Category Archives: JAX Business Journal

The Sale of “The Strand” Breaks Record

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).

Derek Gilliam with the Jacksonville Business Journal covered the story.

Mercedes-Benz USA Expanding in Jax

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.

Derek Gilliam with the Jacksonville Business Journal covered the story.

Ameris Bank Relocating HQ to Jax

Ameris Bank, which expanded in Jax with the purchase of Jacksonville Bank several years ago, celebrated the recent move of the banks executive headquarters to Jacksonville, a move that was credited to Jacksonville’s impressive pool of talent in the financial services industry. The bank, which still retains its corporate office in Moultrie, GA, has been rapidly expanding in recent years. Ameris recently leased space in Riverplace Tower on the Southbank, and subsequently purchased signage rights for the tower, adding the Ameris logo to the skyline.

Derek Gilliam with the Jacksonville Business Journal covered the story.

Harbour Place Shopping Center Sold (Publix Anchored)

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.

Karen Brune Mathis with the Daily Record reported the transaction details.

Retail News

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.

Jensen Werley with the Jacksonville Business Journal covered the story

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.

Alexa Epitropoulos with the Jacksonville Business Journal covered the story

 

East San Marco Project Back On

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.

Karen Brune Mathis with the Daily Record covered the story; as well as Derek Gilliam with the Jacksonville Business Journal

East San Marco Rendering

 

Lots of Exciting Restaurant News…

Edgewood Bakers Sold- To Be Converted into French Pantry
Jaguars owner Shad Khan recently sold the Edgewood Bakery in Murray Hill to John Valentino, a successful local restaurateur who owns several local Mellow Mushrooms, Burrito Gallery, Uptown Kitchen and The French Pantry. Valentino plans on converting the Murray Hill bakery into a French Pantry, which currently has only one location on Powers Avenue and enjoys a cult-like following.
Alexa Epitropoulos with the Jacksonville Business Journal covered the story.

Hawkers Expansion Plans
Hawkers Asian Street Fare is expanding into the Neptune Beach market, as well as expanding outside of Jax, opening a store in St. Petersburg. The concept was started in Orlando, then brought to Jax where it has been extremely successful operating in 5 Points.
Alexa Epitropoulos with the Jacksonville Business Journal Covered the story.

Maple Street Biscuit Co. Expanding
Maple Street Biscuit Co., which became famous in recent years for their fried chicken biscuits, announced that they will be trying out a new Latin food concept that will be called B Street Eats. They will be opening the restaurant in St. Augustine, next to the existing Maple Street Biscuit Co. location.
Alexa Epitropoulos with the Jacksonville Business Journal covered the story.

Upscale Mexican Coming to San Marco
Puerta Vallarta will be opening in April in the San Marco neighborhood, in the historic San Marco Train Station, which is behind the Panera Bread Co. along Hendricks Avenue. The restaurant will have 180 seats and take up 3,000 SF.

Alexa Epitropoulos with the Jacksonville Business Journal covered the story.

Blue Rock Premier Properties Buys 2 Apt. Complexes for $48M

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”.

Derek Gilliam with the Jacksonville Business Journal covered the story.

Salgo Development Enters Jax Market

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.

Derek Gilliam with the Jacksonville Business Journal covered the story.

Winn-Dixie Testing New Store Format in Jax

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.

Jensen Werley with the Jacksonville Business Journal covered the story.