Blog Archives

Another Industrial Portfolio Trades; this one at $59/SF

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.

Aldi NEFLA Expansion

Aldi has announced that it will be opening two new stores in the NEFLA market, including one on Normandy Boulevard (just west of I-295) on the site of a closed Golden Coral, and one at Town Center Promenade, which is the proposed development that is located across from the St. Johns Town Center. Aldi is a German based company who was founded by the same family that founded Trader Joes. They currently have about 10,000 stores worldwide, with about 1,500 in the US. Locally, we have 3- Southside , Middleburg & St. Augustine.

Karen Brune Mathis with the Daily Record covered the story.

Publix 2-Yr Renovations Top $16.4M for 17 Area Stores

Publix Super Markets, with 49 stores in the NE FL region, is currently at about $16.4M in its renovation of some 17 area stores in just the past two years.  The latest is its Reedy Branch Commons store that will undergo a $900k renovation that was just applied for.  Karen Brune Mathis has the mention of Publix’ tab so far in this article (under a different title).

AZ-Based Homebuilder Buys 692 Acres in North JAX For $5,650/Ac

Karen Brune Mathis of The JAX Daily Record reports Arizona-based Walton Group International USA has purchased 692 acres for residential development just north of the airport for about $3.91M, or about $5,650/acre.  Walton owns a massive 3,347-acre development in Northeast Polk County where it plans almost 6k units, 381k SF of commercial, a school site and 1,120 acres of preservation land.

Ameris Bank at Riverplace Tower Update

Ameris Bank took 35k SF of 28-story Riverplace Tower back in July and will have its name atop the tower, according to an article from Karen Brune Mathis of The JAX Daily Record, along with a brief announcement that Regal Stadium 20 has applied for a zoning variance to sell beer and wine at its Philips Highway theaters and Jimmy Hula’s has filed for a permit to open in Orange Park, the first location outside central Florida for the chain.

KPMG and Deloitte Upgrading Downtown Offices; Whitehall Realty Re-Locating in San Marco

Both KPMG and Deloitte, the global accounting/consulting firms, are vacating their separate spaces at Wells Fargo Center and re-locating; KPMG taking 10,232 SF at EverBank Plaza in Riverside and Deloitte taking the 34th floor at BofA Tower where it will take 6k SF.

Separately, Whitehall Realty Partners, the developer of the East San Marco mixed-use development in San Marco, has bought a small office building at 1721 Atlantic Blvd. near its new project and will re-located its employees there.

Karen Brune Mathis has the story on each for The JAX Daily Record.

New Restaurant Planned for Five Points

Fernandina Beach-based Timoti’s Seafood Shak is seeking a second location in the region, this one a 1,735 SF location in Five Pionts at 1043 Park St. where it has filed for a build-out permit.  Plans call for a November opening.  Karen Brune Mathis of The JAX Daily Record has the story here, along with other real estate stories/transactions including:

  • Raleigh Mine & Industrial Supply has bought the 40k SF warehouse at 1737 Jessie St., exercising its right to purchase it in an existing lease for its subsidiary SteelCon Supply Co.  It paid $1.15M, or $29/SF.
  • Zaxby’s is developing a new store next to its existing store (yep) in the Regency area.

Fireshouse Subs Seeking 30k for New Office HQs

Jacksonville-based Firehouse Subs is looking for new office space in JAX so it can consolidate its 100 or so existing employees plus some other functions as it looks to its next decade of growth, including 25 more to be hired by the end of 2016.  Karen Brune Mathis of The JAX Daily Record has the story here.

Alliance Residential Planning 255-265 Apartments for SouthBank Site

Karen Brune Mathis of The JAX Daily Record reports the former Crawdaddy’s site on the Southbank is under contract to Phoenix-based Alliance Residential that plans some 255 to 265 apartment units.  The site will also include a parking deck, but the focus is the five- to six-story residential buildings that will offer river views and be close to thousands of jobs.

Vantage Investing $15-20M in Lexington Renovation

Vantage Hospitality Group expects to complete its $15-20M renovation by the end of 2016 of the former Wyndham Hotel on the Southbank, now known as the Lexington Hotel & Conference Center.  Karen Brune Mathis of The JAX Daily Record has the story here.