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Hendricks Plaza to link Southbank and San Marco

By Karen Brune Mathis, Managing Editor

Another link of Hendricks Avenue in Jacksonville's San Marco neighborhood is slated for renovations.

Owner Rettner Hendricks Realty LLC, which bought 1620-1636 Hendricks Ave. over the past year, wants to invest at least $300,000 in façade renovations for the storefronts, now referred to as Hendricks Plaza.

Plans filed with the city show that Coastal Reconstruction Inc. and Thomas Duke Architect will rework the front façade and replace the storefront windows and doors.

The storefronts are another link along Hendricks Avenue from the Southbank riverfront to the San Marco neighborhood retail center.

Restaurants, stores and night-life locations have been developing along the corridor, joining many already active there as well as offices and community activity centers.

For example, two new San Marco developments are the Chase Bank approved for tenant build-out on one corner of Atlantic and San Marco boulevards and the East San Marco project planned on another.

In addition to the existing five tenant storefronts, plans for Hendricks Plaza show an "Italian bistro" in the vacant end unit, although the name is a placeholder for a restaurant tenant yet to be signed.

Rettner Hendricks Realty LLC, based in Yonkers, N.Y., bought the properties in two acquisitions last December and in March for a total $1.31 million.

The structures, built in 1947 and 1948, total more than 11,500 square feet of space and take up about 1.31 acres.

Colliers International Northeast Florida Senior Vice President Ronald McVay and Senior Associate Jason Hinson, who represent Rettner in Jacksonville and the area, said the façade upgrades will begin upon permitting approvals and then be completed within about 120 days.

They said the façade will unify the properties and reflect the look of San Marco with tan colors, lighting, crown molding and awnings.

McVay and Hinson said the restaurant tenant would be signed pending parking. They said the location is on the main artery of Hendricks Avenue between the river and San Marco with high visibility and a high traffic count.

$307M sale involves Jacksonville broker and property

The CBRE real estate company said Wednesday it arranged the $307 million sale of a 10-property, 2.1 million-square-foot retail portfolio owned by a New York-based real estate private equity firm.

CBRE Senior Vice President Cliff Taylor, a Jacksonville-based member of CBRE's Private Capital Group, and Dennis Carson and Casey Rosen, based in CBRE's National Retail Investment Group in Miami, advised the seller.  

The portfolio includes a Jacksonville property — Lakewood Promenade, a 195,339-square-foot center at 1500-1670 University Blvd. W., anchored by Winn-Dixie and Stein Mart.

Kite Realty Group, a publicly traded REIT based in Indianapolis, bought the properties, which are in four states.

CBRE said the portfolio comprises 10 anchored retail properties, with four in Florida, three in Alabama, two in Texas and one in Georgia.

The portfolio was collectively 93 percent occupied at the time of the sale and brings Kite Realty Group's total holdings to 78 properties, or nearly 12 million square feet under management.

In addition to Carson, Taylor and Rosen, the CBRE team representing the seller included three associates in Dallas and two in Atlanta.

Carson said the Florida acquisition brings Kite's Florida portfolio to 25 properties, with Jacksonville being the only new market.

CBRE said two of the Florida properties were Publix-anchored centers in Orlando and Punta Gorda, and another property is an infill location in a densely populated and affluent area of Tampa.

CBRE declined to identify the seller, but property records show it to be Och Ziff Real Estate of New York, N.Y.

Its website, ozcap.com, says Och-Ziff Capital Management Group, founded in 1994 by Daniel S. Och, is one of the largest institutional alternative asset managers in the world, with about $38.5 billion in assets under management as of Nov. 1.

kmathis@baileypub.com

@MathisKb

(904) 356-2466

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