Monthly Archives: July 2016
Citibank announced hiring of 800 new jobs in JAX; that’s after 500 announced last summer that they have already filled at their offices in South JAX. Roger Bull has the announcement here for The Florida Times-Union.
After much speculation, Amazon has made it official- they will be opening a 800,000 SF + distribution/fulfillment center in Jacksonville, which will create more than 1,500 full time jobs. The site, which was sold by Colliers International, is at Duval and Pecan Park roads, visible from I-295. For several months, there has been speculation surrounding a project being referred to as “Project Rex” which was seeking city and state incentives, and described a company that sounded very much like Amazon, without actually naming them.
Lingerfelt CommonWealth Realty Partners recently purchased the Stein Mart building for $23.7M from Parkway Properties. The 10-story building is about 197K SF and is located in the downtown CBD (on the Southbank). The building was about 97% occupied at the time of the sale, and anchored by Stein Mart, who occupies about half of the building and has naming rights to the building. Lingerfelt also owns the Riverplace Tower across the street, which they bought from Gate in 2014 for $29M .
The 2016 Mid-Year Investment Market Report is here! The report covers investment activity that occurred in Northeast Florida during the first half of the year and includes all asset classes. The report is published semi-annually, and c0-authored by Ernie Saltmarsh and Scott Rogers, investment specialists with Colliers International Northeast Florida.
To view/download the report, click HERE
The 28-story, 295-unit Strand apartment tower, located on the Southbank recently traded for $64.6M, or, $219K per unit- a new record for local apartment/multifamily sales. The waterfront, luxury tower was built in 2007, and is the only high rise tower to be built in Jacksonville in recent years (most of the new apartment construction has been low to mid rise or “garden” style). The Stand was purchased by an investment firm based in Winter Park, FL. Other recent and notable sales included the sale of the Broadstone Beach House ($46M; $203K/unit) and Brooklyn Riverside ($58M; $187K/unit).
Highland Square Shopping Center, located on Dunn Avenue just west of I-95, was just purchased by American Commercial Realty Corp. for $22.7M. The center is anchored by Publix, and other notable retailers include Bealls Outlet, dd’s Discount and Family Dollar. The sale also included a freestanding CVS and Starbucks, which are located on outparcels of the center. The inline space totals 262,000 square feet (277,600 SF including the outparcels).
While not involved in this sale, the Colliers Investment Team has brokered the sale of 3 Publix anchored shopping centers in the last 12 months. Contact Scott Rogers or Ernie Saltmarsh to learn more.
Mercedes-Benz USA is relocating an engineering services division from a town in New Jersey to Jacksonville. Mercedes already has a presence in town- leasing around 500,000 SF at the International Trade Port near Jacksonville International Airport. The relocation will cost Mercedes a total capital investment of $2.1M; city and state incentives totaled $448,200, and the new division will result in 50 new jobs.
Plans and renderings for East San Marco were just flied with the city. The $41M project will include a Publix anchor, small shop space and 239 apartments above the retail on the ground floor.
Jacksonville was recently named by Forbes magazine as #2 on a list of the top “10 Cities Americans Are Moving To Right Now”. Reasons cited in the report include “friendlier climates, communities and costs of living”. Below is the full lineup.
- Tampa, FL ($230,000 med. home price / 4.4% unemployment rate)
- Jacksonville, FL ($272,400 med. home price / 4.4% unemployment rate)
- Charlotte, NC ($257,500 med. home price / 5.1% unemployment rate)
- San Antonio, TX ($275,000 med. home price / 3.7% unemployment rate)
- Austin, TX ($399,000 med. home price / 3.1% unemployment rate)
- Las Vegas, NV ($260,000 med. home price / 6% unemployment rate)
- Orlando, FL ($262,400 med. home price / 4.3% unemployment rate)
- Nashville, TN ($315,000 med. home price / 3.2% unemployment rate)
- Raleigh, NC ($297,200 med. home price / 4.6% unemployment rate)
- Portland, OR ($416,300 med. home price / 4.6% unemployment rate)
In a similar list, Forbes ranked the “10 States People Are Fleeing”, which included: New Jersey, New York, Illinois, Connecticut, Ohio, Kansas, Massachusetts, West Virginia, Mississippi and Maryland.
Plans for Durbin Park, a mixed use development project that is slated for development on land owned by Gate Petroleum, were recently shared with the public. The 1,600 acre project is located St. Johns County, at the southwest quadrant of I-95 and Race Track Road and bordered by the new road, 9B. The plans call for retail, office, hotel and multifamily uses, as well as nearly 1,000 new homes. One of the biggest highlights, which is slated for Phase II, is a Bass Pro Shoppes. Phase I is expected to be complete by 2018, and Phase II by 2019. Gatlin Development will partner with Gate on the retail component of the project, which could account for some 600,000 square feet.