FRIDAY July 27, 2018
Public legal notices begin on page 3
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Daily Record JACKSONVILLE
REAL ESTATE
THE MATHIS REPORT
AshDaily PropertiesRecord closes on BB&T Tower for $24.47M JACKSONVILLE
Daily Record Daily Record
New owner plans improvements, says it wants to support Downtown growth.
JACKSONVILLE
BY KAREN BRUNE MATHIS EDITOR
Ash Properties wants to start renovations of the BB&T Tower Downtown now that its $24.47 million acquisition closed Tuesday. “We want to proceed immediately for improvements,” said Randall Whitfield, COO of the Jacksonvillebased commercial real estate developer. Work will include lobby and some exterior renovations. The 18-story, 285,497-squarefoot high-rise at 200 W. Forsyth St. on the Downtown Northbank was built in 1975. Whitfield said it is 64 percent leased. Ash Properties bought the property through Talara Investment Group LLC. The purchase includes a Whitfield 700-space parking garage with ground floor retail space across the street. That retail space is 50 percent leased, Whitfield said, presenting more opportunities for new Downtown tenants. The garage, also accessible to the building by an underground tunnel, provides two parking spaces for each 1,000 square feet leased by tenants, which Whitfield said is a good ratio Downtown. Ash Properties bought the building at a May auction. Transwestern Managing Director John Bell led the sale on behalf of the seller, special servicer LNR Partners and John Mitchell, its asset manager. “This was one of the most soughtSEE BB&T, PAGE 2
JACKSONVILLE
KAREN BRUNE MATHIS EDITOR
Pet Paradise moving HQ to San Marco Company needs more space to accommodate its growing staff. Pet Paradise Resort and Day Spa, the Jacksonville-based developer and owner of boarding and day care for dogs and cats, intends to relocate its headquarters to San Marco. The 16-year-old company will move to 1551 Atlantic Blvd. to accommodate its growing staff, which is working on adding eight to 10 Pet Paradise centers a year. Brian Franco, vice president of real estate Franco for its corporate parent, American Pet Resort LLC, said the company is “expanding exponentially” and needs more space. Pet Paradise occupies about 5,000 square feet of office space in Southside at 5130 University Blvd. W. next to one of its pet centers. About 25 corporate staff members will move to the second floor of the Atlantic Boulevard building. A permit application indicates a renovation cost of $500,000 for 7,424 square feet of space in the three-story structure.
BB&T TOWER Address: 200 W. Forsyth St. Buyer: Talara Investment Group LLC, led by Ash Properties Seller: JPMCC 2007LDP12 West Forsyth Street LLC, in care of LNR Partners LLC Price: $24.47 million Size: 18 floors, 285,497 square feet Occupancy: 64 percent Sale includes: Sevenstory, 700-space parking garage at 111 N. Julia St.
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SEE MATHIS, PAGE 2
Hamilton new Regions market executive Tim Hamilton, commercial banking leader for Regions Bank in Northeast Florida, was appointed the bank’s market executive for Jacksonville. Hamilton will work to identify opportunities for the bank and its associates to make a difference in response to local needs through volunteer service, nonprofit support, financial education and more. Hamilton will continue as commercial banking leader, working to deliver customized financial solutions for large companies and major employers.
VOLUME 105, NO. 178 • ONE SECTION