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Record & Observer Amazon.com appears to be planning 12th area site
COMMERCIAL REAL ESTATE ISSUE
Record &BIG Observer MULTIFAMILY’S YEAR JACKSONVILLE
Plans indicate a delivery station near The Avenues.
DEALJACKSONVILLE MAKERS
Record & Observer BY KAREN BRUNE MATHIS EDITOR
Dhaval Patel, Brian Moulder and Bobby Gatling are the multifamily team at Walker & Dunlop.
JACKSONVILLE
It appears the area’s 12th Northeast Florida Amazon.com facility is planned at the former Harte Hanks marketing facility in South Jacksonville near The Avenues mall. The city is reviewing civil engineering plans for an almost 132,000-square-foot warehouse space at 7498 Fullerton St. in Gran Park at the Avenues for DJX7, which matches the code names for Amazon’s facilities. The size and description of the project indicate it is an Amazon delivery station, which would join five more open or in review for Jacksonville and St. Johns County for use by the Seattlebased online retailer. The DJX designation is Amazon’s code for a Jacksonville delivery station, where packages are sent for the final leg of distribution to customers. Finlayson Logistics Assets LLC of New York and Gran Park Properties LLC of Jacksonville are listed as the developers on the construction plans for the 7498 Fullerton St. project. Plans say the project is a single phase on 18.3 acres within an industrial distribution/warehouse park near Southside Boulevard and Deercreek Club Road. The project calls for reworking some of the existing pavement around the building, constructing a parking lot on the parcels to the north and creating ramps for vehicles to enter the building. Amazon’s delivery stations are designed for vans to drive into the buildings for loading.
Record & Observer Photo by Katie Garwood
T
he COVID-19 pandemic didn’t slow down the 2020 multifamily apartment market in Northeast Florida, with the team at Walker & Dunlop closing on 14 deals after Thanksgiving and landing five of the top 10 commercial sales of the year.
PAGE 4
INSIDE: MORE COMMERCIAL REAL ESTATE Newmark Knight Frank brokers close on nearly $600 million in sales.
The top 10 sales of 2020 in commercial real estate in Northeast Florida.
CBRE beats 2019 in multifamily sales, says market is “at fever pitch.”
The top commercial sales in the fourth quarter in Northeast Florida.
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KMATHIS@JAXDAILYRECORD.COM (904) 356-2466
What’s Trending: Earth Fare returning to St. Johns PAGE 2 Development Today: Big permits issued in Jacksonville PAGE 2 People on the Move in Northeast Florida PAGE 12
THE MATHIS REPORT
Pennsylvania firm wants to buy more area properties Restaurant Notes: Chick-fil-A, Blue Boy & more. PAGE 3 VOLUME 3, NO. 34 • ONE SECTION
2
WHAT’S TRENDING
JACKSONVILLE DAILY RECORD / JACKSONVILLE RECORD & OBSERVER
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THURSDAY, JANUARY 21, 2021
Big news doesn’t break just on Thursday. Here’s a look at some of the top stories published over the past week online at JaxDailyRecord.com and in the Jacksonville Daily Record that you may have missed.
GROCERY STORES
Earth Fare to reopen in St. Johns Earth Fare, the natural and organic grocer, announced Jan. 14 it will reopen in St. Johns County. Earth Fare and shopping center owner Sleiman Enterprises said in a news release the store will open in the second quarter at the Shoppes of St. Johns Parkway off County Road 210 West. “This is a growing area and desirable location with great demographics,” said Randy Tally, co-founder, chief sustainability officer and director of leasing at Earth Fare. “This area wants a specialty healthy grocery store and we are happy to deliver the community an organic and natural foods grocery store.” The store at 120 Shops Blvd. opened in October 2019 and closed in February, along with the rest of the chain,
Special to the Daily Record
when it filed for Chapter 11 bankruptcy. The Asheville, North Carolina-based grocery is making a comeback. Supermarket News reported in July the chain was reopening stores after an investment from Hulsing Enterprises, also of Asheville, along with the founders of Earth Fare. It has reopened 16 stores.
REAL ESTATE Groundbreaking for the Southeast Quadrant Dozens of members of the Skinner family gathered the morning of Jan. 15 for the groundbreaking on their last big piece of undeveloped property in Jacksonville at the Southeast Quadrant at Butler Boulevard and Interstate 295. “For the family, I think it’s kind of a passing of an era for us,” said A.C. “Chip” Skinner III, who spoke for the family at the event marking the start of the master-planned residential
community, “Seven Pines, A Legacy of Gathering.” Homebuilders ICI Homes and David Weekley Homes bought 197 acres Dec. 23 and have the rights for about 560 of the Skinners’ total 1,063 acres of timberland at the quadrant. The builders will buy the land in three phases with the first coming online in 2022. They plan a total of 1,600 homes.
DEVELOPMENT TODAY These are the largest commercial building permits by job cost issued Jan. 19 by the city of Jacksonville. APARTMENTS Amare Vita Independent Living, 10660 Validus Drive, contractor is Baxter Construction Co., 12,816 square feet, install 89 carports, $448,000. Paradise Island Apartments, 7651 Paradise Island Blvd., contractor is SweetWater Restoration Inc., fire damage repair, $120,000. CHURCH, OTHER RELIGIOUS Nabi Akram Center, 1840 Anniston Road, contractor is Styles Smith Plumbing Inc., 827 square feet, install patio cover, $23,000. DAYCARE Mitchell Learning Academy LLC, 1210 Lee Road, contractor is Prism Design & Construction Inc., 1,750 square feet, addition, $164,166.
HOTEL, MOTEL, DORMITORY Jacksonville University Williams Hall, 2800 University Blvd. N., contractor is Royal Plus Inc., alteration, $19,076. OFFICE, BANK, PROFESSIONAL SVF St. John’s Jacksonville LLC, 4445 Town Center Parkway, contractor is Stultz Inc., 540 square feet, install dumpster enclosure, $20,000. STORES, MERCANTILE Publix, 12541 Yellow Bluff Road, contractor is Hawkins Construction Inc., install foundation, $50,000. Charlie’s Liquor, 5220 Normandy Blvd., contractor is Prism Design & Construction Inc., 5,706 square feet, tenant build-out for store and lounge, $26,500. Compiled by Daily Record Staff
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THURSDAY, JANUARY 21, 2021
3
Somerset wants to buy more area properties
The Pennsylvania company bought eight Jacksonville warehouses in 2020. The investor whose group bought eight warehouses around Jacksonville in December intends to invest about $1 million to upgrade them – and to continue looking for more area properties to buy. “The buildings are in good shape,” said Anthony Brady, president of Somerset Properties of Pennsylvania. “They need some landscaping, painting, exterior lighting and new pavement and fencing. That is what we are focusing on,” he said Jan. 15. “Our model is to fix them up, raise the rents a little – and we think we can do that with these properties.” Somerset, based in Lower Gwynedd, Pennsylvania, bought the eight warehouses among six deeds for almost $28.2 million through SPI/ CSIM JIP Property Owner LLC. The deeds and a $19.25 million mortgage from Webster Bank of Waterbury, Connecticut, were executed Dec. 24 and recorded Dec. 31 with the Duval County Clerk of Courts. The properties are in South and West Jacksonville. The South Jacksonville properties are at 9855 Florida Mining Drive, Buildings 1 and 2; 5748, 5867 and 5885 Mining Terrace; and 3010 Powers Ave. The West Jacksonville properties are at 600 Suemac Road and 5875 Highway Ave. Property records show they total 380,500 square feet of space and were built from 1974 to 2008. Brady said the buildings are fully leased and Somerset has renewed four tenants. “We hope to buy a lot more properties in the Jacksonville market,” Brady said. He is interested in office, industrial
RESTAURANT NOTES DUVAL COUNTY
Chipotle to Roosevelt Square: The city approved a permit for Duffey Southeast Inc. to build-out a 2,400-square-foot space for Chipotle Mexican Grill at 4495 Roosevelt Blvd., No. 611, in Roosevelt Square at a cost of $412,039.
Mambos Cuban Express to Mandarin: The city is reviewing a certificate of use application for Mambos Cuban Express Cafe at 11105 San Jose Blvd. in Riverplace Shopping Center. The original Mambos Cuban Café Pizzeria is at 13770 Beach Blvd. in Pablo Pointe Center and another Express is at 4820 Deerlake Drive W. in Tapestry Park. Dunkin’ in Baymeadows: Dunkin’ is remodeling its location at 9978 Baymeadows Road, No. 5, at a cost of $92,423. The city issued a permit Dec. 15.
Blue Boy in Norwood: New owners extended the hours of Blue Boy Sandwich Shop at 6514 Norwood Ave. The restaurant now operates 7 a.m.-5 p.m. Monday-Friday and is open 8:30 a.m.-4 p.m. Saturday. It previously opened later and closed earlier and was not open on weekends. Patrick and Stefanie Capriola bought the business Sept. 30. Look for new menu items, too.
Popeyes to Westside: The city is reviewing a permit application for construction of a Popeyes at 9144 103rd St. in West Jacksonville. Diversified Commercial Builders Inc. of Kennesaw, Georgia, is the contractor for the 2,146-square-foot building and drive-thru at an estimated $425,000. Kimley-Horn and Associates Inc. is the civil engineer. Wingstop to Normandy: Wingstop wants to open at 5515 Normandy Blvd. in West Jacksonville. The city is reviewing a permit application for Adkins Construction Co. LLC to renovate 1,830 square feet at an estimated $200,000.
Ellianos to Brierwood: Ellianos wants to build a 700-square-foot coffee shop drivethru at 8775 Old Kings Road S. in Brierwood Village. JEA is reviewing a service-availability request. Gmuer Engineering LLC is the civil engineer. The site is at Baymeadows and Old Kings roads. Chick-fil-A to Lakewood: Chick-fil-A Inc. of Atlanta bought the former Krispy Kreme property at 3814 University Blvd. W. in Lakewood for $1.275 million. It purchased the 1.31-acre site from Monmouth Shadowbrook Inc. of Miami Beach. The city issued a permit Dec. 7 for Realco Recycling Co. to demolish the former 3,123-square-foot Krispy Kreme at a cost is $50,000. Chick-fil-A renovations: Chick-fil-A filed plans with the city to remodel its 4625 Town Center Parkway store near St. Johns Town Center. CPH Inc. is the civil engineer. The project is part of Chick-fil-A’s plans to improve customer service and restaurant operations to include a building addition with interior and exterior renovations and a dual-lane drivethru and canopy. Taste Seafood takes Sonic site: The former Sonic Drive-In at 6185 Fort Caroline Road in Arlington became Tasty Seafood Chicken & Subs, according to a certificate of use. Imran Restaurants Inc. owns the property. Prism Design & Construction Inc. is on the permit application, which states there is no work needed and the space retains the same occupancy with a different name.
KMATHIS@ JAXDAILYRECORD.COM @MATHISKB (904) 356-2466
ST. JOHNS COUNTY
Whataburger: Whataburger intends to open at the Shoppes of St. Johns Parkway. That increases the number of Northeast Florida locations to nine. St. Johns County is reviewing plans for a 3,745-square-foot Whataburger and drive-thru on 1.26 acres at 2838 County Road 210 W. in Saint Johns. Flo’s Ice Cream: St. Johns County issued a permit for the build-out of 1,136 square feet of space for Flo’s Premium Ice Cream at 880 Florida A1A N., Suite 11, in Ponte Vedra Pointe Shopping Center. Zaxby’s: St. Johns County issued a permit for the $478,459 build-out for Zaxby’s in almost 4,000 square feet of space at 950 Santa Maria Blvd. in St. Augustine. Simone’s Wood Fired: St. Johns County also issued a permit for the $125,000 build-out for Simone’s Wood Fired Craft Kitchen at 185 Murabella Parkway, Suites 8-9, in St. Augustine. The center is The Markets at Murabella. Jimmy Hula’s: St. Johns County is reviewing plans for Jimmy Hula’s at 709 S. Ponce de Leon Blvd. in St. Augustine.
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THE MATHIS REPORT
KAREN BRUNE MATHIS EDITOR
and flexible-use properties. Somerset already has a presence in Jacksonville. It bought the three-building Capital Plaza office park at 10401 Deerwood Park Blvd. N. in July 2019. It also owns property in Fort Lauderdale and is under agreement to buy a single-story flex building in Orlando. The company says it is a fullservice real estate company that operates in the Eastern U.S. “We have been buying a lot in the Southeastern U.S. the past several years. Florida obviously is a very desirable state for all of the reasons that you read and hear,” he said, referring to what economic developers tout as the climate, available land, population growth and low taxes compared Brady with other areas. Brady said the latest Jacksonville purchase doesn’t comprise the “typical big-box distribution centers.” “These are service centers that are serving the growing population,” he said. Brady said the tenants range from 7,500 to 44,000 square feet, and average about 16,000 square feet. Those spaces attract tenants that sell and store supplies for homes and cars, for example. “A lot of people moving into Jacksonville means there are more houses. People are fixing up their houses, and a lot of supplies are needed for that,” Brady said. “A lot of these tenants are tenants that sell supplies – goods that people are putting into their houses, or tires for their cars.” He said with growth in Jacksonville, it will be more difficult to find property to build such multitenant warehouses “this close to the city.” Brady said the Somerset group generally holds properties for five-10 years. “We are not long-term holders anymore,” he said. “You fix them up, create the value and go on to the next deal.”
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THURSDAY, JANUARY 21, 2021
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COMMERCIAL REAL ESTATE
JACKSONVILLE DAILY RECORD / JACKSONVILLE RECORD & OBSERVER
Photo by Katie Garwood
Dhaval Patel, Brian Moulder and Bobby Gatling of Walker & Dunlop in front of JTB Apartments on AC Skinner Parkway, which they sold for $83.25 million. It wasn’t their largest deal, which was the $96.85 million ARIUM Deerwood apartments, the second-highest commercial real estate sale of 2020 in Northeast Florida.
RECORD-BREAKING FINISH Walker & Dunlop closed 14 deals after Thanksgiving and landed five of 2020’s top 10 sales. BY KATIE GARWOOD STAFF WRITER
W
ith about$1.75 billion in sales in 2020, Walker & Dunlop’s multifamily team of Brian Moulder, Dhaval Patel and Bobby Gatling turned an uncertain year into one of their best yet. The three had record firstand fourth-quarter sales, which they said can be credited to low interest rates, economic development in Jacksonville and an influx of new residents to the area. The team closed 14 sales between Thanksgiving and the end of 2020, Moulder said. The second and third quarters were
slower, he said. “If you asked me in April if we were going to have the best fourth quarter that we’ve ever had in our career, I would have thought you were nuts,” Moulder said. They sold five of the top 10 commercial real estate sales of 2020. That included the $96.85 million ARIUM Deerwood apartments sale, the $90 million Citigate Apartments and the $83.25 million JTB Apartments. ARIUM Deerwood was the largest multifamily sale of the year. The JTB Apartments’ $237,857 per-unit price was the highest in Jacksonville history. As retail and office markets in Jacksonville soften, multifamily development is on the rise.
Patel said that the higher paying jobs coming to Jacksonville, such as those in financial technology, health care and advanced manufacturing, are helping to raise rental rates, which increases the value of multifamily properties. A lot of those employees with higher paying jobs want to live in an apartment setting. “They want to have the amenities, the flexibility,” Patel said. “That has been the fundamental shift which has fueled the apartment sector quite a bit in the last five to 10 years. They want to do bare minimum but have the quality of living and lifestyle.” Potential multifamily investors are taking note of the conditions in Jacksonville. Often,
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they are choosing it over Orlando and Tampa. “When you get granular and do the research, why do you want to go to a place like Orlando? Once (buyers) do the research, (Jacksonville) is just a no-brainer,” Patel said. “It’s just finding the right deal for them that fits the acquisition criteria.” For the Walker & Dunlop team, informing their clients about the surrounding market and staying in constant communication with them have been keys to their success in 2020. The three left CBRE and opened Walker & Dunlop’s investment sales office in Jacksonville in 2015. Jacksonville’s quality of life is attracting new residents and
investors to the area, Gatling said. Those from the Northeast are finding that in Jacksonville they can have more space for less and a higher quality of life. “I don’t think we’ve experienced in our career in Jacksonville more inquiries, or appetite for Jacksonville,” Moulder said. “They want to be in multifamily in the state of Florida. I’ve never seen Jacksonville this hot. And if the jobs continue – there’s no reason they shouldn’t – and interest rates remain low, we should probably be in the same position as an upper trend going forward.” KGARWOOD@ JAXDAILYRECORD.COM (904) 356-2466
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THURSDAY, JANUARY 21, 2021
5
Capitalizing on ‘the golden age of multifamily’ COMMERCIAL REAL ESTATE
Newmark Knight Frank brokers Erik Bjornson and Tyler Nilsson closed on nearly $600 million in sales in 2020. BY KATIE GARWOOD STAFF WRITER
Following the best year in their career, Newmark Knight Frank brokers Erik Bjornson and Tyler Nilsson said they are lucky to be working in the Florida multifamily market. The two closed 25 sales in 2020 totaling almost $600 million. Their $73.5 million sale of The Menlo apartments was the eighth highest commercial real estate sale of 2020. “It’s kind of the golden age of multifamily right now,” Bjornson said. “With interest rates low, yields not being provided really in other investments, including the stock market, people are chasing yield in hard assets in real estate and specifically multifamily,” he said. Bjornson and Nilsson cover territory from Jacksonville to Daytona Beach and across the Florida Panhandle. About 90% of their transactions are in Jacksonville. Bjornson focuses on investment sales, while Nilsson handles land sales for multifamily projects. Both areas of the multifamily market in Jacksonville are strong and expected to stay that way. They said population and
Photo by Katie Garwood
Newmark Knight Frank brokers Erik Bjornson and Tyler Nilsson said strong rents and population growth are driving the Northeast Florida multifamily market.
job growth and the affordable cost of living have been pivotal to keeping Northeast Florida’s multifamily market sound. Now that Jacksonville is a top 50 metropolitan statistical area, larger, institutional investors are taking notice. “Going into the pandemic with those tailwinds, the Jacksonville market really sustained itself on the multifamily side with good occupancy, strong rents and still experiencing a lot of population growth,” Bjornson said.
He said the fundamentals for existing multifamily properties in Jacksonville are strong, “and some of the strongest fundamentals you’ll see anywhere in the country.” For land sales and multifamily development, Nilsson said there has been an influx of new developers taking interest in the market in the past several years. “We don’t have a shortage of groups that want to develop multifamily by any means in Jacksonville,” Nilsson said.
Newmark has Florida offices in Jacksonville, Boca Raton, Orlando and Tampa. Bjornson said brokers in each of those offices often work together on deals, creating cohesion and allowing for the offices to share information with each other. Bjornson said that having a Newmark presence in each of Florida’s major cities has helped it take the highest multifamily investment sales market share in the state. “We have a presence in every
single market in Florida and a good team set in all these markets in Florida,” Nilsson said. “Because of this informationsharing and cohesiveness, it’s easier for us to execute for our clients in a more timely fashion,” he said. “And ultimately, in a way that provides the best outcome for them.” KGARWOOD@ JAXDAILYRECORD.COM (904) 356-2466
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THURSDAY, JANUARY 21, 2021
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THE TOP 10 COMMERCIAL SALES OF 2020
The top 10 commercial real estate sales in 2020 in Northeast Florida sold for a combined volume of nearly $822 million. Nine are in Duval County and one is in St. Johns County. Led by Amazon’s first fulfillment center in Jacksonville, the list includes a fulfillment center for another online retailer, two of Downtown’s signature office towers and six multifamily residential properties.
1
DUVAL
$107,800,000
12900 Pecan Park Road, Jacksonville Type: Amazon Fulfillment Center JAX2 Parcel size: 169.18 acres Building size: 2.4 million square feet Buyer: JDM AMZN JAX LLC Seller: RELP Duval LLC Recorded: Aug. 5. The developer of the Northwest Jacksonville Amazon. com fulfillment center at 12900 Pecan Park Road sold the property July 30 for $107.8 million to JDM AMZN JAX LLC, part of JDM Partners of Phoenix. The multilevel fulfillment center has a base size of 875,580 square feet and a total interior square footage of about 2.4 million square feet. It’s the first operation Amazon opened in Jacksonville in September 2017. Amazon leases the facility at Duval and Pecan Park roads, just off Interstate 295 and a mile and a half south of Jacksonville International Airport. Employees sort, pack and ship orders for small items.
2
DUVAL
$96,850,000
9820 Creekfront Road and 7632 Southside Blvd., Jacksonville Type: ARIUM Deerwood apartments Parcel size: 65.29 acres No. of units: 616 Buyer: L/L Deerwood Associates LLC Seller: Aqua Deerwood LL LLC Previous sale: $74,500,000 in 2017 Recorded: Nov. 2 The No. 1 apartment sale in Duval County closed Oct. 28 when Laramar, a Chicagobased multifamily investor, purchased ARIUM Deerwood for $96.8 million. The property comprises 616 units at 9803 Creekfront Road along Southside Boulevard between Butler Boulevard and Baymeadows Road. The community was constructed in phases between 1981 and 1986.
3
DUVAL
$90,000,000
4
ST. JOHNS
DUVAL
$83,250,000
5 $79,500,000
8451 Gate Parkway W., Jacksonville
8876 AC Skinner Parkway, Jacksonville
65 Sentosa Drive, Saint Johns
Type: Citigate Apartments Parcel size: 40.24 acres No. of units: 444 Buyer: Bcore MF Citigate LLC Seller: Citigate Apartments Property Owner LLC Previous sale: $54,807,500 in 2011 Recorded: Dec. 4.
Type: JTB Apartments Parcel size: 13.28 acres No. of units: 350 Buyer: Inland Real Estate Investment Corp. Seller: JTB AC Skinner LLC Not recorded
Type: The Elysian apartments Parcel size: 21 acres No. of units: 348 Buyer: The Elysian AL LP Seller: Sentosa Beachwalk Apartments LLC Recorded: April 17
A Northeast Florida commercial real estate record was set Sept. 11 when Chicago-based Inland Real Estate Investment Corp. purchased JTB Apartments for $83.25 million. The $237,857 per unit price was the highest in regional history. The property at 8876 AC Skinner Parkway, near St. Johns Town Center, comprises 350 units built in 2019. The apartments have 9-foot ceilings, quartz counters, washers and dryers, and stainless steel appliances. Amenities include a resort-style pool and lap pool, cabanas, an 11,000-squarefoot clubhouse with a demonstration kitchen, TV lounge, cybercafé lounge, interactive game room, fitness studio and a rooftop terrace lounge.
Tampa-based American Landmark Apartments purchased Sentosa Beachwalk apartments, in the Beachwalk community in St. Johns County, on April 15 for $79.5 million. American Landmark renamed the 348-unit community, built in 2019 at 65 Sentosa Drive, The Elysian. Amenities include a swimming pool, 24-hour fitness center, fireside lounge, volleyball courts, playground, laundry and dry cleaning, and EV charging stations. The new owner said it would add USB outlets in each unit, a temperaturecontrolled package locker delivery system, car wash, dog park and landscaping improvements.
The second-largest apartment purchase in Duval County in 2020 closed Nov. 25, when New York-based The Blackstone Group acquired Citigate Apartments for $97 million. Built in 2009, the four-story property comprises 444 units at 8451 Gate Parkway. Amenities include a swimming pool with cabanas and a fireplace lounge, a gym with a spin room, game room, movie theater, dog park, playground, grilling area, bocce ball court and elevators in each building.
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BY MAX MARBUT • ASSOCIATE EDITOR
JACKSONVILLE DAILY RECORD / JACKSONVILLE RECORD & OBSERVER
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DUVAL
DUVAL
10
7
DUVAL
7
50 N. Laura St., 135 W. Bay St. and 25 W. Forsyth St., Jacksonville
13483 103rd St., Jacksonville
11390 Square St., Jacksonville
12310 Seacrest Lane, Jacksonville
841 Prudential Drive, Jacksonville
Type: Wayfair Inc. fulfillment center Parcel size: 79.68 acres Building size: 1,014,296 square feet Buyer: Cecil Distribution Center LLC Seller: 103 BLDG A-B LLC Recorded: July 21
Type: The Menlo apartments Parcel size: 13.52 acres No. of units: 332 Buyer: PAC Menlo LLC Seller: CDP E-Town Owner LLC and Sultan Capital LLC Recorded: Dec. 18
Type: The Retreat at St. Johns apartments Parcel size: 27.22 acres No. of units: 420 Buyer: St. Johns LL LLC Seller: PS Retreat Owner LLC Previous sale: $58,775,000 in 2017 Recorded: Dec. 23
Type: Eight Forty One office building Parcel size: 6.3 acres Building size: 600,000 square feet Buyer: 841 Prudential MOB LLC Seller: GV-IP Jacksonville Owner LLC Previous sale: $55,500,000 in 2013 Recorded: Feb. 26
In Jacksonville’s largest Class A office property transaction in 2020, Group RMC of New York City bought Downtown’s tallest high-rise – the 42-story Bank of America Tower along with the adjacent IberiaBank building and a parking garage Dec. 15 for $75.5 million. The purchase price was 14% less than the previous sale in July 2014. According to its website, Group RMC is “a real estate coinvestment group that invests in underappreciated office properties in non-gateway U.S. Markets.” Group RMC says it and its partners are “permanent and patient investors,” indicating a long-term ownership. “Group RMC will never be a forced seller and will only sell if an irresistible offer arises.” The company and its affiliate entities own 18.5 million square feet in the U.S., principally in the Midwest, representing more than $2 billion in asset value, it says.
$75,482,273
San Francisco-based investor Stockbridge Capital Group LLC bought the Wayfair Inc. fulfillment center in AllianceFlorida at Cecil Commerce Center in July for almost $75.5 million. Wayfair, the Boston-based online home furnishings company, leases the building. The 1.01 million-square-foot e-commerce fulfillment center occupies about 80 acres at 13483 103rd St. The center is anticipated to create 250 jobs by the end of 2021.
$73,503,000
The Menlo apartments property in eTown was purchased Dec. 15 for $73.5 million. Oxford Properties, based in Atlanta, bought the 332-unit, seven-building community less than a year after it was built at 11290 Square St. Apartment units feature gourmet kitchens with granite counters, stainless steel appliances, wood-style flooring, walk-in showers and in-unit washers and dryers. The complex offers a 24hour fitness center, co-working spaces, a clubroom with coffee bar, bark park, resort-style pool, cabanas, outdoor kitchen, a fire pit and sport court.
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DUVAL
THURSDAY, JANUARY 21, 2021
6 $75,500,000 Type: Bank of America Tower, IberiaBank and parking garage Parcel size: 1.73 acres Building size: Three buildings totaling 1,185,235 square feet Buyer: Jacksonville Tower Florida Realty LP Seller: Hertz Jacksonville One LLC Previous sale: $88,000,000 in 2014 Recorded: Dec. 17
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DUVAL
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$72,750,000
Investcorp, a New York Citybased investment firm, bought The Retreat at St. Johns apartments Dec. 15 for $72.75 million. The 424-unit property is at northeast Butler and Kernan boulevards, near the University of North Florida. Built in 2007, the apartments have balconies, stainless steel appliances, quartz counters, garden tubs with ceramic tile, vinyl wood flooring and recessed LED lighting. Amenities include a cybercafe, fitness center, resort-style pool, grilling stations, hot tub, lakeside running trail, volleyball court and a billiards room.
NO. 1 SALE The Amazon fulfillment center at 12900 Pecan Park Road in Jacksonville sold for $107,800,000, the region’s No. 1 commercial real estate sale in 2020.
$67,000,000
ShareMD, a medical office building owner and operator based in Atlanta, purchased Eight Forty One, the office tower at 841 Prudential Drive on the Southbank, for $67 million in February. ShareMD introduced a coworking medical suite concept in Southern California. The company said it would build-out more than 10,000 square feet in the Downtown tower for clinical coworking space to be leased by the halfday, day, week or month, allowing physicians to expand their geographic reach and control expenses by not being tied into long-term agreements. When the 22-story tower was built for the Prudential Insurance Co. in 1955, it was the tallest building in the Southeastern U.S.
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CBRE records more than $1.4 billion in transactions in 2020, with more than half of its volume coming in the fourth quarter. BY KATIE GARWOOD STAFF WRITER
When commercial real estate investors start to look at Florida, Jacksonville is increasingly appearing at the top of their lists for multifamily investment, said CBRE Vice President Joe Ayers. “We’re just seeing very favorable fundamentals in Jacksonville and alongside several other Florida markets,” Ayers said. “We weren’t heavily weighted going into COVID on any one industry that was severely impacted like some of our other File image metros in Florida were. That CBRE brokered the sale of the Westland Park apartments in Southwest Jacksonville for $57.7 million in November. CBRE’s Jacksonville multifamplays a big role.” Ayers and CBRE Vice Presi- ily investment sales team sold more than $1.4 billion in transactions in 2020. dent Cliff Taylor co-lead CBRE’s multifamily investment sales team in Jacksonville. a lot of deal flow going and a lot level, people who already want population growth, job growth They sold more than $1.4 bilof deals closed in that fourth to invest tend to get more and and people just not being able lion in transactions in 2020, quarter.” more excited about a particular to find enough product,” Taylor slightly more than in 2019. Ayers and Taylor said when opportunity,” Taylor said. said. “Interest in multifamily is at working with clients, they focus Going into 2021, the team “That would lead you to a fever pitch right now,” Ayers on the details of the deal, and on of Ayers and Taylor said they believe that tax rates will consaid. selling the asset and Jackson- expect more favorable condi- tinue to compress, deal volume Taylor Since COVID slowed their Ayers ville to the buyer. tions in the multifamily market, will continue to increase and sales and conversations in the Taylor said the extra attention so long as there is no “game- that demand will outpace supsecond and third quarters, more with $446 million in the same to detail has meant the differ- changing event in the world.” ply.” than half of their volume for the period in 2019. ence between “very good pric“We have an amazing amount year came in the fourth quarter. “We saw a big dip in the third ing and great pricing.” The two of capital looking for a home in KGARWOOD@ The third quarter saw only quarter,” Taylor said. At the end teamed up at CBRE in 2017. the state of Florida for multi- JAXDAILYRECORD.COM $165 million in sales, compared of summer, “you started to get “Being really engaged on that family that is taking a bet on the (904) 356-2466
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Multifamily interest is ‘at a fever pitch’
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THURSDAY, JANUARY 21, 2021
COMMERCIAL REAL ESTATE
Top 10 commercial sales of 4th quarter 2020 FROM STAFF
Here are the top 10 commercial real estate sales in Northeast Florida, comprising Duval county. The sales were recorded in the fourth quarter 2020.
Bank of America Tower
ARIUM Deerwood Apartments
DUVAL
DUVAL
DUVAL
DUVAL
DUVAL
$96,850,000
$90,000,000
$83,250,000
$75,500,000
$73,503,000
9820 Creekfront Road and 7632 Southside Blvd., Jacksonville
8451 Gate Parkway W., Jacksonville
8876 AC Skinner Parkway, Jacksonville
11390 Square St., Jacksonville
Type: Citigate Apartments Parcel size: 40.24 acres No. of units: 444 Buyer: BCORE MF Citigate LLC Seller: Citigate Apartments Property Owner LLC Previous sale: $54,807,500 in 2011
Type: JTB Apartments Parcel size: 13.28 acres No. of units: 350 Buyer: Inland Real Estate Investment Corp. Seller: JTB AC Skinner LLC
50 N. Laura St., 135 W. Bay St. and 25 W. Forsyth St., Jacksonville
DUVAL
DUVAL
DUVAL
DUVAL
$57,700,000
$55,500,000
$55,341,270
6710 Collins Road, Jacksonville
8433 Southside Blvd., Jacksonville
11530 New Berlin Road, Jacksonville
Type: Westland Park Apartments Parcel size: 26.71 acres No. of units: 405 Buyer: Bridge WF FL Westland Park LLC Seller: G&I VII Westland Park LLC Previous sale: $24,000,000 in 2012
Type: Antlers Apartment Homes Parcel size: Not available No. of units: 400 Buyer: JWC Naples 701 LLC Seller: G&I VII Antlers LLC Previous sale: $29,000,000 in 2012
Type: NorthPort Logistics Center Parcel size: 76.82 acres Building size: 872,627 square feet Buyer: ES 11530 New Berlin LLC Seller: GCP-Northport LLC
Type: ARIUM Deerwood Apartments Parcel size: 65.29 acres No. of units: 616 Buyer: L/L Deerwood Associates LLC Seller: Aqua Deerwood LL LLC Previous sale: $74,500,000 in 2017
DUVAL
$72,750,000
$64,000,000
12310 Seacrest Lane, Jacksonville
7595 Baymeadows Circle W., Jacksonville
Type: The Retreat at St. Johns apartments Parcel size: 27.22 acres No. of units: 420 Buyer: St. Johns LL LLC Seller: PS Retreat Owner LLC Previous sale: $58,775,000 in 2017
Type: St. Johns Plantation Apartments Parcel size: 23.73 acres No. of units: 400 Buyer: St. Johns Apartments LLC Seller: G&I VII St. Johns Plantation LLC Previous sale: $33,000,000 in 2012
Enter the Art of Real Estate
Type: Bank of America Tower, Iberiabank and parking garage Parcel size: 1.73 acres Building size: Three buildings totaling 1,185,235 square feet Buyer: Jacksonville Tower Florida Realty LP Seller: Hertz Jacksonville One LLC Previous sale: $88,000,000 in 2014
Type: The Menlo apartments Parcel size: 13.52 acres No. of units: 332 Buyer: PAC Menlo LLC Seller: CDP E-Town Owner LLC and Sultan Capital LLC
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THURSDAY, JANUARY 21, 2021
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THE BASCH REPORT
IPO timing right for Dream Finders Homes tion statement. Dream Finders has not announced a date to complete the IPO but several investment websites report the target date is Jan. 21.
Southeastern Grocers IPO date not on calendar
MARK BASCH CONTRIBUTING WRITER
File image
Dream Finders Homes founder and President Patrick Zalupski will retain control of his company after the initial public offering.
Homebuilders are outperforming the overall stock market. Dream Finders Homes Inc.’s initial public offering is expected to reach the market this week, and the timing couldn’t be better. Not only is the Jacksonvillebased homebuilder selling its stock in a strong market for its industry, but IPOs in general have been surging. Major stock market indexes have reached record highs recently but stocks of homebuilders are doing even better than the overall market. The S&P Homebuilders Select Industry Index was up 27.7% over the 12 months through last weekend, beating the S&P 500 return of 17.6%. Meanwhile, the Renaissance IPO Index was up 114.6% over the last 12 months. That index created by IPO research firm Renaissance Capital consists of newly listed public companies that are not yet included in other
stock indexes. Dream Finders also may benefit from a strong group of underwriters, including BofA Securities. Investing website Seeking Alpha reported last week that IPOs led by BofA over the last 12 months have produced an average return of 105.2%. Dream Finders is planning to sell 9.6 million Class A shares at $12 to $15 each. The underwriters group has an option to buy up to 1.44 million additional shares, which brings the maximum value of the IPO to $165.6 million if the sale is priced at $15 per share. The IPO is structured for Dream Finders founder and President Patrick Zalupski to retain control of the company by owning all of the company’s Class B stock. That will give him 85.4% of the votes on company matters, according to the company’s latest registra-
Those same websites do not have an expected date for Southeastern Grocers Inc. on their IPO calendars. Jacksonville-based Southeastern Grocers, parent of Winn-Dixie and three other supermarket chains, filed an updated registration statement for its IPO last week. However, the statement still did not include any details on how much stock will be sold. That indicates completion of the IPO is not imminent. Southeastern Grocers filed a confidential registration statement for its IPO with the Securities and Exchange Commission in September and filed its first public statement Oct. 19. Southeastern Grocers’ peer group is lagging behind the rest of the market in the past year. The Dow Jones U.S. Food Retail & Wholesale Index is up about 13% over the last 12 months.
Marker Therapeutics completes plant Marker Therapeutics Inc. appears closer to getting a product on the market, announcing last week it completed the construction of its manufacturing
facility in Houston. Marker is developing immunotherapies to treat cancers and has not had any products for sale. The company’s only revenue in the first nine months of 2020 was $466,785 in grant income. The company formerly was known as TapImmune and headquartered in Jacksonville before moving to Houston in 2019 after a merger. Marker’s therapies still are in trial stages and the company has not said when it will have a commercial product, but it said it expects the manufacturing facility to be fully operational in the first half of this year.
Ulta Beauty lays off corporate staff Ulta Beauty Inc., which opened a fast fulfillment center in Jacksonville last year, laid off an unspecified number of corporate and field management employees last week, according to several news reports. A spokeswoman for the Bolingbrook, Illinois-based company told the Chicago Tribune it laid off a “meaningful but relatively small” number of workers. The company had about 18,000 full-time employees when it filed its annual report last year. Ulta Beauty opened its fulfillment center in Northwest Jacksonville in the quarter ended Oct. 31. The company said it accelerated the opening of that facility in response to
strong e-commerce sales. Legislation approved by the Jacksonville City Council for $1.425 million in incentives said the company would create 30 full-time jobs. The company also expected to fill an unspecified number of warehouse jobs. Although e-commerce business is increasing during the COVID-19 pandemic, Ulta Beauty reported a 7.8% drop in sales to $1.6 billion in the third quarter ended Oct. 31. Ulta operated 1,262 stores at the end of the third quarter.
Ex-Rayonier AM CFO Ruperto joins Toronto company
Former Rayonier Advanced Materials Inc. Chief Financial Officer Frank Ruperto joined a Toronto-based company last week as CFO. Element Fleet Management Corp., which provides automotive fleet services, announced Jan. 13 that Ruperto was succeeding its retiring CFO. The previous day, Rayonier AM announced Ruperto was leaving to pursue other opportunities but it gave no details. Ruperto served as CFO of Jacksonville-based Rayonier AM from November 2014 through June 2019, when he was named senior vice president for its high purity and high yield cellulose business.
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PEOPLE ON THE MOVE
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Promotions, hirings and happenings for business people in Northeast Florida. Send items to kmathis@jaxdailyrecord.com Regions Bank appointed Jacksonville native Jim Branch to market executive in the Jacksonville area. He has nearly 20 years of mortgage banking experience, the past 13 with Regions. Branch is a graduate of the University of North Florida and served for eight years in the U.S. Marine Corps Reserve. Swisher named John Haley its chief growth officer and Jeff Rossi its senior vice president, sales and marketing. Haley oversees the company’s new corporate growth department. He will focus on the growth, innovation, strategy and structure of Swisher, and oversee sales and marketing, strategic growth, innovation and business analytics. Rossi, previously vice president, trade marketing and category development, will oversee both sales and marketing functions, including the trade marketing group. Swisher also announced Joe Augustus, Chris Casey, Lee Creasman and Glenn Goodroe have been named executive vice presidents. All previously were senior vice presidents. Southeast Toyota Distributors, which says it is the world’s largest independent distributor of Toyota vehicles, promoted Casey Gunnell Jr. to group vice president. Gunnell will be responsible for the company’s parts distribution center and the three vehicle processing centers at Talleyrand Port Processing and at the Westlake Industrial Park in Jacksonville and in Commerce, Georgia.
Branch
Haley
Rossi
Gunnell Jr.
Bennett
Pittman
Broner
Berry Stein
Dobbins
Portis
Desir
Sharp
O’Neill
White
Andrews
Scine
Dennison
Dothage
The University of North Florida named Scott Bennett as vice president of administration and finance effective Jan. 11. He has served in the role as interim vice president since Feb. 1. He is responsible for overseeing more than 20 departments. He has been at UNF since 1999. Leadership Jacksonville recognized Ju’Coby Pittman as the 2020 Tillie K. Fowler Distinguished Leadership Award recipient. Pittman is president and CEO of Clara White Mission and represents District 8 as a member of the Jacksonville City Council. Leadership Jacksonville also named two honorary members:
Nancy Broner, executive director emerita of OneJax, volunteer and former member and past chairman of the Duval County Public School Board. Linda Berry Stein, community leader, volunteer and philanthropist. She has been particularly active with causes related to the Jacksonville Humane Society, arts, education, Jacksonville University, and the mentoring of students at JU and the University of North Florida. Jax Federal Credit Union appointed Jenna Dobbins to its board of directors, re-elected three current directors and appointed a member representative, Senovia Portis. Dobbins
is the global head of human resources for Pontoon Solutions. In addition to her appointment, the credit union’s members approved board-appointment Rodomir Desir. Dobbins and Desir fill retiring director seats with terms ending in September 2022. Incumbents Joseph Sharp and Pat O’Neill were reelected as board members for the standard three-year term. Portis will serve as a member representative, a nonelected role. St. Johns Riverkeeper created the Dr. A. Quinton White Jr. For the River Award and gave the first award to White. The award recognizes people who
have made substantial contributions over their lifetime to the St. Johns River. White is the executive director of the Marine Science Research Institute at Jacksonville University and professor of biology and marine science at JU. He helped to establish the annual Lower St. Johns River Basin State of the River Report that has informed policymakers and the public about the health status of the river for 13 years. The St. Johns County Chamber of Commerce announced annual awards: Chairman’s Award for Outstanding Leadership and Support of St. Johns County Businesses Through COVID-19: Joy Andrews, St. Johns County deputy county administrator. Public Policy Member of the Year Michael Scine, owner, Scine CPA Advisors. Chamber Members of the Year: Arleen Dennison, college advancement coordinator, First Coast Technical College, and Orville Dothage, senior manager, Northrop Grumman. Among other awards: Fred Schroeder Economic Development Council Member of the Year: Firehouse Subs. Small Business of the Year: St. Augustine Distillery. President’s Award: Skip Marsh, Flagler Health +. Chamber Ambassador of the Year/Gene Morse Award: David Permenter, N2 Publishing. Ponte Vedra Beach Division Ambassador of the Year/Grace Hayes Award: Kari Zerrahn, Anderson Agency of NE Florida.
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