North Florida Top Stories

JV plans downtown Jax redevelopment

Tuesday, June 1st, 2010

JACKSONVILLE - Local developer Steve Atkins of LINEA LLC, in conjunction with JT Burnette and Chad Kittrell of Capital City Partners LLC, based in Tallahassee, announced plans to redevelop the historic Barnett Bank and Laura Street Trio buildings in downtown Jacksonville into a mixed-use development, including a boutique hotel, restaurants, retail shops and residential rental apartments.

Diliberto Real Estate Auctions expands into Florida market

Tuesday, June 1st, 2010

ST. AUGUSTINE - Diliberto Real Estate Services LLC announced its expansion to the East Coast market, launching a new operation in St. Augustine to be overseen by Douglas G. Dennison and Louis B. Fisher III.

Dennison will become manager of the Florida operation as Fisher joins the advisory committee of Diliberto Real Estate. The expansion announcement comes as Diliberto Real Estate has been chosen to advise Illinois-based K D C Consultants on the acquisition and disposition of up to $100 million in commercial, residential property and loan assets throughout the U.S.

M&M sells 28,000sf retail strip

Tuesday, June 1st, 2010

ORANGE PARK - Marcus & Millichap Real Estate Investment Services announced the sale of O'Reilly Auto Parts Center, a 28,000sf retail property in Orange Park. The asset commanded a sales price of $2,817,000.

David Hsieh, vice president investments, and James Hoggatt, an investment specialist in Marcus & Millichap's Jacksonville office, had the exclusive listing to market the property on behalf of the seller, a developer. The buyer, a local partnership, purchased the property all-cash as part of a 1031 exchange.

Jax office market hints at stability

Monday, May 24th, 2010
By: 

CB Richard Ellis

As the first quarter of 2010 comes to an end, the office market shows slight signs of the attempts to stabilize. Albeit high, the total vacancy rate stands at 22% - as it did at the end of 4Q09 but a 2.61% increase from 1Q09.

There is 184,387sf of sublease space in the market. When we pull away the sublease space, Jacksonville’s direct vacancy rate shows an increase of 0.5%, putting the direct vacancy rate at 21.3%.

Absorption shines in Jax industrial market

Monday, May 24th, 2010
By: 

CB Richard Ellis

The Jacksonville industrial market consists of three main industrial types: warehouse/distribution, manufacturing and R&D/flex. Warehouse/distribution space comprises approximately 60% of the space in the market, followed by manufacturing with 22% and R&D/flex with 12%. The remaining 6% of space consists of other smaller industrial properties.

The Jacksonville industrial market vacancy rate increased to 10.3% in the first quarter of this year versus the prior quarter’s 9.3%.

Borrelli + Partners: UNF wellness center

Monday, May 24th, 2010

JACKSONVILLE - Borrelli + Partners of Orlando was selected by the University of North Florida as the leading firm in a joint venture with PSA/Dewberry to develop the long-range plan for the Student Wellness and Sports Education Facility. The project consists of the master planning and architectural design of a new 115,000sf facility. Estimated construction cost is $22 million and will be targeted for LEED Silver certification. The university is in the process of selecting a construction manager.

Regency Centers: Paul Maxwell

Monday, May 24th, 2010

JACKSONVILLE - Regency Centers has appointed Paul Maxwell to vice president, regional officer. Located in the company’s Jacksonville office, Maxwell is responsible for an operating portfolio of 15 shopping centers and new developments, totaling 1.4 msf, in the South Florida market.

Previously, Maxwell served as Regency’s vice president of investments where he was responsible for identifying and acquiring development opportunities for retail projects, land acquisitions, securing anchor tenants and leasing space in Florida.

LandSouth Construction: Sweetwater fitness

Monday, May 24th, 2010

JACKSONVILLE - LandSouth Construction has been awarded the job to construct a new fitness center for Sweetwater Creek Community Development District at Palencia. The 9,050sf fitness center has been designed by architects Gresham Smith and Partners and will contain a NCAA Paddock eight-lane competition pool, a wellness area, locker rooms, a guest lobby, snack and bar area, and a cabana deck. Construction on the $2.6 million fitness center has begun and is expected to be complete in December.

Stellar: Ring Power

Friday, May 21st, 2010

JACKSONVILLE - Stellar, a construction, design, engineering and mechanical services firm, has completed a nearly 167,000sf expansion and more than 31,000sf renovation of the Ring Power Sales and Service Center in Riverview. Stellar provided design, engineering and construction services for the three-phase expansion, which began in 2006 and was completed in March of this year.

Mountain RE Capital completes Florida buys

Friday, May 14th, 2010

JACKSONVILLE - Mountain Real Estate Capital of Charlotte, N.C., the newly formed acquisition and investment affiliate of Mountain Funding, announced the closing of three opportunistic purchases in Florida:

- $75 million equity partnership with GL Homes of Florida to acquire assets from a major financial institution. The strategic partnership allowed GL to recapitalize seven different partnerships involving 8,300 acres and 6,500 home sites, plus capital for completion of additional lot inventory. There is a potential real estate sell-out in excess of $1.8 billion over an eight-year period.