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Load King Manufacturing acts “early and quickly” to shift strategy amid pandemic.
Job cuts at Gate Hospitality
Jacksonville company owns the Ponte Vedra Inn & Club and three other area properties.
JACKSONVILLE
Record & Observer BY MARK BASCH
CONTRIBUTING WRITER
JACKSONVILLE
Gate Hospitality Group permanently laid off 141 employees and temporarily furloughed more than 700 at four Northeast Florida resort and hospitality properties, according to a notification filed with the state. The layoffs affected employees at two oceanfront properties – the Ponte Vedra Inn & Club and the Lodge & Club at Ponte Vedra Beach. The other venues are the Epping Forest Yacht & Country Club and The River Club. “Sorrowfully, in early April, Gate Hospitality Group was forced to furlough a number of its employees as a result of government mandated closures and a decline in business resulting from COVID-19 stay-at-home orders,” Gate spokeswoman Misty Skipper said by email. “Thankfully, the majority of these furloughs are temporary and we are currently resuming operations and bringing employees back to work,” she said. A total of 735 workers were temporarily furloughed with the largest number, 486, at the Ponte Vedra Inn & Club resort, according to the Worker Adjustment and Retraining Notification Act notice. The company also furloughed 109 employees at the Lodge & Club, 97 at Epping Forest and 43 at the River Club. The Inn had the largest number of permanent layoffs, 87. The Lodge laid off 24 employees, Epping Forest laid off 21 and the River Club laid off nine. The hospitality business is part of Gate Petroleum Co.
Record & Observer Special to the Daily Record
From left, Load King Manufacturing Co. leadership Charles Chupp, president; Kyle Manning, controller; Phil Black, executive director, client services; Tanner Franklin, executive director, manufacturing and supply chain; Ken Carella, executive director, business development; and Chad Grimm, chief operations officer.
BY KAREN BRUNE MATHIS EDITOR
T
he week of March 9, leadership at Load King Manufacturing Co. retooled its strategy. “It all started with a phone conversation with Baptist Hospital,” said Chad Grimm, Load King chief operations officer. The Jacksonville-based health system asked for guidance about keeping staff safe during the pandemic and sought face
masks and infrared conveyors to sanitize equipment. Baptist chose a different supplier, but it set Load King on another track. “It got our wheels spinning,” Grimm said. Jacksonville-based Load King, started in 1958, designs, fabricates, delivers and installs retail store, supermarket, restaurant and other interiors, equipment and fixtures throughout the United States. It also provides services for the medical and hospital industries. It ships nationwide for brands like
What’s Trending: Landing lawn will be available for events PAGE 2 Development Today: Commercial building permits PAGE 2 The top area commercial sales of the week PAGE 6
Starbucks and AMC Theatres, among other well-known names. Load King’s 300,000-square-foot manufacturing and distribution plant at 1357 W. Beaver St., west of Downtown, employs 180 people. The single location includes metal and wood shops, graphics and signage, and also provides full project management for its brands, including in-house design and permitting, tenant improvements and service and warranty. SEE LOAD KING, PAGE 4
MBASCH@JAXDAILYRECORD.COM
THE BASCH REPORT
Shopping center owner collects 62% of rents though May 5 Regency Centers offers pandemic insight. PAGE 6 VOLUME 2, NO. 50 • ONE SECTION
WHAT’S TRENDING
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JACKSONVILLE 14, 2020 DAILY RECORD / JACKSONVILLE RECORD & OBSERVER THURSDAY, MAY
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Established in 1912, the Financial News & Daily Record, now the Jacksonville Daily Record, is published Monday-Friday and is the Official Court Newspaper of the Circuit Special to the Daily Record Court and publisher of public notices in Duval County.
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The former site of The Jacksonville Landing soon will be covered in grass.
Jacksonville Record & Observer is a free weekly business newspaper available in Downtown Jacksonville and key business nodes throughout Jacksonville. To find a DOWNTOWN location near you, visit jaxdailyrecord.com/rack-locations.
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Landing lawn will be available for events
Editorial content focuses on news and trends, with a concentration on development, real estate, construction, law, companies, economic and industry trends and how local events before it is redeveloped, said What was The Jacksonville Landing and state government affects business. soon will become a lawn, at least until it’s James Croft, city assistant director of public affairs. redeveloped, which the city wants to do. STAFF “The site will be a public greenspace Contractor D.H. Griffin Wrecking Publisher / Matt Walsh Director of Advertising / Jay Lesowitz for a period, like the Ford on Bay site Co. Inc. and subcontractor Crossbow jlesowitz@jaxdailyrecord.com mwalsh@jaxdailyrecord.com following the old City Hall demolition, Cattle Inc. are grading the riverfront Publisher Emeritus / James F. Bailey Jr. Advertising Coordinator / Codi Gildberg and can be reserved and permitted for site Downtown and will then sod the jbailey@jaxdailyrecord.com adassist@jaxdailyrecord.com special events by the City,” Croft said property. Editor / Karen Brune Mathis Legal in Advertising an email. Manager / Janet Mohr The space will be available for
Editorial content focuses on news and trends, with a concentration on development, real estate, construction, law, companies, economic and industry trends and how local and state government affects business.
kmathis@jaxdailyrecord.com
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starting May 18. mandate, he hopes employers conAs infection rates decline, Curry said tinue to offer the option for employees he told Gov. Ron DeSantis that Duval to work from home. PRESS RELEASE/INQUIRY/REPRINTS County is ready to enter phase two of “I know I’ve talked to a number of Submit a press orme editorial inquiry onlinereopening “in the very near term.” folks who release have told their employjaxdailyrecord.com/submit-news-release or email editorial@jaxdailyrecord.com. Article reprints are available at jaxdailyrecord.com
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THURSDAY, MAY 14, 2020
City, Morris discussing T-U site redevelopment A conceptual plan of the redeveloped Morris property at 1 Riverside Ave. shows McCoys Creek uncovered from the St. Johns River.
KAREN BRUNE MATHIS EDITOR
Morris says partnership with city is “linchpin” for moving forward with plans for Riverside Avenue property.
“The engineering for any contemplated demolition of the buildings is fairly complex and we are hopeful the city will continue to work with us as we examine options for daylighting McCoys Creek,” said Allen Grinalds, director of real estate for Morris Communications, in an email May 4. “Our partnership with COJ is the linchpin for us moving forward to provide a great redevelopment of the site that will serve the interests of all stakeholders,” he said. Grinalds said Morris continues to “move forward in discussions with the city for the redevelopment of the subject property.” He acknowledged that COVID-19 “has obviously been a distraction for everyone, but the fundamentals have not changed with respect to how
Ownership of the TimesUnion building at 1 Riverside Ave. still is several steps and city decisions from razing the riverfront structure. When it does take down the buildings, the Morris family of Augusta, Georgia, envisions a mixed-use project. The most recent conceptual site plan shows hotel, retail, office and multifamily uses. The Morrises are considering 300,000 square feet of office space, a 200-room hotel and 400-500 multifamily units. Those plans hinge on moves to uncover McCoys Creek, which runs through the property. The Florida Times-Union operated at the site from 1967 until the staff of the daily newspaper moved in April 2019 to Wells Fargo Center Downtown.
we view the property.” Grinalds was responding to remarks made by Downtown Investment Authority CEO Lori Boyer in an April 27 videoconference meeting of the Meninak Club of Jacksonville. A club member asked Boyer about the vacated TimesUnion buIlding and the “daylighting” – uncovering – of McCoys Creek, which flows toward the Prime F. Osborn III Convention Center. “There are definitely plans to open the creek once they proceed with the redevelopment. And I think that in the early March schedule, we were envisioning that the demolition would occur within the next few months, that the owners of the property were moving forward with that,” Boyer responded.
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“They have plans for what they would like to see on the site from a redevelopment standpoint,” she said. Boyer said McCoys Creek probably will have some recreational boating access. “I just don’t know that you will have enough width to get to a docking space up by the convention center. You’ll have some physical access to that location but I think at this point the surface of the creek is either going to be 60 feet wide or 42 feet wide and with the slope of the bank, the concern is that it’s going to be pretty limited on the number of vessels that could be in there at the same time,” she said. “But we will have some, that’s for sure.” The Morris family has been deciding what to do with the
18.8-acre site, which now has a five-story, 55,500-square-foot office building and an adjacent 223,000-square-foot production facility that included the newsroom, advertising offices and the printing press functions. There also is a parking lot and deck and some small structures. Grinalds said in early 2019 that the Morrises know they have a key piece of property, which the family bought in 1982 with the newspaper. “They don’t want to leave a vacant industrial site on the river,” he said. The family sold the newspaper in October 2017 and retained the property, which is west of the Acosta Bridge along the Northbank Riverwalk. The Morris property is within the DIA boundaries, raising the option of incentives to assist in the redevelopment. Grinalds and land-use lawyer Steve Diebenow have been talking with the city about infrastructure at the property and the city’s part in uncovering the waterway. Diebenow is a partner with Driver, McAfee, Hawthorne & Diebenow. The creek is part of the Emerald Trail string of waterways and green space that Downtown advocates want to develop as an amenity to encircle Downtown.
THE MATHIS REPORT
MORRIS PROPERTY
JACKSONVILLE DAILY RECORD / J ACKSONVILLE RECORD & OBSERVER
Load King CONTINUED FROM PAGE 1
“We are truly turnkey,” Grimm said. “Our value proposition is total project control, which translates to quality, timeliness and being able to provide services that others aren’t as efficient at, which is especially beneficial with multilocation rollouts.” “HOW CAN WE HELP YOU?”
As customers reacted to the COVID-19 pandemic, Load King sought to help. “Because everything slowed down, it gave us an opportunity to move into personal protection offerings,” Grimm said. “It started with a question, how can we help you?” Load King quickly stocked up on raw materials before they became hard to find to make acrylic barriers, drive-thru protections, side shields for hospitals and the medical industry, sanitation stations, washbasins and graphics for social distancing. “We don’t just offer products. We can offer ideas and we can customize solutions to specific needs,” Grimm said. “We are more partnershipand service-oriented rather than being a product manufacturer,” he said. Load King, whose tagline is “King of Innovation,” is talking with Duval County Public Schools and Florida State University, among other institutions, about developing safety protocols. For FSU, Load King wants to help the campus adapt its foodservice and athletic facilities. AMC asked Load King for a quote after the manufacturer developed an idea booklet. Starbucks and grocery companies have responded similarly. “The products are evolving the more we talk with them,” Grimm said. The Jacksonville Aviation Authority put in a purchase order for protective shields, he said.
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QUICK REACTION
Load King realized it wasn’t immune to the economic impact of the coronavirus, so it acted quickly, Grimm said. It reduced employee hours for a few weeks, but that was it. “Hours are back up and we are actually in overtime right now making up for that initial reduction,” he said. “We acted early and quickly,” he said. Here’s how. “We saw the effects initially. We went through strategic planning, resource planning and readjusting our annual corporate goals first,” Grimm said. “After we balanced the workload, we were able to step back and say, what product or products can we offer to help the situation?” Load King proactively procured what it thought it might need. “We took a leap of faith and brought in a significant amount of raw materials,” he said. “Thankfully we did because these raw materials are getting harder to come by.” The company retooled design and manufacturing processes. “While we don’t make masks, gowns and shields, we can buy and resell these items because of our importing sources,” Grimm said. Its customers are preparing for phased reopening nationwide. Some activity continued, such as Starbucks construction, although the coffee shop chain expansion slowed with permitting and inspection. Grimm said the customers’ outlooks range from “anxious to reopen to optimistic to reopen.” He said some restaurant clients remained open in other capacities, such as drive-thru, carryout, curbside pickup and delivery. Grimm said restaurant clients expect to resume full operations in the June-August time frame, depending on the company. Theater clients are targeting mid-June to start reopening. In the meantime, Load King wants to help now and later.
Special to the Daily Record
Load King Manufacturing designs, fabricates, delivers and installs retail store, supermarket, restaurant and other interiors, equipment and fixtures for chains such as Starbucks and AMC Theatres.
“We are all in this together figuring out what is going to work.” STRATEGY TO EXPAND
Load King intends to expand by up to 100,000 square feet of distribution and manufacturing space. In February, it bought about 2 acres next to its Rail Yard District headquarters from the city, Grimm said. Load King rezoned the property with the city and is vacating a street. Grimm said Load King anticipates designing the project by the fall and breaking ground in late 2021. He didn’t project a completion date. The size will depend on the layout and accommodating the manufacturing flow. “The advantage is that new space allows us to expand our offerings,” he said.
The expansion will serve existing customers and allow Load King to move into new industries. “We are seeing commercial projects, restaurants and hotels being built,” he said. “We pride ourselves in staying ahead of trends and needs, so this is another move to get us into new brands.” As a privately held company, Load King does not publicly disclose revenue, he said. Load King owns 12.23 acres and the purchase expands its property to 14.3 acres. The plant comprises four buildings constructed since 1919. It uses about 250,000 square feet for manufacturing and 50,000 square feet for shipping. The city rezoned 0.89 acres at 1314 W. Union St., at southwest Union Street and Myrtle Avenue North, next to Load King. City Council enacted Ordinance 2019-0135-E on May 28
LOAD KING Load King Manufacturing Co.’s 300,000-squarefoot manufacturing and distribution plant at 1357 W. Beaver St., west of Downtown.
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that allowed the city to sell two parcels totaling 1.96 acres at Union Street and Myrtle Avenue to Load King for $324,000, the appraised value of the property. It relocated a Head Start facility to a new location, with the city using half of the purchase price and Load King contributing $70,000 to assist with that move. The legislation says Load King intends to purchase and redevelop the property to construct new warehousing and shipping facilities, including a new cross-dock shipping facility that will allow Load King to expand its commercial kitchen resale division, resulting in additional jobs at the Load King facility. At minimum, Grimm said Load King will add 12 jobs, but he expects more. Load King’s website says the company started in 1958 when James Merrill Chupp retired from Winn-Dixie and started S.E. Sales Co., an equipment consolidator servicing the supermarket industry. It continues to be led by the Chupp family. Charles Chupp is president. The property was Winn-Dixie’s headquarters before it moved and had expanded to more than 200,000 square feet of production space by the time Load King moved in. The company has operated as Load King since 1972. KMATHIS@ JAXDAILYRECORD.COM @MATHISKB (904) 356-2466
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MARK BASCH CONTRIBUTING WRITER
Shopping center owner Regency Centers says it collected 62% of total rents through May 5. Regency Centers Corp.’s quarterly earnings report last week gave a pretty good snapshot of the retail landscape across the U.S. Jacksonville-based Regency said it collected 93% of April base rent from “essential” retail and services businesses operating in the company’s 416 shopping centers as of May 5. That includes supermarkets, drugstores, mass merchandisers, banks, pet stores, office supply and medical tenants. However, other categories of tenants, including restaurants, fitness centers and personal services businesses, paid only 37% to 45% of April rents Adding it all up, Regency had collected 62% of total rents through May 5. Regency said all of its properties remained open and its centers were 94.5% leased at
Regency Centers Corp. CEO Lisa Palmer said the company will have a better outlook about the impact of COVID-19 by August.
the end of the first quarter. However, 40% of its more than 8,000 tenants were closed at the end of April. Regency did say some are reopening this month as states lift mandatory closures. Regency’s funds from operations (earnings excluding noncash charges) were 98 cents a share in the first quarter, 3 cents higher than last year. Regency CEO Lisa Palmer said in a conference call with analysts the company’s earnings outlook remains cloudy because of the COVID-19 pandemic. “Even though we recognize that there may still be uncertainty when we have our earnings call with you in August, we should have a much better view of the impacts from the pandemic and the recession on our company,” she said.
Rayonier AM reports $119M loss After reporting $119 million in losses in 2019, Ray-
onier Advanced Materials Inc. reported a first-quarter loss from continuing operations of $25 million. CEO Paul Boynton said in a news release last week the company had “minimal impact” from COVID 19, but the Jacksonville-based maker of cellulose specialties products has been impacted by depressed commodity prices. “All of our businesses and operations have been deemed essential due to the important role these products play in the food, pharmaceutical, and industrial products supply chains,” he said. Boynton had been chairman of Rayonier AM’s board in addition to serving as CEO, but the company announced in March it would separate the roles of chairman and CEO. Last week, Rayonier AM said the board elected De Lyle Bloomquist as chairman. Bloomquist, a director since 2014, previously was CEO of General Chemical Industrial Products Inc.
Advanced Disposal buyout still pending It’s now been more than a year since Waste Management Inc. agreed to buy Ponte Vedra-based Advanced Disposal Services Inc. But Waste Management CEO James Fish said last week he is hopeful the antitrust review of the merger of the waste services companies will be completed by the end of the
second quarter. “I’m not going to blame anything on this pandemic,” Fish said during Waste Management’s quarterly conference call last week, according to a company transcript. He said attorneys having to work from home have made it more difficult to complete the process. “Credit to both sides for doing a nice job continuing to work,” he said. “But no question, there was some impact from COVID-19 on this. We did not contemplate, when we closed this deal, any type of major economic disruption when we went about this in April of ‘19.” Waste Management agreed to buy Advanced Disposal for $33.15 per share in cash. Even when the market collapsed in February and March, Advanced Disposal’s stock price stayed only slightly lower than that level. Given the pandemic’s impact, an analyst asked why the company hasn’t tried to lower the buyout price. Fish said he couldn’t discuss that now. “I’d love to be able to answer that for you but we just don’t talk about those, and we’ll talk about that after the fact,” he said.
FIS reports higher earnings, revenue Fidelity National Information Services Inc., or FIS, reported first-quarter adjusted
FRP earnings lower FRP Holdings Inc. reported first-quarter earnings of 15 cents a share, 4 cents lower than last year, as the Jacksonville-based commercial real estate developer looks for more investment opportunities. FRP sold off most of its operating properties two years ago and has been looking at options to reinvest the proceeds. In its quarterly conference call last week, Executive Chairman John Baker said FRP has about $160 million in cash and bonds available. “We’re scaling back on capital expenditures with the thought that this liquidity could allow us to gain some incredible opportunities if the economy doesn’t bounce back, and we don’t expect that it will immediately,” Baker said. MBASCH@ JAXDAILYRECORD.COM
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THE BASCH REPORT
Report offers insight into retail landscape
JACKSONVILLE DAILY RECORD / JACKSONVILLE RECORD & OBSERVER
JaxDailyRecord.com
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THURSDAY, MAY 14, 2020
BY SCOTT SAILER • STAFF WRITER
Here are the top 10 commercial real estate sales in Northeast Florida, comprising Baker, Clay, Duval, Nassau and St. Johns counties. The sales were recorded May 4-10.
File image
The office and industrial building at 8160 Baymeadows Way W. in Deerwood Center sold for $4.86 million.
DUVAL
ST. JOHNS
DUVAL
DUVAL
DUVAL
$4,860,000
$3,020,128
$1,875,000
$1,800,000
$975,000
8160 Baymeadows Way W. and Philips Highway, Jacksonville
Hampsted Court, Watervale Drive and Pine Bluff Drive, St. Augustine
Corporate Square Court, Jacksonville
3650 Philips Highway, Jacksonville
6347 Philips Highway, Jacksonville
Type: Office and industrial Parcel size: 9.28 acres Building size: 50,000 square feet Buyer: Baymeadows Charter Property LLC Seller: Parkwood LLC Previous sale: $3,612,845 in 1990
Type: 51 residential lots in Meadow Ridge, Holly Forest and Holly Forest Townhomes Parcel size: Not available Buyer: Dream Finders Homes LLC Seller: JEN Florida 37 LLC
Type: Undeveloped industrial Parcel size: 20.16 acres Buyer: Sawyer’s Preserve LLC Seller: M&K Properties of Jacksonville LLC
Type: Commercial Parcel size: 2.79 acres Buyer: Aldi Florida LLC Seller: Wells Fargo Bank N.A.
ST. JOHNS
ST. JOHNS
DUVAL
NASSAU
DUVAL
$866,970
$600,000
$525,150
$472,257
$400,000
Pine Bluff Drive, St. Augustine
2915 County Road 214, St. Augustine
Village Walk, Fernandina Beach
5174 W. Beaver St., Jacksonville
Type: 19 residential lots in Holly Forest Townhomes Parcel size: Not available Buyer: Dream Finders Homes LLC Seller: JEN Florida 37 LLC
Type: Easement Parcel size: Not available Buyer: Northland Services Inc. Seller: FirstCoast Metropolitan Community Church Inc.
4607 Arapahoe Ave. and 4216 Chippewa Drive, Jacksonville
Type: Seven residential lots in Village Walk Phase Two Parcel size: Not available Buyer: D.R. Horton Inc. Seller: Patriot Ridge LLP
Type: Light industrial Parcel size: 0.94 acres Building size: 21,000 square feet Buyer: JMG Counters LLC Seller: Eelbeck Investments Inc.
Type: Residential Parcel size: 0.49 acres Buyer: Renovate Jax LLC Seller: Edwin H. Graves Trust Indenture and the Joseph B. Graves Living Trust
Type: Commercial and Industrial Parcel size: 1.42 acres Building size: 9,600 square feet Buyer: Pamela S. Frady Seller: Seekonk Holding Corp. Previous sale: $1,217,300 in 2011
COMMERCIAL REAL ESTATE
Top commercial sales of the week
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JACKSONVILLE DAILY RECORD / J ACKSONVILLE RECORD & OBSERVER
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THURSDAY, MAY 14, 2020
JaxDailyRecord.com
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