Category Archives: General CRE News/Reports
As freshly constructed units are entering the local market, Vacancies are anticipated to lessen. Thanks to appealing rents 70s and 80s vintage product prevail with renters. Regional private investors are the main active buyers in Jacksonville, targeting higher yields. We thus have the strategic opportunity to procure multifamily properties in Jacksonville, which is often neglected among larger metropolitan cities. Get the full articles from Creative Realty Partners here
Walmart is working on a statewide investment plan for its stores in Florida with an impact of over $450 million. In addition to opening nine stores across Florida, the world’s largest retailer is remodeling more than 40 locations, including four in the greater Jacksonville area. The stores undergoing renovation include Walmarts at 6830 Normandy Blvd., which hosted a re-opening event a month ago, one at 6767 103rd St, which finished last week, and a store at 12100 Lem Turner Rd, which is scheduled to complete its renovations on June 23 and will include the online grocery pickup program. There is also a store in St. Augustine on the list to be updated. Read the entire article by Dahlia Ghabour from Bizjournals.com
Florida ranked among the top five states in the nation for the number of labors the industry upholds and the commercial real estate industry expense impact by The National Association of Industrial and Office Parks. The total impact in Florida amounted to $7.6 billion last year, marginally leading 2015 figures. The state also ranked No. 5 in overall development in the U.S. Florida was ranked 3rd for both warehouse and retail development and was also ranked 7th in total office construction and development.
Read the full story from Business Observer by Kevin McQuaid
A new concert and entertainment venue – Daily’s Place amphitheater, to the south side of Ever Bank Field is under construction. This will give Jacksonville a cutting edge multi-purpose facility. The venue will be able to provide a seating area for about 5,500 people and an indoor practicing facility of 94,000-square-feet. The project is estimated to be completed by May and is expected to host 30-40 events each year. This will further revitalize Downtown Jacksonville give Jacksonville an iconic superstructure. – Mark Lamping, President of the Jacksonville Jaguars’ offers some insights here:
Jacksonville based Regency Centers Corp. just announced a deal to acquire another major shopping center owner, Equity One, Inc. Regency currently owns 307 properties across the country, and the acquisition/merger with Equity One (122 properties) will result in a combined company with 429 properties across the US, with a total market value of $15.6 Billion. The deal is expected to take place in the first to second quarter of 2017. The company will retain the Regency Centers name and the headquarters will remain in Jacksonville. The merger will be done through an exchange of stock.
According to a Bankrate.com posting by Sarah Berger, the following 8 chains announced significant store closings this year.
WalMart (January) – 154 in US (269 worldwide)
Sports Authority (March) – 450 stores (all)
Kmart/Sears (April) – 78 stores (68 KM’s and 10 Sears)
Macy’s (?) – 100 stores
Ralph Lauren (June) – 50 stores
Office Depot (August) – 400 + 300 in next 3 years
Aeropostale (May) – 113 stores (plus all 41 of its Canadian stores)
JCPenney (January) – 7 stores (shuttered 33 in 2014 and 40 in 2015)
According to data collected from the Bureau of Labor Statistics (BLS) between 2012 and 2015, Jacksonville ranked #4 for “Construction and Extraction” jobs, and #5 for jobs in the “Health Care Practitioners and Technical Occupations” category. The figures are based on comparing local occupation density in various occupation categories with national averages to determine the rankings.
Click here for the original article, which was posted on Abodo.
An unnamed company is seeking incentives totaling some $8.3M from the state and city for the proposed construction of a 1 million square foot distribution center that could be built at city owned Cecil Commerce Center in Jacksonville’s Westside submarket.
The project sounds very similar to the Amazon distribution center that was announced earlier this year, which was being referred to as Project Rex when they were at this stage of the process. There is a strong possibility that the company behind Project Vero could be Amazon, who has built more than one distribution center in the same market before. In fact, it is somewhat common for Amazon to build one distribution center to pick, pack and ship smaller items, and another to process larger items, such as furniture, sporting equipment, TV’s and other larger consumer products.
The Cecil Commerce location would be about 23 miles south of the location that was already announced, which is at 12900 Pecan Park Road, right off I-295 and just south of the Airport.
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.
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