Category Archives: JAX Daily Record
With warehouses in demand and at least one prospect looking for more than a 1 million-square-foot distribution center, North Jacksonville is targeted for a sizable industrial park.VanTrust Real Estate LLC intends to buy 156 acres of industrial property in Imeson International Industrial Park for development of 3 million square feet of space among three to six buildings. See the article here from Karen Brune Mathis of The JAX Daily Record.
JinkoSolar Holding Co. Ltd. is hiring and filing the paperwork needed to launch its Jacksonville solar-panel manufacturing plant, according to city and state records and a company executive. See the article here from Karen Brune Mathis of The JAX Daily Record.
A year after an arrangement for apartments failed to work out, and 16 years after potential advancement initially surfaced, it looks as though East San Marco will before long go vertical with retail. This time, says Regency Centers, the developer, East San Marco will simpy be a 30,000 SF Publix Super Market, plus 20,000 SF of shops and restaurants. It is located in the heart of San Marco at Hendricks and Atlantic Blvd. Karen Brune Mathis of The JAX Daily Record reports on the project here.
The Florida Department of Economic Opportuniuty said the region grew 2.7% over the past 12 months, outpacing the state at 1.9%. Construction jobs surged ahead with 3,800 new jobs (+9.2%) followed by Financial Activities (+4.1%), Retail (+3.8%) and Leisure and Hospitality (+3.6%). Most importantly, none of the MSA’s five counties lost jobs, and their unemployment rates all dropped. See the article here from Mark Basch at The JAX Daily Record.
Metro JAX job growth was at a 2.6% annual rate, according to the Florida Department of Economic Opportunity and an article by Mark Basch in the JAX Daily Record.
Ventures received several deviations to build the project, including a reduction in required parking spaces from 559 to a minimum of 337 spaces; altered landscaping along adjacent railroad tracks at the east end of the development to provide a buffer. Get full records on this construction from JAX Daily Record here
For the third time recently, an industrial portfolio has traded in JAX. The latest was Cabot Properties’ exit of the market with the sale to NY-based DRA Advisors of about 924k SF of warehouse-distribution space in five buildings around town, four up at Alta Lakes and one at Flagler Center, plus some 16 acres at Alta Lakes.
Earlier in January, MDH Partners of Atlanta paid $54.6M, or $42/SF for seven buildings and 1.3MSF of warehouse space around Imeson Park on the north side of town and Boston-based STAG Partners paid $34.3M of about $34/SF for seven area buildings.
Karen Brune Mathis of The JAX Daily Record has the article on all three 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.
IKEA plans to invest nearly $36M into the planned Jacksonville location. According to a recent article, the opening is expected to be in the fall of 2017 and the store plans on hiring 250 people to staff the location. The permits show a store size of 294,203 SF with 950 parking spaces and an expected development cost of $22.7M. IKEA paid $13M for the 25 acres back in May.
Stanmore Partners reportedly paid $7M to Preferred Growth Properties for about 6 acres of land near the St. Johns Town Center to construct a 306-unit apartment building. The apartments are being referred to as “Ravella at Town Center” and will include 6 buildings and a 7-level parking garage. The total cost of the development was reported at $32M.