,000 SF of retail space. Publix will anchor the retail component, taking about 32,500 SF. The 4.33 acre property is located at the intersection of Atlantic Boulevard and Hendricks Avenue, in the heart of San Marco Square shopping and entertainment district. A JV between ArchCo (Atlanta based) and Bluerock (NY based) will buy the property from Regency Centers this summer, and then develop the property. Regency Centers will then purchase the retail component of the development and handle the commercial leasing and management of the project.
Pieology Pizzeria’s franchisee Ted Cheng has aggressive local expansion plans, with hopes to open 12 local restaurants in Jacksonville over the next 5-7 years. The first two are set to open by mid-2016; one will be located in the Nocatee area, and the other will be in the St. Johns Town Center.
According to the U.S. Department of Labor and Wells Fargo Securities, LLC, Florida led the nation in job creation in January, with other 36,000 private jobs. In terms of total jobs, government and private, the state added a net of 32,200 new jobs in January, the highest gain in any month since April 2011. The biggest winners in the state – construction, professional and business services, and then leisure and hospitality. The state’s payrolls gained 3.4%, and Jacksonville was second best, at +4.5%, behind only Orlando at +4.9%, as shown below. Over the past year, Florida non-farm employment added a net of 269,200 jobs with every major industry category posting gains. The state’s unemployment rate is at 5.0%, and would be dramatically less but for Florida’s civilian labor force grew at more than twice that of the nation over the past year.
Chart courtesy of Wells Fargo Securities, LLC
Konover South (Deerfield Beach) and Blue Rock Partners (Tampa) have joined forces to purchase two apartments (532 units) in Jacksonville’s Southside for $48M, or $90,226/unit. The properties included Landmark at Hampshire Place and Landmark at Sage Commons. They were 95% occupied at the time of the sale. Both will be rebranded and renovated ($3.4M).