Category Archives: Office

EverBank Buyout Confirmed

EverBank Financial Corp. announced on Monday (8/8) that the Jacksonville HQ’d bank would be bought by TIAA for $2.5B, or $19.50 per share. For several weeks there has been much talk and speculation surrounding the potential sale. TIAA, a financial services firm that was formed in 1918 by the Carnegie Foundation, also has a banking arm, which will soon be combined with EverBank. The company has stated that Jacksonville will serve as the headquarters for the combined bank, however further details regarding the new operations are unknown, including the new name of the combined entities. Additionally, many locals wonder if the Jaguars stadium will remain EverBank Field, or if it will be re-branded.

Mark Basch with the Daily Record covered the story.

Stein Mart Building Sold for $23.7M

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 .

Karen Brune Mathis 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.

Aetna Moving to Former BoA Campus

Aetna Inc., who has been located on the Southbank (CBD) since 1999 and has the naming rights to the tower they currently occupy, will be relocating to the suburbs when their lease expires in 2017. The national life insurance company will be moving to the former Bank of America campus, known as Gramercy Woods, located on Southside Boulevard (just north of Phillips Highway). Gramercy Woods is a 1.2M SF office park owned by Gramercy Property Trust (NYSE: GPT). Aetna will occupy 132,000 SF of space in the park.

Colliers International brokered the deal. The team included Chuck Diebel, Robet Selton, Preston Phillips and Lisa McLatchey.

Project Omega- Ernst & Young Expanding in NEFLA

The firm that was privately seeking $3.29M in incentives from the city and state and was code named “Project Omega” has finally been identified- Ernst & Young, a London HQ’d accounting and financial services firm is expanding in Jacksonville. The city is committing to a $450,000 incentive and the state is contributing $2.84M, in exchange for Ernst & Young’s commitment to create 450 jobs. Jobs will be in the IT and financial services sectors, with average paid wages of $49,000+. It is unknown where Ernst & Young will locate their offices; right now, the company has a presence in the Wells Fargo Center downtown.

Karen Brune Mathis with the Daily Record covered the story.

Local Retail Developer Expands into Office Sector

Local retail owner/developer Ben Hakimian of Hakimain Holdings recently acquired a class-A office building along Butler Boulevard in the Southside submarket for $11.4M. The seller was Greenfield Partners, who purchased the building themselves in 2013 as part of a large portfolio sold by Liberty Property Trust. The building is called Liberty Center, and is 6-stories totaling just over 114k SF; it was 87% occupied at the time of the sale.

Mr. Hakimian is  well known for his multitenant retail portfolio, making this recent office purchase a surprise to many people.

Karen Mathis with the Daily Record covered the story.

Notable Sales Between 1/11/16 & 1/15/16

Colliers sold the Tuffy Automotive in Palm Coast for $2.42M. The building is 7,000 SF and leased to Tuffy on a NNN basis, with 10+ years remaining on the lease. The building also featured a small chiropractors office. The building traded within 4% of the list price.

121 Financial purchased a building at 701 Riverside Park (Riverside submarket) for $3.4M. The community credit union will move their headquarters to the building. The building is 3 stories, 43,170 SF and was built in 1980. Colliers represented the buyer in the transaction.

The Elks Building located in downtown sold for $4.5M, or $158/SF, to a CA buyer. The building was 92% leased at the time of the sale; tenants included Jimmy Johns, Bark and First Stop Urgent Care.

Terraces at Town Center sold for $39M or $144,444/unit. The 270 apartments were built in 2013. The land sold for $12.9M in 2007.

Large Office Park Planned for Nocatee

A 675,000 office park is being planned for the Nocatee community, which is one of the fastest growing residential communities in the US. A company called VanTrust Real Estate (Kansas based) just purchased over 71 acres of land off Nocatee Parkway for $4.5M, with plans to develop 4-6 buildings, each with 4-6 stories and between 100k SF and 150k SF each. Construction of the first building should begin this year.

This comes on the heels of another recent Nocatee office building development. In October, International Management Co. of Jacksonville broke ground on a 3-story, 62,750 SF office building, which is being heralded as the first multi-tenant office building to be built since 2009.

Roger Bull with the Florida Times Union covered the story.

Medical Office Building Sold for $34.3M

The 90K SF CenterOne Medical Office Building near the St. Johns Town Center, just sold for $34.3M. The buyer was CNL Healthcare Properties, a REIT based out of Orlando. The multi-tenant building was 100% leased at the time of the sale, and the group that sold the building leased back a portion of the space.

Healthy Town’s New Name is “The District”

Healthy Town

The proposed project that had been referred to as “Healthy Town” now has a new name, after a several month long competition. The name “The District” was chosen, with a tag line “Life Well Lived- Jacksonville”. The project, which is located on the Southbank on land currently owned by JEA, is slated for 500 residential units, 200 hotel rooms, 94,400 SF of mixed use space and 200,000 SF of office space in the first phase of the development.

Timothy Gibbons with the Jacksonville Business Journal covered the story.