Category Archives: sale

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.

Publix Anchored Highland Square Sold for $22.7M

Highland Square Shopping Center, located on Dunn Avenue just west of I-95, was just purchased by American Commercial Realty Corp. for $22.7M. The center is anchored by Publix, and other notable retailers include Bealls Outlet, dd’s Discount and Family Dollar. The sale also included a freestanding CVS and Starbucks, which are located on outparcels of the center. The inline space totals 262,000 square feet (277,600 SF including the outparcels).

While not involved in this sale, the Colliers Investment Team has brokered the sale of 3 Publix anchored shopping centers in the last 12 months. Contact Scott Rogers or Ernie Saltmarsh to learn more.

Karen Brune Mathis with the Daily Record covered the story.

Just Sold- Intracoastal Center (Publix Anchored)

The Colliers International Northeast Florida Investment Services Team just sold Intracoastal Center, a multitenant retail shopping center anchored by Publix Supermarkets, located at the south-east quadrant of San Pablo Road and Beach Boulevard in Jacksonville, Florida. The 155,899 SF shopping center got its name due to its location just west of the Intracoastal Waterway. Other tenants within the center include Planet Fitness, Publix Liquors, Greenberg Dental, H&R Block and a Fifth Third Bank (outparcel). In addition to the retail tenancy, there is also a large medical component, with medical tenants accounting for about 41% of the space, including Family Care Partners, Precision Imaging, DaVita Dialysis and Heartland Rehab.

Colliers International Northeast Florida’s team of Scott Rogers, SIOR, CCIM, Ronald McVay and Ernie Saltmarsh IV exclusively represented the seller, a private local individual, and found the buyer, a New York based family in a 1031 tax-deferred exchange. The buyer plans on an extensive renovation of the center, including the roofs, parking lots, signage and facade. Publix has also submitted plans for the proposed $750,000 renovation of their 62,000 SF store. This is the third Publix anchored shopping center that the Colliers Investment Services Team has sold in the past 8 months.

Karen Brune Mathis with the Daily Record covered the story.

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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.

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.

Fields Automotive Buying Brumos

Fields Auto Group is in the process of acquiring Jacksonville based Brumos Automotive, who operates Mercedes-Benz, Lexus and Porsche dealerships in town. The Brumos company has been around since 1959, and is a well known and respected business locally. Like Brumos, Fields is a privately owned company, and headquartered in Glencoe, Ill. Fields currently operates the Land Rover/Jaguar dealership in Jacksonville, and Cadillac dealerships in St. Augustine and Orange Park. When the acquisition of Brumos is complete, the Fields Auto Group will encompass 40 dealerships across the country.

Jensen Werley with the Jacksonville Business Journal covered the story.

Colliers Brokers Sale of local K-Mart on San Jose Blvd.

Colliers International Northeast Florida broker/principal, Jason Ryals, just sold the 106,000 square foot K-Mart at 9600 San Jose Boulevard for $4.3 million. The buyer of the property was a subsidiary of Ash Properties. Plans for the site have not yet been made public. K-Mart began a 40 year lease on the property in the mid 1990’s, prior to it’s shuttering most Northeast Florida locations.

Colliers Sells Publix-Anchored Island Walk Shopping Center in Fernandina Beach, FL for $21.8M

Colliers International Northeast Florida recently sold Island Walk Shopping Center in Fernandina Beach for $21.8M, anchored by Publix, Staples, Bealls and Bealls Outlet. The deal also included a newly constructed/freestanding Starbucks and Mattress One outparcel. Colliers represented both sides of the transaction- Scott Rogers represented the buyer, Phillips Edison & Co. (HQ’d in Cincinnati) and Robert Selton and Matt Entriken represented the seller, CF Properties (HQ’d in Miami). This is the second Publix anchored shopping center that the Colliers Investment Services Team has sold in the past few months. The team also just listed another Northeast Florida Publix anchored shopping center- contact Scott Rogers or Ernie Saltmarsh for more details.

Coach Distribution Sold- Largest Investment Sale in NEFLA To Date in 2015

Intercontinental Real Estate Corp. (Boston HQ’d) paid $90.5 million for a net leased Coach distribution center, located  within the Jacksonville International Tradeport on Jacksonville’s Northside. Coach has been the single tenant at this location since 1994, and all Coach merchandise in the US is shipped out of this facility. This sale follows other notable net leased industrial deals this year, including the sale of the GE Oil & Gas facility ($57.6M) and the FedEx distribution center ($30.6M), both within Cecil Commerce Center and both trading in the first half of the year. This mirrors a national trend of increased interest and investment volume in industrial and hospitality assets.

Timothy Gibbons with the Jacksonville Business Journal has the whole story.

245 Riverside Avenue Office Building (former St. Joe HQ) Sold for $183/SF

The 137,000 SF, five-story, waterfront office building located at 245 Riverside Avenue sold to central FL based Consolidated-Tomoka Land Co. for $25.1M. It was built in 2003 and was the headquarters for The St. Joe Company, which later relocated, and is 99% leased, anchored by Raymond James. Mark Basch (contributing writer) with the Daily Record has the whole store here.