Category Archives: transaction

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.

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.

Arlington Retail Center Sells for $8.1M

An Atlanta-based group that was a minority owner in the center located at 9317 Arlington Road has bought out the remaining 34 limited partners and acquired the center for $8.1M.  Mibarev Development I LLC bought the center that is anchored by Bed Bath & Beyond (closing), Mattress Firm, Panera Bread, Starbucks and Moe’s Southwest Grill, and a long dark Circuit City.  Andrew Thurlow of The JAX Business Journal has the story, but the SF in the article is incorrect – that 33k SF is just for the dark Circuit City that is for lease.

Magnolia Park Flex Buildings Sold to Canadian Investors

Magnolia Park, containing about 82k SF of single-story flex buildings and located off Shad Road in South JAX, sold to a Canadian investor for about $41/SF in February.  They were about 40% occupied at the time of sale.  No article.