TUESDAY May 28, 2019
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Daily Record JACKSONVILLE
DEVELOPMENT
THE MATHIS REPORT
Daily Record JACKSONVILLE
SpringHill Suites planned for Jacksonville Beach
Daily Record Daily Record JACKSONVILLE
JACKSONVILLE
KAREN BRUNE MATHIS EDITOR
$231M deal for Deerwood Park office buildings
Tenants include Fidelity Investments, The Adecco Group and JPMorgan Chase Bank.
Images special to the Daily Record
The five-story, 138,564-square-foot SpringHill Suites by Marriott hotel is planned at 412 and 422 N. First St. next to the Jacksonville Beach Pier. It would include up to 2,000 square feet of commercial space.
The 136-room oceanfront development is proposed next to the Jacksonville Beach Pier. BY SCOTT SAILER STAFF WRITER
Jax Pier Lodging LLLP plans a 136room SpringHill Suites by Marriott hotel and commercial space at the Jacksonville Beach oceanfront. The five-story, 138,564-square-foot hotel with up to 2,000 square feet of commercial space is planned on 0.99 acres at 412 and 422 N. First St., next to the Jacksonville Beach Pier. Plans show the ground floor will comprise retail space, hotel access and valet parking, with four stories of hotel rooms
above it. The hotel lobby will be on the second floor. Jax Pier Lodging is led by Chattanooga, Tennessee-based hotel developer Hiren Desai, CEO of 3H Group Inc. The group developed and sold the Fairfield Inn & Suites at 561 Chaffee Point Blvd. and is developing the Homewood Suites in St. Augustine. The Jacksonville Beach property, south of the pier, now is used by The Pier Cantina & Sandbar restaurant and surface parking. Landowners and applicants 412 Boardwalk Inc. and 422 Boardwalk Inc. submitted an application to the Jacksonville Beach Community Redevelopment Agency to rezone the property from a central business district to a redevelopSEE HOTEL, PAGE 2
A SpringHill Suites by Marriott is planned south of the Jacksonville Beach Pier.
A joint venture between Starwood Real Estate Income Trust Inc., Vanderbilt Office Properties and Trinity Capital Advisors paid $231 million for an 11-building office portfolio in Deerwood Park in an offmarket transaction, reports rebusinessonline.com. The starwoodnav.reit site said the Class A office portfolio totals 1.27 million square feet of space and is 90 percent leased to 55 tenants. Tenants include Fidelity Investments, The Adecco Group and JPMorgan Chase Bank. Rebusinessonline.com reported that the leases expire in 2026, 2022 and 2022, respectively. “Jacksonville has been one of the top performing large metros in the U.S. for employment and population growth over the last five years and is projected to continue to rank among the top markets over the next five years,” said Starwood’s property brochure. The Starwood site said that SEE MATHIS, PAGE 2
Welltower buys CenterOne Welltower Inc. completed the purchase of a $1.25 billion Class A health care facilities portfolio that includes the CenterOne Surgery Center medical office building at 10475 Centurion Way N. in Deerwood Park for $25.7 million. The three-story, almost 100,000-square-foot building was developed in 2006. Toledo, Ohio-based Welltower is a real estate investment trust. Another REIT, CNL Healthcare Properties, was the seller.
VOLUME 106, NO. 135 • ONE SECTION