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Jacksonville Record & Observer 5/28/20

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JACKSONVILLE

Record & Observer THE CORONAVIRUS PANDEMIC

11.2%

JACKSONVILLE

Forcura to add 115 jobs, expand HQ

Record Observer UNEMPLOYMENT&SURGE: SERVICE JOBS HURT MOST Record & Observer

The Jacksonville company will receive city and state incentives approved by City Council as Project Graph.

JACKSONVILLE

The impact of COVID-19 on the Jacksonville metropolitan area (Duval, Baker, Clay, Nassau and St. Johns counties) struck with full force in April. Here is how the individual job sectors fared from March to April, with construction gaining and accommodation and food services doing the worst. Total nonagricultural jobs

JACKSONVILLE

JOBLESS RATE BY COUNTY From March to April, unemployment in the Jacksonville region rose from 4.3% to 11.2%.

BY KATIE GARWOOD STAFF WRITER

Jacksonville-based Forcura announced May 27 it will add 115 jobs by the end of 2022 and open a new headquarters in the city with help from an economic development agreement, which City Council unanimously approved in March. Forcura is a health care technology company that enables safer patient care transitions along the care continuum. It will receive taxpayer-backed incentives from the city and DeSantis state. “Congratulations to Forcura on their selection of Jacksonville for their new corporate headquarters,” Gov. Ron DeSantis said in a JAX Chamber news release. “Florida continues to be a leader in economic opportunity and innovation because of our business-friendly environment and talent pipeline. Companies like Forcura recognize this because they are confident they have opportunities for growth,” he said. According to a city Office of Economic Development project summary, the company, codenamwd Project Graph, requested $690,000 in incentives. It will receive a $6,000 refund per job.

Record & Observer

Total Jobs

Jobs lost

Overall 654,700 77,400 Goods-producing jobs Total Jobs

%Change 10.6%

County March April Baker 4.1% 7.6% Clay

4.2% 10.2%

Duval

4.5% 11.3%

Nassau 4.1% 12.4%

Jobs lost or gained

%Change

Overall 77,000 2,300

2.9%

Construction 46,000 200

0.4%

Manufacturing 30,500 2,500

7.6%

St. Johns 3.7%

11.6%

4.3%

Service-providing jobs

Total Jobs

Jobs lost

%Change

Overall 577,700 75,100

11.5%

Retail trade

9.5%

72,600

7,600

Transportation, 40,900 7,000 warehousing, utilities

14.6%

Financial activities

65,700

2,500

3.7%

Professional and business services

105,800

8,300

7.3%

Accommodation 42,800 29,700 and food services

41.0%

Government 77,000 1,900

2.4%

Source: U.S. Department of Labor, Bureau of Labor Statistics, prepared by the Florida Department of Economic Opportunity Bureau of Workforce Statistics and Economic Research

March

April

SEE FORCURA, PAGE 4

What’s Trending: Free $2,000 debit cards for businesses PAGE 2 Marbut Report: Cobb & Gonzalez moving next door PAGE 7 Top 10 home sales of the week: Golf course view for $5.2M PAGE 8

THE BASCH REPORT

Occupancy rebounding at One Ocean Resort Owner says bottom was in mid-April . PAGE 6 VOLUME 2, NO. 52 • ONE SECTION


WHAT’S TRENDING

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JACKSONVILLE 28, 2020 DAILY RECORD / JACKSONVILLE RECORD & OBSERVER THURSDAY, MAY

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.

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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 JACKSONVILLE Court and publisher of public notices in Duval County.

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Editorial content focuses on news and trends, with a concentration on development, nate for the 2020-21 year. City Council Vice President Tommy real estate, construction, law, companies, economic and industry trends and how local Hazouri will be the first Democrat Hazouri, a Democrat, was elected and state government affects business. to hold the Council presidency in Council president for the 2020-21 year by the majority Republican Council. STAFFnearly 27 years, according to the Duval County Democratic Party. He served Council members voted 16-3 on Publisher Matt of Advertising / Jay Lesowitz as Jacksonville mayor from 1987-91. May/26 to Walsh elect Hazouri. GOP Council Director mwalsh@jaxdailyrecord.com “It’s not just an honor, I hope it’s a member Danny Becton received the jlesowitz@jaxdailyrecord.com Publisher Emeritus / James F. Bailey Jr. Advertising Coordinator / Codi Gildberg statement that this is going to be one other three votes. jbailey@jaxdailyrecord.com city and one Jacksonville,” Hazouri said Council unanimously voted member adassist@jaxdailyrecord.com EditorSam / Karen Brune after the vote.Manager / Janet Mohr Newby asMathis vice president-desig- Legal Advertising

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.

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Hazouri elected next Council president

Council OKs $2,000 debit cards for busineses rfisher@jaxdailyrecord.com

Associate Editor Legal Affairs / Max Marbut Administrator VID-19 pandemic. / Erik Wagner Qualifying Duval County businesses Network mmarbut@jaxdailyrecord.com Sole proprietors and 1099 contract could soon receive a free $2,000 pre- webadmin@jaxdailyrecord.com Staff Writer / Katie Garwood Court Typeset / Paula Steiner workers who operate out of their paid debit card from the city. kgarwood@jaxdailyrecord.com homes also are eligible for the money. The Jacksonville City Council unani- admin@jaxdailyrecord.com Staff Writer / Mike Mendenhall Theofcity is working on aShumate plan that mously approved a bill May 26 that Director Circulation / Anne mmendenhall@jaxdailyrecord.com will allow businesses to apply for the appropriates $9 million to fund 4,500 subscriptions@jaxdailyrecord.com Staff Writer money online receive the prepaid cards. / Scott Sailer Distribution / Tim and Reagan ssailer@jaxdailyrecord.com debit cards in the mail. To qualify, a business must have distribution@jaxdailyrecord.com Business Manager / Angie Campbell One type of business is not elifewer than 100 employees and show acampbell@jaxdailyrecord.com

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line and a sewer force main. The JEA board of directors unaniTO SUBSCRIBE The negotiated sale amount came in mously approved sellingHOW the former under JEA’s $3.23 appraisal price, Coggin Pontiac site at 9201 Atlantic Blvd. Subscribe online at jaxdailyrecord.com/subscribe or contact our million subscription bought the site at Atlantic and to Circleby K phone Stores Inc. for $3.15 million.or email JEA department at (877) 231-8834 subscriptions@jaxdailyrecord.com Southside boulevards in 2011 for $3.24 JEA will keep about 1 acre of the 5.08-acre property as a utility easePRICES million as part of a construction and pipeline installation project. ment to operate and maintain a waterThursday only ..........$66 per year 2 years ................................... $154 Single copy ......................35 cents 1 year ........................................$89 6 months .................................$55

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THURSDAY, MAY 28, 2020

SS&C Tech building-out at Gramercy Woods

KAREN BRUNE MATHIS EDITOR

The international IT and software company was awarded city and state incentives to add 198 jobs. SS&C Technologies Inc. is building-out the remaining space it is leasing at Gramercy Woods at a cost of $990,000. The city issued a permit May 11 for Dav-Lin Interior Contractors Inc. to build-out 22,245 square feet of space at 9000 Southside Blvd., on the first floor of Building 700. SS&C came to town in July 2015 through acquiring Advent Software Inc. In August, Gov. Ron DeSantis announced San Franciscobased SS&C Technologies as Project Liberty. Under that name, the international IT and software company asked for $990,000 in Qualified Target Industry Tax Refund Program incentives to add 198 jobs to its existing local workforce. The city’s Office of Economic Development said the average salary for the new positions will be $69,000, generating a payroll of about $13.6 million. SS&C has expanded in the Gramercy Woods office park into about 107,000 square feet of office space. As part of Project Liberty, city officials said the company plans to invest $1.7 million in property improvements, IT and office equipment purchases. It sought a tax refund of $5,000 for each job created, with the city accounting for $1,000 and the state paying $4,000. City Council adopted Resolution 2019-377-A on June 11 to support the deal. SS&C said the expansion will increase its staffing in Jacksonville to 656 employees by Dec. 31, 2021. The city will be responsible for $198,000, 20% of the award, over five years. The state is paying $792,000.

File photo

SS&C Technologies is building-out the last phase of its space in Building 700 at Gramercy Woods, where the company will employ at least 656 people by year-end 2021.

is a speculative build-out and not for a specific tenant. The architect is Hota Design Studio.

Colliers International Northeast Florida announced in April 2019 it facilitated a lease for 106,957 square feet of space in Gramercy Woods, Building 700, for an expansion of SS&C Technologies. The long-term deal expanded SS&C’s lease from 73,005 square feet and put Building 700 at full occupancy. SS&C Technologies has been a tenant there since 2017. Chuck Diebel, Wade Powers, Matt Entriken and Bob Selton of Colliers International Northeast Florida represented the landlord, Glenfield Capital LLC, in the transaction. Diebel said May 12 the latest build-out is the final part of the lease deal. Leon Manoff of Colliers International New York and Guy Preston of Colliers International Northeast Florida represented SS&C Technologies Inc.

Warehouses to Imeson Road The city issued a permit for Bassford Industrial Construction to put in a foundation at a cost of $300,000 at 3535 Imeson Road for construction of two 190,000-square-foot warehouse buildings. Warehouse Rentals LLC of Valdosta, Georgia, is developing the project. Warehouse Rentals LLC paid $1.615 million for the 50.1-acre site in West Jacksonville. The speculative space will be for lease.

Tru Hotel to Pritchard Road JEA issued a service availability letter to Alliant Engineering Inc. for the proposed 82-room Tru by Hilton at northeast Pritchard Road and Interstate 295 in Northwest Jacksonville. Skinner Bros. Realty Vice President Chet Skinner said Feb. 11 a buyer is under contract for 1.8 acres to develop the hotel. Skinner Bros. Realty and The Silverfield Group, both based in Jacksonville, are developing a 6.2-acre site in Perimeter Parkway, in front of the Perimeter West Industrial Park. The Tru by Hilton is one of the projects.

Stag Industries to build-out office inside warehouse

The city issued a permit May 15 for Emerald C’s Development Inc. to build-out 2,295 square feet of office space at a cost of $240,627 for Stag Industrial Holdings LLC at 9779 Pritchard Road in Westlake Industrial Park. Boston-based Stag Industrial is the property owner and developer. The office space is within a 231,030-square-foot warehouse called Stag Westlake. Cushman & Wakefield Senior Directors Jacob Horsley and Tyler Newman and associate Taylor Calfee represent the property. Horsley said the office space

KMATHIS@ JAXDAILYRECORD.COM @MATHISKB (904) 356-2466

Gate to San Pablo Road: JEA issued a service availability letter for Gate Petroleum Co. to build a 6,500-square-foot gas station and convenience store on the east side of San Pablo Parkway at Crosswater Boulevard. Prosser Inc. is the civil engineer. Estuary LLC is the property owner. The site is north of the Mayo Clinic campus. Gate at Dunn Avenue: The city issued permits May 14 for Gate Petroleum Co. to build a new convenience store and gas station, fuel canopies and a dumpster enclosure on 2.11 acres at 4243 Dunn Ave. at a cost of $2.25 million. FLC Contracting LLC is the contractor. The project replaces an old Gate Store. Gate Express Carwash to Baymeadows: The St. Johns River Water Management District and the city are reviewing an application for a Gate Express Carwash on 0.91 acres at 5180 Baymeadows Road. Prosser Inc. is the civil engineer. 7-Eleven to Crossroads at Mandarin: JEA issued a service availability letter for construction of a 7-Eleven convenience store with gas pumps at 10560 Old St. Augustine Road at the Crossroads at Mandarin shopping center. A closed

Bank of America branch office would be demolished. Common Oak Engineering LLC of Winter Park is the civil engineer. Mayport Commons in Mayport: The city is reviewing a permit for Mayport Commons, a proposed 15,300-squarefoot retail center at 2006 Mayport Road. Green Boys Contracting Inc. of Ponte Vedra is the contractor for the $600,000 project on 0.69 acres.

THE MATHIS REPORT

RETAIL NOTES

Family Dollar in Englewood: The city approved a permit to expand the Family Dollar store at 5935 University Blvd. W. into an additional tenant space. The $175,000 project will allow Family Dollar to expand from about 7,000 square feet into another 3,000 square feet of space in Santa Monica Center. Vision Contractors Inc. is the contractor. Dollar General to Westside: JEA issued a service availability letter to Concept Companies of Gainesville for a 9,100-square-foot retail store at northeast Pritchard and Jones roads in West Jacksonville. Dollar General is not specified as the occupant. Concept Companies develops Dollar General.

RESTAURANT NOTES Starbucks to Point Meadows: Sleiman Enterprises wants to rezone 1.4 acres at the Point Meadows shopping center for construction of a 2,515-square-foot Starbucks at 10915 Baymeadows Road. Sleiman wants to permit an additional outparcel at the center for the coffee shop Whataburger, Burger King to St. Johns County: St. Johns County is reviewing applications for

Whataburger and Burger King. Whataburger is proposed at the Shoppes of St. Johns Parkway along County Road 210. The 3,645-square-foot restaurant is planned on a 1.26-acre outparcel. Burger King plans a 2,885-squarefoot restaurant and drivethru on 1.07 acres south of Race Track Road west of County Road 2209. The site is on Outparcel 7 in Durbin Creek Crossing. JEA is reviewing a service request.

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THURSDAY, MAY 28, 2020

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“One of the main reasons I love my job is it gives me the opportunity to be out in the community and constantly meet new people. I thrive on that. I would go crazy sitting at a desk all day. “After I call on potential customers or talk to my existing customers, I always feel like I’m in the know. I’m always learning about business and what’s going on in the community. “Those are great things that make it exciting to be part of a local news media company. You really feel like you’re involved and working to make your community a better place. “We make a di feeling.” Beth Jacobson Multimedia Advertising Executive Sarasota Observer

Be a part of our success.Join the Observer Media Group’s multimedia advertising team at the Jacksonville Daily Record.

Please send resume and cover letter to: Matt Walsh 121 W. Forsyth St., Suite 150 Jacksonville, Fla. 32202 jobs@yourobserver.com

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File image

Forcura founder Craig Mandeville started the company in 2012.

Forcura CONTINUED FROM PAGE 1

The state will pay 80% of the total incentive and the city will pay 20%. The 115 jobs will have an average annual wage of $71,663. It currently employs 73 in Jacksonville. “I am proud to join my colleagues in City Council to support this project and thank Forcura and their leadership team for committing to Jacksonville,” Mayor Lenny Curry said in the release. “This investment will bring 115 high-skilled jobs to our city and increase Jacksonville’s prominence as a hub for innovation and technology in the healthcare sector.” Forcura will invest $2.15 million in real estate improvements, IT equipment, furniture and fixtures. Its expanded 30,000-square-foot headquarters at 10151 Deerwood Park Blvd. is expected to open later this year. Forcura now leases at 4600 Touchton Road in the Deerwood North office complex. The release said Connie Turner Interiors will design a full-floor build-out. Craig Mandeville founded the company in 2012 in Jacksonville. It started as a cloud-based software company to modernize documentation, workflow and secure communications for post-acute health care providers. It expanded to provide data and ana-

“Our company’s origins are here in Jacksonville, and in the eight years since, the city has provided incredible talent, mentoring and business community support that have directly impacted our success.” CRAIG MANDEVILLE FORCURA FOUNDER

lytics and plans to offer workflow automation at the end of the year. “Our company’s origins are here in Jacksonville, and in the eight years since, the city has provided incredible talent, mentoring and business community support that have directly impacted our success,” Mandeville said in the release. “I am sincerely dedicated to elevating Jacksonville’s profile as a technology hub, and am excited to make sure more people recognize our city as the best place for entrepreneurs to launch and scale their companies,” he said. KGARWOOD@JAXDAILYRECORD.COM (904) 356-2466

DEVELOPMENT TODAY These are the largest commercial building permits by job cost issued Tuesday by the city of Jacksonville. AMUSEMENT RECREATION Daily’s Place, 1 Dailys Place, contractor is SMG City Special Events, 120 square feet, install guard shack, $20,000.

Julington Creek Animal Hospital Inc., 12075 San Jose Blvd., contractor is Osterer Construction Co. Inc., 5,000 square feet, alteration and addition, $32,500.

HOSPITAL, INSTITUTIONAL Mayo Clinic, 4500 San Pablo Road S., contractor is The Robins & Morton Group, 6,850 square feet, third-floor tenant build-out, $1.5 million.

SCHOOL, LIBRARY, OTHER EDUCATIONAL North Florida School of Special Education Inc., 223 Mill Creek Road, contractor is Auld & White Constructors LLC, 9,372 square feet, renovation, $450,000. Cornerstone Classical Academy Inc., 2360 St. Johns Bluff Road S., contractor is Williams & Rowe Co. Inc., 37,000 square feet, modifications for secondfloor addition, $300,000.

INDUSTRIAL 1 Imeson Park Blvd LLC, 1 Imeson Park Blvd., No. 100, contractor is Intron Technologies Inc., structural repair, $61,784. OFFICE, BANK, PROFESSIONAL Hickory Transportation Services LLC, 12854 Kenan Drive, No. 100, contractor is Dav-Lin Interior Contractors Inc., 17,338 square feet, tenant build-out, $272,185. My Salon Suite of Mandarin, 9961 San Jose Blvd., No. 5, contractor is Ladson Construction Co. LLC, 1,820 square feet, tenant expansion, $241,149.

SIGNS Centennial Townhomes East Apartments, 955 N. Liberty St., contractor is Xeye Inc., directional map monument sign, $7,176. Ascension Medical Group Primary Care, 1702 Osceola St., contractor is Don Bell Signs LLC, ground sign, $2,000. Compiled by Scott Sailer


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BY SCOTT SAILER • STAFF WRITER

Google

Through WGB Properties LLC, Ally Financial Inc. paid $49 million for 12808 and 12850 Gran Bay Parkway W., in Flagler Center.

DUVAL

DUVAL

DUVAL

ST. JOHNS

DUVAL

$49,000,000

$5,986,000

$2,500,000

$1,050,000

$558,250

12808 and 12850 Gran Bay Parkway W., Jacksonville

7255 Wedgewood Drive, Jacksonville

602 N. First St., Jacksonville Beach

1700 U.S. 1 S., St. Augustine

Aventura Drive, Jacksonville

Type: Office Parcel size: 40.5 acres Building size: Two buildings totaling 246,278 square feet Buyer: WGB Properties LLC Seller: Lakeside III Associates LLC and Lakeside IV and V Associates LLC

Type: Ortega Village Apartments Parcel size: 5.65 acres Buyer: Ortega Hills NM LLC, Greer HW LLC and Hunters NM LLC Seller: 4754 Ortega Hills Drive LLC Previous sale: $3,818,000 in 2017

Type: Mango’s Beach Bar Parcel size: 0.39 acres Building size: 3,896 square feet Buyer: Duck Dive LLC Seller: John B. Kowkabany, Eva K. Wheatley, Nadiene K. Macomb and the Donna M. Kowkabany Trust

Type: Financial Parcel size: 0.65 acres Buyer: First Coast Community Credit Union Seller: Ameris Bank Previous sale: $1,150,000 in 2014

Type: Seven residential lots in Etown Parcel E-5 Phase I Parcel size: Not available Buyer: Jax Construction Holdings LLC Seller: E5 Holdings LLC

DUVAL

DUVAL

NASSAU

DUVAL

DUVAL

$470,000

$408,000

$400,000

$274,957

$250,000

10700 Saland Way, Jacksonville

Jareth Drive, Jacksonville

450047 Florida 200, Callahan

Kevin Road, Jacksonville

2114-2148 Mayport Road, Jacksonville

Type: Undeveloped commercial Parcel size: 4.25 acres Buyer: New Vision Properties Inc. Seller: Island Pine Corp.

Type: Six residential lots in Flagler Point Parcel size: Not available Buyer: Dream Finders Homes LLC Seller: Flagler REI LLC

Type: Undeveloped Parcel size: Not available Buyer: VRE Callahan LLC Seller: US1 Properties LLC

Type: Four residential lots in Fosters Hideaway-Phase Two Parcel size: Not available Buyer: Dream Finders Homes LLC Seller: Shellie Road Investors LLC

Type: Residential land Parcel size: 0.69 acres Buyer: Beaches Habitat for Humanity Inc. Seller: William R. Wilson

COMMERCIAL REAL ESTATE

Top commercial sales of the week 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 18-24.

5

THURSDAY, MAY 28, 2020

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THURSDAY, MAY 28, 2020

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CSX’s stock from $63 to $80, with the stock trading at $65.96 at the time of his report. The stock peaked at $80.62 in February but fell as low as $46.81 in March after the pandemic-related market crash.

Shoe Carnival sales tumble 41.9% as COVID impact hits

MARK BASCH CONTRIBUTING WRITER

Hotel operator Ashford Hospitality says occupancy hit bottom in the middle of April and “continues to increase on a weekly basis.” The owner of the One Ocean Resort & Spa in Atlantic Beach said last week the 193-room oceanfront hotel off Atlantic Boulevard is coming back strongly from the pandemic. During its quarterly conference call before the holiday weekend, Ashford Hospitality Trust Inc. Chief Financial Officer Deric Eubanks singled out One Ocean’s performance. “We believe that hotel occupancy bottomed in the middle of April. Since then, occupancy continues to increase on a weekly basis,” Eubanks said, according to a transcript posted by the company. “We are seeing pickup of room nights on a short-term basis and the pace of that pickup is increasing almost daily,” he said. “We expect drive-to leisure hotels to be among the first to bounce back, and we are already seeing this at our One Ocean Resort in Jacksonville, Florida, and our Lakeway Resort in Austin, Texas, which both sold out last weekend. We also expect those two hotels to be sold out Memorial Day weekend as well.” Dallas-based Ashford operates 116 hotels, including a 119room Hilton Garden Inn and a 120-room Marriott Residence Inn in Jacksonville.

Rayonier AM out of Fortune 1000 Jacksonville lost a Fortune 1000 headquarters this year, although the company’s office hasn’t moved. Rayonier Advanced Materials Inc. moved into Fortune

One Ocean Resort & Spa

The One Ocean Resort & Spa at 1 Ocean Blvd. in Atlantic Beach is benefiting as “drive-to leisure hotels” are the first to bounce back from the COVID-19 pandemic, hotel owner Ashford Hospitality says.

magazine’s annual list of the 1,000 largest U.S. companies last year, after an acquisition more than doubled its size. But when Fortune’s new list based on 2019 revenue was released last week, Rayonier AM dropped off after a decline in sales. The maker of cellulose specialties products ranked 951st last year after reporting 2018 revenue of $2.134 billion, but its 2019 revenue was $1.775 billion. The 1000th company on this year’s list had $1.99 billion. Beyond Rayonier AM, Jacksonville continued to have three companies in the Fortune 500 and one more in the Fortune 1000 this year. Railroad company CSX Corp. was the highest ranked company at 267, with $11.937 billion in revenue last year. Fidelity National Information Services Inc., or FIS, was closing in at No. 303, with $10.333 billion. FIS should pass CSX in next year’s list. The financial technology company completed its acquisition of Worldpay Inc. in mid-2019 and with a full year of results from that business this year, revenue should exceed $12 billion. Title insurance company Fidelity National Financial Inc., which spun off FIS, ranked 375th in the Fortune 500 with $8.469 billion in revenue. Landstar System Inc. is the other Jacksonville-based company in the Fortune 1000, but the trucking company fell 71 spots to 635th as 2019 revenue fell 11% to $4.09 billion. Fortune magazine includes

only publicly traded companies and others that file official financial reports with a regulatory agency. So privately owned Southeastern Grocers LLC, operator of Winn-Dixie and three other supermarket chains, is not on the lists. F&D Reports, a retail consulting service, estimates Southeastern Grocers’ annual revenue at $8.35 billion.

Analyst upgrades CSX Corp. to ‘buy’ As the COVID-19 pandemic reduces freight traffic, CSX Corp.’s revenue is expected to fall sharply this year. However, UBS analyst Thomas Wadewitz upgraded his rating last week on the company from “neutral” to “buy” in anticipation of a rebound in 2021 as the economy turns around. “We expect CSX to leverage its strong service to gain share versus truck in 2021, which could also support stronger volume performance vs. the rail group,” Wadewitz said in his research note. He projects CSX’s revenue to drop to $10.14 billion this year, but bounce back to $11.26 billion in 2021. “Given the combination of leverage to a cyclical upturn and support from cost reduction, we believe that CSX is likely to provide an attractive profile for investors and we expect it to trade at the high end of its historical P/E as volumes improve,” he said. Wadewitz raised his 12-month price target for

Many retailers are reporting awful first-quarter results after closing stores to wait out the pandemic. Shoe Carnival Inc.’s report last week detailed just how much the pandemic affected its business. The footwear chain, which is controlled by former Jacksonville Jaguars owner Wayne Weaver, said comparable-store sales in the first quarter were up 3.9% through March 12. However, after the company closed all of its 390 stores March 19, it ended with a comparable-store sales drop of 42.3% for the full quarter ended May 2. Comparable-store sales are sales at stores open for more than one year and are a key metric for evaluating retailers. After the stores closed, Shoe Carnival’s e-commerce sales jumped 350% for the rest of the quarter. However, the company ended the quarter with total sales of $147.5 million, down 41.9% from the first quarter of fiscal 2019. Shoe Carnival had a net loss of $16.2 million, or $1.16 a share, for the quarter. Shoe Carnival said it did not furlough any employees during the quarter and began to reopen stores in late April. By May 20, 80% of its stores had reopened and “are delivering sales above our expectations,” CEO Cliff Sifford said in a news release. Weaver is chairman of Shoe Carnival and his family is the largest shareholder, controlling more than 30% of the stock.

Medtronic’s Jacksonville division sales fall

In a business update last month, Medtronic plc listed its Jacksonville-based ear, nose and throat surgical instrument division as less essential than some of its other medical products.

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HealthLynked Corp., a Naples-based provider of health care network services, said last week it acquired Cura Health Management and its Jacksonville-based subsidiary, ACO Health Partners LLC. HealthLynked is paying $1.75 million in cash and stock to buy Cura Health, which had revenue of $2.076 million and earnings of $667,671 last year. ACO Health is an accountable care organization that provides services for Medicare patients and care providers.

Moderator: Jennifer Shoaf Richardson, Esq., Jackson Lewis P.C. Panelists: Alessandro Apolito, Esq., Lippes Mathias Wexler Friedman LLP Jennifer L. Feld, Esq., Kubick Draper PA Melissa Nelson, Esq., State Attorney, Fourth Judicial Circuit Lindsay Tygart, Esq., Coker Law

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So, it was not surprising last week that the company reported a big drop in sales in the ENT business in the fourth quarter ended April 24. Medtronic does not give specific figures for the ENT business but said in a news release its sales dropped by a “hightwenties” percentage. The ENT business in Jacksonville is part of Medtronic’s Restorative Therapies Group, which includes products for brain therapies, pain therapies and spinal procedures. Some of those businesses performed even worse than the ENT division, so total RTG sales dropped 32% in the quarter. “RTG’s therapies tend to be used in procedures that are more deferrable,” CEO Geoff Martha said in Medtronic’s quarterly conference call, according to a transcript posted by the company. With hospitals devoting resources to treating COVID-19 patients, surgical procedures that are considered elective have been deferred. “While there is still a lot of uncertainty regarding the recovery, we would expect RTG revenue to be the most challenged,” said Chief Financial Officer Karen Parkhill. Medtronic is stepping up production of ventilators, which are urgently needed for COVID-19 care. However, total sales for the company fell 26% in the fourth quarter to $5.998 billion. Adjusted earnings per share fell to 58 cents, from $1.54 the previous year.

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THE BASCH REPORT

One Ocean Resort occupancy rebounding


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After working in serviced office space at 4651 Salisbury Road since it was founded in February 2019, the Cobb & Gonzalez law firm is buildingout and moving into leased space in the building next door. It’s not a long-distance move. “We’re moving from The Quadrant I building to the Quadrant II,” said Christopher Cobb, founding partner. The firm started with four attorneys and has grown to six, along with four support staff. Cobb & Gonzalez practices construction and real estate law, administrative law and licensing and corporate formation and transactions. Cobb, who is board-certified

in construction law, said the new 4,000-square-foot space is designed to continue growing the firm to more than 10 attorneys. The interior design includes stand-up desks and Cobb commissioned a local glassblowing company to create custom light fixtures and accessories for the offices. After the COVID-19 workfrom-home experience, shared offices for part of the professional staff also are part of the design, Cobb said. “I think some attorneys will want to work at home part of the time,” Cobb said. The firm plans to move in mid-July. “I’m picking out furniture now,” Cobb said.

Special to the Daily Record

From left, attorney Christopher Cobb of Cobb & Gonzalez, Emerald C’s Development Inc. President Brittany Culbreth and attorney James Gonzalez in the firm’s new offices at The Quadrant II.

as well as the Young Lawyers Division president, two members selected by the president, and three members selected by the board. Unless otherwise limited by rule, the Executive Committee has the authority to “exercise the function of the Board to the extent authorized by the Board on any specific matter, and on any other matter which necessarily must be determined between meetings of the board.” A commercial litigation specialist, Orr was re-elected to the board this year to represent the 4th Judicial Circuit.

Orr elected to The Florida Bar Executive Committee

Jacksonville attorney Michael Fox Orr, founding partner at Orr Cook, was elected May 15 to The Florida Bar Board of Governors Executive Committee. The committee comprises the president, president-elect and the chairs of the Budget, Legislation, Communications, Disciplinary Review and Program Evaluation committees,

Rule change lets military spouses work as interns

Military spouses who are lawyers may work as certified

legal interns while they wait to pass the Florida Board of Bar Examiners character and fitness review to practice in Florida under the Bar’s new Military Spouse Rule, according to a news release from The Florida Bar. The amendment is effective July 20. The state Supreme Court on May 21 approved an amendment to Chapter 21 of Bar rules that allows for the military spouses who are licensed in other jurisdictions but stationed in Florida to practice for up to five years in the state, under the supervision of a Bar member, without taking the Bar exam. The new rule reads: “[Rule] 21-4 (c) Temporary Certification. A military spouse who has made application under this rule may be

McKinley

Mead

Hamilton

Quackenbush

Promotions, hirings and happenings for business people in Northeast Florida. Send items to ssailer@jaxdailyrecord. com The Fiorentino Group named Chief Operations Officer Tammy LeMaster and Vice President Tiffany McKinley as partners and shareholders in the government relations and business development firm. LeMaster has been with the Jacksonville-based group since its founding in 2002 and is responsible for all operating and financial aspects of the firm. McKinley joined in 2006 and provides support to the lobbying team and its clients by managing firm issues and priorities. They join founder and President Marty Fiorentino and principals Joe Mobley and Mark Pinto Jr. as shareholders. The American Waterways Operators elected Art Mead as chairman of the national trade association for the U.S. tugboat, towboat and barge industry. Mead is the vice president and chief counsel of Crowley Maritime Corp. Craig Hamilton joined RW Wealth as senior vice president of marketing, providing investment advisory services. Hamilton is a former financial consultant at Merrill Lynch and finance manager at AT&T. Heritage Capital Group Inc. hired Katie Quackenbush and Rob Flaris as marketing managers. Quackenbush was data and marketing manager at Advanced

Flaris

Sheffield

Direct Marketing Services and Flaris was marketing manager for J&W Heating and Air. Lindsay Sheffield was promoted to director of administration and member services at Freedom Boat Club. Sheffield is responsible for managing the marketing and accounting departments and member and partner communications. She joined the club in 2018 as director of client and community relations. Crowley Logistics named Bob Goldenberg vice president of commercial operations. He leads the worldwide organization’s supply chain logistics for retail, Goldenberg apparel, perishable, pharmaceutical, breakbulk and general cargo clients. Goldenberg joined Crowley in 2019 as vice president, global business development after almost six years as global procurement director with ECU Worldwide and more than 23 years as owner of Econocaribe Consolidators Inc.

MMARBUT@ JAXDAILYRECORD.COM (904) 356-2466

Marital/ Family Law

PEOPLE ON THE MOVE

LeMaster

certified by the Supreme Court of Florida to act as a certified legal intern while the application for certification as a military spouse lawyer is pending. “A military spouse applicant certified as a legal intern must be a member of an out-ofstate bar in good standing, employed by or in a mentorship relationship with a member of The Florida Bar who is eligible to practice law in Florida, and submit to the jurisdiction of the Supreme Court of Florida for disciplinary purposes. “Certification as a legal intern will terminate on certification of the applicant as a military spouse lawyer or on denial of certification as a military spouse lawyer.”

It is our belief that family law matters are especially sensitive and emotionally consuming for clients. We are responsive to clients and return telephone calls in a timely and prompt manner because your concerns are our priority. Our family law team strives to provide the best service and advice based on forty (40) years of experience with family law cases. We believe that professionalism, together with hard work, will produce the desired results expected by clients.

Practice areas: • Divorce • Custody • Prenuptial Agreements • Modification Proceedings

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200 West Forsyth Street, Suite 450 | Jacksonville, Florida 32202 (904) 355-1155 | mgreen@gsmslaw.com

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THE MARBUT REPORT

Cobb & Gonzalez moving its office, but it isn’t far

MAX MARBUT ASSOCIATE EDITOR

7

THURSDAY, MAY 28, 2020


RESIDENTIAL REAL ESTATE

8

JACKSONVILLE DAILY RECORD / J ACKSONVILLE RECORD & OBSERVER

|

THURSDAY, MAY 28, 2020

Top 10 home sales of week BY SCOTT SAILER • STAFF WRITER

Here are the top 10 single-family residential real estate sales in Northeast Florida, comprising Baker, Clay, Duval, Nassau and St. Johns counties. The sales were recorded May 18-24.

JaxDailyRecord.com

ST. JOHNS

ST. JOHNS

$1,909,999

$1,300,000

129 Muirfield Drive, Ponte Vedra Beach

2405 S. Ponte Vedra Blvd., Ponte Vedra Beach

Type: Single-family Lot size: 0.54 acres House size: 5,348 square feet Buyer: John E. and Christina L. Armstrong Seller: Portland Love LLC Previous sale: $1,775,000 in 2019

Type: Single-family Lot size: 0.46 acres House size: 3,999 square feet Buyer: Alan A. and Jeaneanne S. Bock Seller: William H. and Victoria B. Payne

ST. JOHNS

DUVAL

$850,000

$1,450,000

125 King Sago Court, Ponte Vedra Beach

4711 Ortega Blvd., Jacksonville

ST. JOHNS

$5,150,000 314 Ponte Vedra Blvd., Ponte Vedra Beach Type: Single-family Lot size: 0.53 acres House size: 7,369 square feet Buyer: Christopher B. and Stephanie Z. Thornton Seller: Charles C. and Stacey S. Hogan

About the property: The two-story home backs up to the second fairway on Ponte Vedra Inn & Club’s Ocean Course. It features six bedrooms, 7½ baths, a porch and balcony, a detached garage with an apartment, a circular driveway and a pool and cabana.

Type: Single-family Lot size: 0.55 acres House size: 5,103 square feet Buyer: Curry G. and Anne D. Pajcic Seller: Cameron D. Crowe and the Barnwell R. and Anis J. Daley Joint Living Trust

Type: Single-family Lot size: 0.98 acres House size: 4,330 square feet Buyer: Stephen and Arvi K. Alonzo Seller: Michael L. Manuel Previous sale: $1,000,000

NASSAU

DUVAL

ST. JOHNS

ST. JOHNS

DUVAL

$2,800,000

$2,200,000

$2,125,000

$1,421,068

$849,900

96604 Sandpenny Island, Fernandina Beach

1224 Ocean Front, Neptune Beach

56 San Juan Drive, Ponte Vedra Beach

860 Old Bluff Drive, Nocatee

2527 Pineridge Road, Jacksonville

Type: Single-family Lot size: 2.27 acres House size: 8,887 square feet Buyer: Sinclair Properties of Amelia Island Seller: Michael W. and Mary L. Sage Previous sale: $3,500,000 in 2007

Type: Single-family Lot size: 0.15 acres House size: 3,819 square feet Buyer: Christopher H. and Rene Atayan Seller: Carolyn and John D. Stone Previous sale: $1,675,000 in 2005

Type: Single-family Lot size: 0.32 acres House size: 3,533 square feet Buyer: Charles C. and Stacey S. Hogan Seller: Kelly R. Doll Previous sale: $1,010,000

Type: Single-family Lot size: 0.63 acres House size: Not available Buyer: Diem Tran and John-Paul Pham Seller: Toll Jacksonville LP

Type: Single-family Lot size: 0.2 acres House size: 3,314 square feet Buyer: Jeffrey A. and Christine M. Rosen Seller: Lee V. and Margaret W. Webb Previous sale: $729,900 in 2017

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