Category Archives: General CRE News/Reports
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
There is a lot of speculation regarding a project being referred to as “Project Rex”, which is seeking $18.4M in state and city incentives to locate a business in the area. The company promises to bring 1,500 jobs to the area, and estimates the payroll to be upwards of $51M. The development cost is estimated at $200 million.
Here are some of the facts leading to people to speculate that Project Rex is Amazon:
- The developer who is named in documents related to the project has completed two projects for Amazon in the past, in Richmond, VA and Nashville, TN
- The project is described as a “state-of-the-art fulfillment center”
- It would be located on a 171 acre site near the Jacksonville Int’l Airport
- The summary of the project describes the un-named company as having more than 20 years of experience in retail and e-commerce, with over 200,000 employees worldwide- this description matches the description on Amazon’s website
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.
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.
From Healthcare Design, a publication on just that topic, comes a good article on the trend of hospitals and doctors going to the suburbs. Its all about market share, building a brand, convenience, and a having a presence near where people spend most of their time and where they need a doctor – their homes.