An Orlando real estate company bought a high-profile corner at Park and King streets in Riverside with new tenants and plans to potentially update the space.
Red Bell Partners paid $4.6 million for the property March 30.
Through Blanding Outparcel LLC, Red Bell bought 2665 Park St. and 1269 King St. from the estate of Leighton Adair Butts, which sold the properties through ARD P&K LLC.
The properties total 23,415 square feet. The Park Street property was built in 1942 and the King Street structure was built in 1967.
Red Bell Partners is a 30-year-old real estate company involved with investment, development and property management, according to its website.
Matthew Clark, senior director at Colliers International Jacksonville, brokered the deal. Colliers will manage the leasing.
“The new owner is from Orlando and he has projects in its historic area and sees a lot of similarities in this area of Jacksonville,” Clark said April 4.
Tenants in the building at Park and King include One Bar & Lounge, Keg & Coin, Glenn Certain Floral Design Studio and two empty units.
Keg & Coin and Glenn Certain Floral Design Studio will remain in their locations, he said.
One Bar & Lounge will move and must be out of the restaurant at the corner Park and King streets by mid-May, Clark said.
The restaurant’s manager did not comment when asked about relocation plans.
Another available property is next to One Bar & Lounge on King Street. It is 1,963 square feet and formerly had been a coffee shop.
According to a Colliers brochure, BOTE, a recreational outdoor outfitter specializing in standup paddleboards, will lease the 3,890-square-foot space next to the florist on Park Street.
BOTE is owned by Corey Cooper of Destin. There are five BOTE stores with locations in Fort Walton Beach, Grayton Beach, Destin, St. Petersburg and Fort Lauderdale. Its products also are sold in sporting good stores.
The properties had been renting for below the current market rate of $35 per square foot, Clark said. Rents now include that base rate plus a payment for taxes, insurance and maintenance of common spaces.
The new owner wants to work with Riverside Avondale Preservation to see whether some modifications can be made to energize the historic commercial property, Clark said.
For example, the restaurant space has high windows facing the street dating back to when it was a pharmacy. The buyer wants to remodel those to offer a better view of street activity, Clark said.
The buyer also would like to add outdoor and patio dining to the restaurant space.
Colliers is reviewing two letters of intent to operate a restaurant in the One Bar & Lounge space. Clark expects a decision in about four weeks.
There have been several restaurants in the location, including Il Desco, Two Dudes Seafood and Pele’s Wood Fire Grill.
Parking has been a concern for businesses at the location, Clark said. Colliers is working with Riverside Church at Park & King to use up to 60 spaces when not needed by the church. There are 150 street parking spots shared by businesses in the district.
The Colliers brochure says the neighborhood is one of the Top 10 ZIP codes for the millennial generation in the country.
“The 32204 ZIP code has seen a 45% increase in millennials over the past 5 years surpassing any ZIP code in Miami or Orlando. Nationally, 32204 ranks #6 out of the 30 largest cities in the U.S. placing Riverside among the top 10 neighborhoods in the country.”