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JACKSONVILLE
Record & Observer PUBLIC COMPANIES
Dream Finders opens the Record & Observer door for shareholders Rooftop tacos JACKSONVILLE
at VyStar Downtown
JACKSONVILLE
Record & Observer
Bread & Board plans a Mexican concept with a view at 100 W. Bay St. BY MIKE MENDENHALL
JACKSONVILLE
Record & Observer STAFF WRITER
Dream Finders Homes Inc. Special to the Daily Record
The Avalon II model home in Dream Finders Homes’ Markland community in St. Augustine.
From breaking ground 12 years ago to $1 billion in revenue today, founder Patrick Zalupski says ‘being a public company was the best option’ for growth. BY MARK BASCH CONTRIBUTING WRITER
Dream Finders Homes Inc.’s stock doubled in price after the Jacksonville-based homebuilder launched its initial public offering in late January. That’s good news for Dream Finders founder and CEO Patrick Zalupski, who retains a controlling voting interest in the company after the IPO. But Zalupski wasn’t celebrating the price spike. “Of course, up is always better than down but believe it or not, we don’t spend a lot of time
2018 2019 2020*
Revenue
$522 million $977 million $844 million
Net income
$17.3 million
$31 million
$35.6 million
Active communities 53
140
121
Home closings
2,851
2,419
1,408
*Nine months
watching the share price,” Zalupski said March 8 by email. “We are confident that if we deliver great results to our investors, then the value we create will ultimately be reflected positively in the share price,” he said. Dream Finders impressed Wall Street with its “asset-light” approach to the business, which has been delivering higher returns on investment than other homebuilders. “Asset-light means we do not own any land on the balance sheet, which minimizes our exposure to development risks and we believe is
Cannon Marine Partners expanding PAGE 4 Top sales of the week in commercial real estate PAGE 5 Top sales of the week in residential real estate PAGE 8
SEE DREAM FINDERS, PAGE 3
The Bread & Board intends to open a Mexican restaurant and bar on the rooftop of VyStar Credit Union’s six-story building at 100 W. Bay St., according to restaurant co-owner Dwayne Beliakoff. Estrella Cocina will feature a menu inspired by coastal Mexican cuisine from the Baja peninsula, Beliakoff said March 10. VyStar CEO Brian Wolfburg and Beliakoff said they have a target opening date of May 1. Estrella Cocina also will have a 3:30 p.m. happy hour weekdays and weekends, Beliakoff said. The 8,000 square-foot rooftop space seats 200 with room to expand, a drink and salsa bar with a “tequila shrine,” a fire pit and two lounge areas, according to Bread & Board. The space offers city and river views, as well as indoor and outdoor seating with roll-up garage doors separating the spaces. A $1.34 million interior buildout is underway for The Bread & Board’s 7,200-square-foot restaurant and provisions marketplace on the ground floor. Wolfburg expects that to open after the rooftop restaurant begins operating.
MMENDENHALL@ JAXDAILYRECORD.COM @MIMENDENHALL
Zalupski
THE MATHIS REPORT
East San Marco markets to tenants Publix-anchored project is underway.
PAGE 7 VOLUME 3, NO. 41 • ONE SECTION
WHAT’S TRENDING
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Jacksonville Daily Record and Jacksonville Record & Observer are a division of A concept sketch for Iguana on Park at 3638 Park St. Observer Media Group Inc.
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Court and publisher restaurateur of public notices in Duval County. Mansur bought the building in Jacksonville Al Mansur
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RESTAURANTS Established in 1912, the Financial News & Daily Record, now the Jacksonville Daily Iguana onMonday-Friday Park in review for South Avondale Record, is published and is the Official Court Newspaper of the Circuit November. “We will be moving forward is moving ahead with his new Iguana Jacksonville Record & Observer is a free weekly business newspaper available in with the Flying Iguana concept,” he on Park restaurant in South Avondale Downtown Jacksonville and key business nodessaid throughout Feb. 21. Jacksonville. To find a by applying for plan review to convert location you,at visit The restaurant describes its menu thenear building an jaxdailyrecord.com/rack-locations. estimated cost of as a fusion of Latin American cuisine $200,000. EditorialEastern contentShores focuses on news andInc. trends, concentration on development, thata also features creative cocktails, Construction of with real estate, construction, law,as companies, economic and and industry tequilas crafttrends beers. and how local Atlantic Beach is listed the contracand state government business. Mansur said he hopes to be open tor for the projectaffects at 3638 Park St. to
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Dream Finders CONTINUED FROM PAGE 1
the more prudent way to run a homebuilding company,” Zalupski said. “This requires discipline and allows us to generate higher returns for shareholders, as recognized with our best in class return on equity, but also protects the company against the downside risk of owning land in a severe downturn,” he said. “By keeping the two separate it allows DFH to focus on being a great homebuilder and our land is held with investors who have a different investment horizon than that of DFH, which is a winwin for both parties.” Dream Finders said its return on equity for the 12 months ended Sept. 30 was 41%, while the average ROE for publicly traded homebuilders was 15% during that period. RBC Capital Markets analyst Mike Dahl said in an initiation report on Dream Finders’ stock that the strategy “effectively minimizes the capital required to hold land on the balance sheet and accelerates asset turns. “This is done through the use of finished lot option contracts and/ or third-party financing partners, which comes at increased costs, though this is offset by the improved efficiency gains.” “DFH has used this type of arrangement since its founding which in our opinion has allowed the company to grow as fast as it has,” Wedbush analyst Jay McCanless said in his initiation report on Dream Finders. The analysts said the only other publicly traded homebuilder that uses a similar asset-light model is Virginia-based NVR Inc., which has produced a similarly high return on equity. “The biggest drawback however is the difficulty to grow an asset-light business given the lack of scaled land development partners and general difficulty to find partners willing to sell lots on option contract in an environment of tight lot supply,” Dahl said. McCanless said Dream Finders is profiting by focusing its business on first-time and first moveup homebuyers. “The company’s historical focus on first time and first move up lots is on trend with current demand patterns,” he said. McCanless said 52% of its closings in the first half of 2020 were from first-time homebuyers and 37% were homeowners making their first move up.
Images special to the Daily Record
An Avalon II model at the Beachwalk community in St. Johns County.
Dream Finders said its home prices range from the low $200,000s to more than $2 million in its Luxury division. FOLLOWING POPULATION GROWTH
The analysts said Dream Finders also is benefiting from a focus on attractive markets. The company said in its IPO filing that 70% of U.S. migration between 2010 and 2018 was in states where it operates. “We select the geographic markets in which we operate our homebuilding business through a rigorous selection process based on our evaluation of positive population and employment growth trends, favorable migration patterns, attractive housing affordability, low state and local income taxes and desirable lifestyle and weather characteristics,” the filing said. “Recently, we believe these favorable factors have been amplified by a general migration from urban areas to nearby suburbs in which we build homes, a trend that has increased further as a result of the COVID-19 pandemic,” it said. “The Jacksonville market remains DFH’s largest MSA, but the company’s reliance on that market is diminishing via acquisition and via organic growth in Orlando and other markets outside Florida,” McCanless said. Besides Jacksonville, other primary markets are Orlando; Austin, Texas; Washington, D.C.; Denver; Myrtle Beach, South Carolina; and North Carolina markets Charlotte, Raleigh-Durham and Fayetteville.
REVENUE TO TOP $1 BILLION
Zalupski formed Dream Finders
The kitchen in a Montauk II model home at Beachwalk.
in late 2008 and the company says it broke ground on its first home in Jacksonville on Jan. 1, 2009. Before starting Dream Finders, Zalupski was managing partner of Bay Street Condominiums, which was developing riverfront property in Green Cove Springs. Dream Finders was headquartered in Orange Park but moved in 2018 to new offices at 14701 Philips Highway in Jacksonville, just north of the St. Johns County line. Dream Finders closed on 27 homes during that first year in 2009 but in the first nine months of 2020, it closed 2,419, including results from acquired companies. Revenue is projected to exceed
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21, closing at $20.95 that day and reaching as high as $26 the next day. It eventually reached a high of $31.98 in early February. The stock fell back later in February when the first analyst ratings on Dream Finders came in and has been trading in the low $20s recently. While analysts like the company’s prospects, they said the big early gains probably were overdone. “It was exciting for the employees and our investors, but we are building a business that is going to be around for a long time,” Zalupski said.
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$1 billion when final results for 2020 are reported. The company’s growth made the IPO a logical step. “The goal has always been to do what is in the best interest of our customers and shareholders,” Zalupski said. “We felt that with the historic and anticipated future growth, along with the long-term goals of the company, that being a public company was the best option for Dream Finders to maintain and accelerate the success we have experienced.” Dream Finders sold 11.04 million shares of Class A common stock at $13 each in its IPO. The stock immediately jumped higher when trading opened Jan.
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DEVELOPMENT
Increased sales help launch plans for expanded Atlantic Coast Marine Buyers looking for outdoor activities during the pandemic find fishing boats also serve as family cruisers. BY DAN MACDONALD CONTRIBUTING WRITER
As people adapted and learned that outdoor activities were safe alternatives to quarantining in their homes, boat sales boomed during the pandemic after an initial slump. One Jacksonville company, Atlantic Coast Marine, experienced sales growth of 40% in 2020, said Brett Cannon, president of Cannon Marine Partners LLC. Since 2006, he and his father, Managing Partner Carl Cannon, have sold and serviced boats at the 13748 Atlantic Blvd. dealership, on the western side of the bridge over the Intracoastal Waterway. The dealership sells center console fishing boats ranging from 18 feet to 35 feet in length. Brands include Pathfinder, Cobia, Everglades, Hewes and Maverick and a full line of Yamaha outboard motors. It also sells used boats. The company went from selling 150 boats total in 2019 to more than 200 boats last year. Brett Cannon expects sales to increase 5% to 10% this year, compared with 8% annual growth in a typical year. Carl Cannon suspects the interest in boating is up because COVID-19 changed people’s plans in 2020. Money set aside for vacations was used instead for a down payment on a new boat. Today’s boat designs also lead to a vessel being a recreational outlet for the entire family. “Most of those boats appear to be fishing boats but as they have evolved it can be your fishing boat on Saturday and your family cruiser on Sunday,” he said. The Cannons now are expanding the dealership. They cite the pandemic as the reason for increased sales as well as a depleted boat inventory, making this a good time to tear down and rebuild the Atlantic Coast Marine property. Construction should begin by the end of March and take six months to complete on the 5,500-square-foot building, which includes an expansion to the service center. Scherer Construction is designing and building the project, which will serve as the company’s headquarters. The city is reviewing a permit application for the demolition of the existing building and construction of the new building at a cost of $1.15 million. The business owns about 2 acres near the Intracoastal Waterway that houses the offices and service center where the company repairs and repowers boat motors. Cannon Marine Partners also owns Jacksonville Boat Sales at 14603 Beach Blvd. in the Palm Cove Marina. The service center will remain open at the Atlantic Boulevard
Photo by Karen Brune Mathis
Cannon Marine Partners President Brett Cannon and Managing Partner Carl Cannon at their Atlantic Boulevard dealership that will be rebuilt.
location during construction while the Atlantic Coast Marine offices will move temporarily to the Palm Cove Marina sales office. The Cannons found that many of their customers were looking at boats on the internet. They have a good working relationship with the operators of Palm Cove Marina. Prospective buyers can be shown examples of the boats they want from the many boats stored at that site. The existing offices, which are more than 80 years old, need to be replaced. Recent hurricanes and heavy storms damaged the roof beyond repair. The project also calls for new asphalt for the parking lot and new fencing around the property. “The building is just too tired and we have outgrown it,” Carl Cannon said.
Boat production lagged demand Consumer demand and jurisdictional rules about how businesses could operate during the early stages of the pandemic put new boat purchases on back order. Barrons.com reports that the National Marine Manufacturers Association saw the biggest sales increase last year in recreational marine craft in all categories since 2007. Industry sources predict increased boat sales revenue through 2025. The sales spike came at time when the Jacksonville Marine Association had to cancel its October 2020 and January 2021 boat shows, which are primary sales drivers for the industry. “It had nothing to do with
Special to the Daily Record
A rendering of the new Atlantic Coast Marine dealership headquarters at 13748 Atlantic Blvd.
COVID. You can’t have boat shows without boats. Our dealers didn’t have any inventory to show,” said Erin Johnson, administrative director of the Jacksonville Marine Association. Dealers hope there will be enough boats to hold the show planned April 16-18 at Metropolitan Park and Marina in Downtown Jacksonville. Brett Cannon expects it to take 18 months to two years to see production catch up with demand. The immediate outlook for 2021 is murky because of the supply issues, Carl Cannon added. The virus also has caused other problems.
The Cannons have seen the cost of construction increase due to the scarcity of building materials and labor. The cost of boat fuel also has risen since the end of 2020, Brett Cannon said. Carl and his wife, Rita, both contracted the disease last spring but had mild symptoms, primarily feeling fatigued for a few days. Before buying the business in 2006, Brett Cannon was a charter captain and operated Cannon’s Bait and Tackle. Carl Cannon was publisher of The Florida Times-Union from 1990 through 2007. In that position, he was part of the leadership team of Touchdown Jacksonville and
played a key role in bringing the NFL to Jacksonville. He remains an active supporter of the Jacksonville Symphony and the Jacksonville Zoo and Gardens as well as other philanthropic organizations. The lingering effects of the 2008 economic downturn stagnated boat sales, he said. Brett Cannon estimated that nearly half of the boat dealerships in Florida went out of business during that time. “When we bought the business we put a reserve amount aside. From my experience, I knew every small business would fail without a reserve. In other words, we didn’t use all of our cash to buy the business,” Carl Cannon said.
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FROM STAFF
File image
The Pointe Sienna Apartment Homes sold for almost $19.4 million.
DUVAL
DUVAL
DUVAL
DUVAL
CLAY
$19,371,000
$17,515,170
$14,500,000
$13,130,000
$12,071,947
7200 Powers Ave., Jacksonville
4101 Southpoint Drive E., Jacksonville
1315 Second Ave. N., Jacksonville Beach
8715 Belle Rive Blvd., Jacksonville
1215 Kingsley Ave., Orange Park
Type: Pointe Sienna Apartment Homes Parcel size: 15 acres No. of units: 260 Buyer: Pointe Sienna (M-O) Owner LLC Seller: El-Ad Pointe Sienna LLC Previous sale: $4,500,000 in 1999
Type: Consulate Health Care of Jacksonville Parcel size: 6.08 acres No. of skilled nursing beds: 116 Buyer: OHI Asset (FL) Jacksonville-4101 Southpoint Drive LLC Seller: RE Jacksonville LLC Previous sale: $5,100,000 in 2002
Type: Beach House Assisted Living & Memory Care Parcel size: 1.51 acres No. of units: 84 Buyer: FSL Jax Beach Landlord LLC Seller: PSL Jax Beach House LP Previous sale: $1,677,600 in 2013
Type: Belle Rive Club Apartments Parcel size: 5.42 acres No. of units: 104 Buyer: Main Street Residential Belle Rive LLC Seller: KRI Belle Rive LLC Previous sale: $7,600,000 in 2017
Type: Consulate Health Care of Orange Park Parcel size: 5.57 acres No. of skilled nursing beds: 120 Buyer: OHI Asset (FL) Orange Park LLC Seller: RE Orange Park LLC Previous sale: $3,350,000 in 2002
ST. JOHNS
ST. JOHNS
DUVAL
ST. JOHNS
CLAY
$10,995,100
$7,600,000
$7,226,500
$5,000,000
$4,663,992
Daybreak Drive, St. Augustine
2801 N. Ponce De Leon Blvd., St. Augustine
1600 Shetter Ave., Jacksonville Beach
Cantabria Way, St. Augustine
Type: 175 residential lots in TrailMark East Parcel Phase 1 Parcel size: Not available Buyer: TFCC TrailMark LLC Seller: Six Mile Creek Investment Group LLC
Type: Walgreens Parcel size: 1.63 acres Buyer: 2801 Ponce De Leon LLC Seller: CP WSB-20 LLC Previous sale: $6,135,000 in 2020
Type: Pablo Hamlet apartments Parcel size: 5.2 acres No. of units: 104 Buyer: Pablo Hamlet LLLP Seller: Beaches Elderly Housing Corp. Previous sale: $2,800,000 in 2002
Type: Multifamily Parcel size: 10.95 acres Building size: Not available Buyer: Shores Blvd Holdings LLC Seller: The Deltona Corp.
Amberly Drive and Tynes Boulevard, Middleburg
COMMERCIAL REAL ESTATE
Top commercial sales of the week Here are the top 10 commercial real estate sales in Northeast Florida, comprising Clay, Duval and St. Johns counties. The sales were recorded March 1-7.
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THURSDAY, MARCH 11, 2021
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Type: 84 residential lots Parcel size: Not available Buyer: CAL Heartstone Lot Option Pool 02 LP Seller: Lennar Homes LLC
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investor interest in grocery stocks. Publix said in its annual report the appraisal process for its stock includes measuring its financial results with other comparable publicly traded companies.
MARK BASCH CONTRIBUTING WRITER
Pandemic-related buying sparked big sales increases. Publix Super Markets Inc. reported big gains in sales and earnings, as consumers eating at home during the COVID-19 pandemic continued to stock up at its supermarkets. Lakeland-based Publix reported last week that fourthquarter sales rose 14.8% to $11.2 billion, with about $850 million in additional sales related to the pandemic impact. Adjusted earnings rose by 39 cents a share to $1.32. Sales for all of 2020 rose 17.7% to $38.1 billion, including $4.6 billion attributed to pandemic-related sales. Adjusted earnings rose by $1.60 to $5.27 a share. At the end of 2020, Publix operated 1,264 supermarkets in seven states, including 816 in Florida. Publix also said its stock price increased from $57.95 on Nov. 1 to $60.20 as of March 1. The stock is not publicly traded and is made available for sale only to Publix employees, with the price determined by appraisals five times a year. The appraised price is 27.8% higher than the price of $47.10 at the beginning of 2020. That’s far better than the overall performance of grocery stocks in that period. The Dow Jones U.S. Food Retail & Wholesale Index rose 12.2% from the beginning of 2020 to the beginning of March 2021, with the index falling in the first two months of this year as investors expect shopping habits to return to normal. Jacksonville-based Southeastern Grocers Inc., parent of Winn-Dixie and three other supermarket chains, was hoping to go public in January. But it pulled the IPO before coming to the market amid weak
Michaels going private again For the second time in 15 years, The Michaels Companies Inc. is going private. The Texas-based arts and crafts dealer, which has a distribution center in Jacksonville, announced an agreement last week by funds managed by Apollo Global Management Inc. to buy the company. Michaels said it received an unsolicited offer to buy the company for $22 a share, $7 higher than its trading price in late February when word first leaked about a potential buyout. “Following that offer, the board undertook a comprehensive process to test the market and to evaluate the value maximizing path forward for shareholders. The Board of Directors, informed by that process, firmly believes Apollo’s offer represents a compelling value to our shareholders,” board Chairman James Quella said in a news release. “As a private company, we will have financial flexibility to invest in, expand, and improve our retail and digital platforms,” CEO Ashley Buchanan said in the release. Michaels first was bought out in 2006 by private equity firms Blackstone Group LLC and Bain Capital LLC. That ownership group took the company public again in 2014 with an initial public offering. Michaels, which operates 1,275 stores, also has benefited from pandemic-related buying, with customers taking on arts and crafts projects while stuck at home. Sales rose 11.3% in the fourth quarter ended Jan. 30 to $1.92 billion, with sales at stores open for more than one year rising 12.9%. Earnings rose by 43 cents a share to $1.69. The company released earnings a day after announcing the buyout, so it provided no commentary on the fourthquarter results.
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The pandemic produced about $4.6 billion in additional 2020 sales at Publix.
ComSovereign acquires Israeli drone company ComSovereign Holding Corp. said last week it acquired Sky Sapience, an Israel-based company that develops tethered aerial rotorcraft platforms for defense, homeland security and commercial markets. Dallas-based ComSovereign was formed in late 2019 through a merger with Jacksonville-based Drone Aviation Holding Corp., which makes tethered, unmanned aerial vehicles including lighterthan-air aerostats and drones. The Drone Aviation business continues to be headquartered in Jacksonville. The Sky Sapience deal was valued at $12.7 million, consisting of $2.7 million in cash and 2.55 million shares of ComSovereign stock.
Chandler leaves Regency for CEO position
A top executive of Jacksonville-based Regency Centers Corp. is leaving to become CEO of another real estate investment trust. Dan “Mac” Chandler will become president and chief executive of California-based PS Business Parks Inc., which develops and operates industrial, flex and office properties. Chandler joined Regency in 1999 and served in various roles with the shopping center developer, most recently as
executive vice president and chief investment officer. He worked out of Regency’s Los Angeles office, according to the company’s website. His predecessor at PS Business Parks, Maria Hawthorne, took a medical leave of absence in April 2020 and retired in September.
FRP reports lower earnings Jacksonville-based FRP Holdings Inc. reported fourthquarter earnings of 4 cents a share, down from 25 cents in the fourth quarter of 2019. The commercial real estate developer said last week that lower interest rates in 2020 caused its investment income to decline, and losses from joint venture projects also depressed earnings.
Duos back in Nasdaq compliance
Jacksonville-based Duos Technologies Group Inc. said last week in a Securities and Exchange Commission filing that it raised new capital that should put it in compliance with Nasdaq Capital Market listing requirements. Duos, which provides intelligent security analytical technology with a focus on railroad industry applications, said in last week’s filing it sold $4.5 million in preferred stock to certain existing investors in the company.
CoStar withdraws CoreLogic bid The battle for control of housing data firm CoreLogic Inc. may finally be over. CoreLogic agreed to a buyout last month for $80 a share in cash by funds managed by Stone Point Capital and Insight Partners. After the agreement was announced, commercial real estate data firm CoStar Group Inc. sent an unsolicited proposal to buy CoreLogic for CoStar stock. CoreLogic’s board last week rejected CoStar’s bid but invited CoStar to submit a revised offer. CoStar responded by withdrawing its offer, citing the impact of rising mortgage rates. “These rising interest rates have caused valuations for residential property technology companies to decline significantly in recent weeks, which has changed CoStar’s view of the value of CoreLogic,” CoStar said in a news release. The battle to buy CoreLogic began in June 2020 when Cannae Holdings Inc., the investment firm spun off from Jacksonville-based Fidelity National Financial Inc., teamed with another firm to make an unsolicited bid that was rejected by CoreLogic. MBASCH@ JAXDAILYRECORD.COM
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THE BASCH REPORT
Publix finishes strong in 2020
JACKSONVILLE DAILY RECORD / JACKSONVILLE RECORD & OBSERVER
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THURSDAY, MARCH 11, 2021
East San Marco seeks five more tenants THE MATHIS REPORT
KAREN BRUNE MATHIS EDITOR
Almost 56,000 people at an average $73,000 household income live within 3 miles. File image
An artist’s rendering of East San Marco, which is under development at southeast Atlantic Boulevard and Hendricks Avenue.
parking on the first level. The liquor store is in that building on the first level. There is parking on the site, as well as more spaces to the east. The brochure states why retailers might be interested in leasing there: The population of 55,856 within 3 miles has an average household income of almost $73,000 and an average home value of $422,664. Regency Centers ceremonially broke ground Feb. 16 on East San Marco after almost 20 years in the making. Completion is expected in mid-2022. More tenants will be announced as development continues, Regency said in a news release.
First Florida Credit Union adding East Arlington branch The city is reviewing a permit for FLC Contracting LLC to build-out a former SunTrust Bank branch at 12929 Atlantic Blvd. for Jacksonville-based First Florida Credit Union. The East Arlington office is a $372,700 project to remodel the 4,190-square-foot building on a 1.06-acre outparcel in front of Lowe’s. SunTrust closed the branch in February 2019 and sold the property in May 2019 to Oviedobased Hill/Gray Seven LLC, a retail development and brokerage company, for $1.4 million. First Florida Credit Union paid $1.95 million for the site in
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January 2020. The building was developed in 2005. First Florida Credit Union operates 17 branches throughout the state, including seven in Northeast Florida. The credit union started in 1950 as the Florida State Welfare Board Employees Credit Union and became Florida HRS Credit Union in 1972. Its website says that over the next decade, changes and reorganizations within the state allowed more government employees access to the credit union, which became Government Employees Credit Union of Florida in 1982. A bylaw amendment then expanded the field of membership to include all state and
federal employees. In 2003, Government Employees Credit Union expanded its field of membership to include all who lived or worked within the counties served in major metropolitan areas across the state and changed its name to First Florida Credit Union. It then merged with Seaboard Credit Union, the Department of Highway Safety and Motor Vehicles Credit Union, the State Employees Credit Union and, in 2016, Florida Baptist Credit Union. First Florida now has more than 55,000 members and assets exceeding $1 billion. KMATHIS@JAXDAILYRECORD.COM (904) 356-2466
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Regency Centers Corp. is marketing the remaining five tenant spaces at the East San Marco retail center, under development at southeast Atlantic Boulevard and Hendricks Avenue. The marketing brochure shows that Publix Super Markets Inc. and Publix Liquors will lease the eastern side of the L-shaped center. Orange Theory Fitness will lease next to Publix. That leaves three spaces of 1,713 to 3,599 square feet next to Orange Theory, with a two-story, 6,500-squarefoot restaurant and outside dining on the corner and a 1,886-square-foot space next to that. The entire center has almost 59,000 square feet of retail space. Publix will lease 39,209 square feet on the second floor of the eastern building, with
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JACKSONVILLE DAILY RECORD / JACKSONVILLE RECORD & OBSERVER
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THURSDAY, MARCH 11, 2021
RESIDENTIAL REAL ESTATE
Top 10 home sales of week FROM STAFF
Here are the top 10 single-family residential real estate sales in Northeast Florida, comprising Duval and St. Johns counties. The sales were recorded March 1-7.
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ST. JOHNS
ST. JOHNS
$2,250,000
$1,580,000
77 S. Roscoe Blvd., Ponte Vedra Beach
9 Bonita Bay Drive, St. Augustine
Type: Single-family Lot size: 0.92 acres House size: 5,986 square feet Buyer: P. Lasher LLC Seller: Richard L. and Karen G. Burke Previous sale: $1,255,000 in 2012
Type: Single-family Lot size: 0.16 acres House size: 3,196 square feet Buyer: Peter Easton Seller: Pelican Bay Development Group LLC
DUVAL
$1,575,000 5171 Commissioners Drive, Jacksonville
ST. JOHNS
$2,200,000 315 Porpoise Point Drive, St. Augustine
ST. JOHNS
$9,800,000 1329 Ponte Vedra Blvd., Ponte Vedra Beach Type: Single-family Lot size: 1.22 acres House size: 6,570 square feet Buyer: Sanjay and Melody C. Lal Seller: Fraser C. Burns
About the property: The oceanfront, twostory contemporary home features five bedrooms, five full baths and one half-bath, wine cellar, yoga room, massage room, terraces, summer kitchen and pool.
Type: Single-family Lot size: 0.29 acres House size: 5,242 square feet Buyer: The Milt-Julie Trust Seller: John M. Vassallo and the John M. Vassallo Living Trust
Type: Single-family Lot size: 0.35 acres House size: 4,368 square feet Buyer: Mykolas D. and Catherine A. Degesys Seller: Donald R. Roden and the Donald R. Roden Declaration of Trust Previous sale: $1,150,000 in 2020
DUVAL ST. JOHNS
$3,125,000 22 Maria Place, Ponte Vedra Beach
ST. JOHNS
ST. JOHNS
ST. JOHNS
$2,575,000
$2,550,000
51 Water St., St. Augustine
24732 Harbour View Drive, Ponte Vedra Beach
$1,675,000
Type: Single-family Type: Single-family Type: Single-family Lot size: 0.53 acres Lot size: 2.88 acres Lot size: 0.49 acres House size: 6,325 square feet House size: 6,770 square feet House size: 5,070 square feet Buyer: The Cecelia C. Buyer: Mathew and Faith A. Buyer: Darrell W. and Tamara S. Rappaport Revocable Trust of Thomas Bevell 2004 Seller: Ponte Vedra Real Estate Seller: Erez Sternberg and Seller: Julian F. and Shelley G. LLC Rebekah Richmond Pace Previous sale: $2,400,000 in Previous sale: $975,000 in Previous sale: $1,488,000 in 2013 TRMK-20001 1 8/21/20 2:29 PM 2013TRAILMARK AD__JACKSONVILLE DAILY RECORD__10.375x8__AUGUST2020.qxp_Layout 2014
$1,480,000 1900 Edgewood Ave. S., Jacksonville
11 Jimmy Mark Place, St. Augustine Type: Single-family Lot size: 0.52 acres House size: 3,466 square feet Buyer: MBC3 LLC Seller: Ellen B. Brothers Previous sale: $1,650,000 in 2006 Page 1
Type: Single-family Lot size: 0.55 acres House size: 4,173 square feet Buyer: Heather Surface, Christiana Ponder and Norma Joyce Seller: Andrew L. and Jennifer A. Glassman Previous sale: $1,550,000 in 2015
Welcome to the Neighborhood NEW ST. JOHNS COUNTY HOMES
I-95 | EXIT 323 | 10 MINUTES FROM WORLD GOLF VILLAGE | 805 TRAILMARK DRIVE | ST. AUGUSTINE , FLORIDA Site plans, community maps, photos and depictions are for illustration purposes only, are conceptual in nature, and should not be relied upon. GreenPointe Communities, LLC reserves the right to make changes to the foregoing at any time without notice. Home design, pricing, terms and offers are subject to change. See Home Builders’ Sales Consultant for details.
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