Jacksonville Daily Record/Jacksonville Record & Observer
Thursday, August 29, 2019 • Page 3
TSG Realty sells Town & Country, buys Aldi
TSG also owns the Freddy’s Frozen Custard & Steakburgers property next door to the grocery. TSG Realty has been selling and acquiring retail properties. JWB Real Estate Companies LLC paid $5.08 million Aug. 15 for the almost 19-acre Town & Country Shopping Center with about 200,000 square feet of space built from 1953-79. Pamela Howard, property manager with TSG Realty and agent for the former owner of the Town & Country Shopping Center in Arlington, said JWB made an unsolicited offer to buy the retail property at northeast University Boulevard
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TSG Realty bought the Aldi grocery store at 4444 Town Center Parkway in Town Center Promenade.
and Arlington Expressway. “JWB is an exceptional local company who has big plans for the property,” Howard said in an email. She said Town & Country Shopping Center Inc., led by President Leonard Setzer, will invest the sale proceeds into a 1031 exchange “to focus more on its core business of exceptional retail strip centers and single-tenant assets.” She said the sellers “wish JWB all the best with Town & Country Shopping Center. We know they will do an outstanding job with this property.”
RETAIL NOTES Sports stores in Regency: The city issued permits for tenant improvements for Champs and Foot Locker at the Regency Pointe shopping center at 9428 Arlington Expressway. The job costs total $176,000. The retailers have been leasing at Regency Square Mall across the expressway. Victoria’s Place in Nassau County: Ash Properties proposes to develop a 17,150-square-foot building at the Victoria’s Place commercial project along Florida A1A in Yulee. Baker Design Build is the civil engineer. Victoria’s Place is an almost 35,000-square-foot retail center a half-mile east of U.S. 17. Twin Creeks in St. Johns: Twin Creeks Development Associates LLC of Delray Beach wants to build five commercial-retail buildings totaling about 50,000 square feet on 11.64 acres of vacant land along County Road 210 West. Prosser Inc. is the civil engineer. Burlington to Durbin: Burlington will open in the fall in The Pavilion at
JWB President Alex Sifakis said his group, which focuses on infill housing development, is evaluating options for the site and will honor current leases. TSG then announced it purchased the Aldi at 4444 Town Center Parkway in Town Center Promenade. The 17,760-square-foot building sits on 2.2 acres and has a longterm lease with the grocer. “We were very pleased to purchase the Aldi,” Howard said. “It was purchased using cash from investors.” Section 1031 is an Inter-
Durbin Park at 675 Durbin Pavilion Drive, No. 105, in St. Johns County. More retail to Durbin: St. Johns County issued a permit for a 6,110-square-foot shell building at The Pavilion at Durbin Park at a cost of $510,000. The address is 475 Durbin Pavilion Drive.
HOTEL WoodSpring Suites to Campfield Commons: Baker Design Build submitted plans for a 122-room WoodSpring Suites hotel along Lamb Tail Lane, off RG Skinner Parkway at Annie Eliza Road in the Baymeadows area. The four-story 51,684-squarefoot hotel is planned on 1.85 acres. The developer is WP Concord Holdings II LLC of Raleigh, North Carolina.
OFFICE Bank of America in Southside: Marand Builders Inc. will renovate 25,600 square feet on the third floor at the Bank of America operations center at 9000 Southside Blvd., Building 200, at a cost of almost $2.4 million. Bank spokesman Matthew Daily said
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Building on Suemac: Solid Rock Engineering Consultants Inc. is the agent for a proposed 45,000-squarefoot office building for truck sales and service along Suemac Road near Clayton Road. JEA issued a service availability letter for the project on vacant land owned by N.G. Wade Investment Co. The city calculated a mobility fee of $44,615 for the project, on 12.23 acres, to mitigate the project’s infrastructure impact. Florida Baptist Convention at Belfort Oaks Place: The city is reviewing a permit application for
In the increasingly competitive gas station and convenience store industry, Circle K Stores Inc. is converting a corner of East Arlington. A contractor for Circle K pulled permits to demolish one of its smaller stores at 12743 Atlantic Blvd. and build a larger one and a car wash at a job cost of almost $6.1 million. The 2.51-acre location is at northwest Atlantic Boulevard and Girvin Road. Winesett-Hill Constructions Inc. of Hixson, Tennessee, will demolish the 2,700-squarefoot Circle K and clear the site. It then will build the new 5,314-square-foot store, a 1,498-square-foot car wash, canopy, dumpster and fuel pumps. KMATHIS@ JAXDAILYRECORD.COM @MATHISKB (904) 356-2466
Florida Baptist Convention at its relocated offices at 6850 Belfort Oaks Place. Canco General Contractors Inc. of Plant City is the contractor for the $300,000 project to remodel space for its headquarters meeting room. Florida Baptist Convention Inc. sold its San Marco property at 1230 Hendricks Ave. to Chadbourne II LLC for redevelopment into 345 apartments, parking and 5,500 square feet of retail space.
CAR DEALERSHIPS Jaguar Land Rover in East Arlington: The city issued a permit July 23 for Fields PAG Inc. to demolish the former Jaguar Land Rover dealership at 11211 Atlantic Blvd. now that it has moved into its new facility next door. J.B. Coxwell Contracting Inc. is the contractor for the $60,000 project to take down the older structure. Fields Automotive Group Inc. intends to demolish the old dealership to make space for a new facility for Fieldsowned Porsche Jacksonville to move from its location at 10100 Atlantic Blvd. Garry Redig, vice president of operations.
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SS&C expands in Gramercy Woods: The city approved a permit for DavLin Interior Contractors to build-out almost 8,900 square feet for SS&C Technologies Inc. in Gramercy Woods at a cost of $366,286.
Circle K rebuilding in East Arlington
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the project “is a continued investment in our ongoing commitment to the Jacksonville market. As always, we’re renovating the floor to create modern workspace for the way employees work today and in the future.” The center is in Gramercy Woods.
Howard said TSG is growing and making a few acquisitions of prime locations each year. Earlier this year, it acquired a Burger King on County Road 210 in St. Johns County.
THE MATHIS REPORT
KAREN BRUNE MATHIS EDITOR
nal Revenue Code provision that defers tax on qualifying exchanges of like-kind real estate. According to property records, Town & Country Shopping Center Inc. paid $3.7 million for the store. The seller was CPC Jacksonville SJTC LLC. CPC is part of Atlantabased Core Property Capital. “We bought it because we think this is a premier location at the corner of the traffic light at Town Center,” Howard said. “Aldi is an excellent tenant and the close proximity of the property to UNF makes this an especially successful store.” The University of North Florida is 1.6 miles east. TSG also owns the Freddy’s Frozen Custard & Steakburgers property next door at 4458 Town Center Parkway. “We liked the idea of controlling both corners on our side of the street,” Howard said. The Aldi was part of the 1031 exchange from the sale of the Town & Country center. In addition, Town & Country Shopping Center Inc. also purchased the 7-Eleven store at 920 Margaret St. in Riverside last week for $1.2 million as an investment.
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