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- 2014 - January - 7th -

Gators top Seminoles: $661M to $278M

By Karen Brune Mathis, Managing Editor

The Texas Longhorns remain the nation's most valuable college football team, at $875 million, although the Florida Gators are No. 5 at almost $661 million and the Florida State University Seminoles are No. 22 at almost $278 million.

The Wall Street Journal reported Monday about the annual valuation of teams by Ryan Brewer, an assistant professor of finance at Indiana University-Purdue University Columbus.

Brewer calculates the valuations of the teams in the NCAA's Football Bowl Subdivision, which comprises most of the major college teams.

He factors each program's revenues and expenses and makes cash-flow adjustments, risk assessments and growth projections for each.

The value is what the teams might earn if they were sold like pro franchises.

By comparison, Shad Khan paid about $770 million two years ago for the Jacksonville Jaguars.

FSU might be No. 22 in value, but the Seminoles are the national champions.

FSU won the Bowl Championship Series national championship game Monday with a 34-31 win over Auburn, which also ranked in the Top 50 in valuation.

A dozen SEC teams made the Top 50 list. In addition to Florida:

Alabama, $640.1 million, No. 7

Georgia, $581.8 million, No. 8

Auburn, $537.6 million, No. 9

LSU, $529.8 million, No. 10

Tennessee, $340.4 million, No. 16

South Carolina, $331.6 million, No. 17

Arkansas, $315.1 million, No. 18

Texas A&M, $299.8 million, No. 21

Ole Miss, $183.9 million, No. 34

Kentucky, $162.9 million, No. 37

Mississippi State, $102 million, No. 50

The only SEC teams not in the top 50 are Vanderbilt and Missouri, although Missouri just completed its second season as part of the SEC with a 7-1 conference record and a win in last week's Cotton Bowl.

Brewer said Monday that Missouri came in No. 53 at $98.5 million and Vanderbilt was No. 67 at $47.1 million.

Southside land sold for Gordon Food Service

Pinnacle Real Estate Inc., the developer of the proposed GFS Marketplace, bought almost 2.9 acres on Dec. 23 at Beach and Hodges boulevards, indicating construction could start soon on the area's newest grocery industry player.

The marketplace is a chain of stores operated by Gordon Food Service, a Michigan-based restaurant supplier. The stores sell food and products in large quantities, but do not charge a membership fee like the big-box stores.

Pinnacle Real Estate Inc., based in Grand Rapids, Mich., is the managing member of Florida Retail Stores LLC, which bought the property from Duval Realty Trust LLC for $2 million.

Duval Realty Trust had acquired the property the same day for $1.31 million from Ameris Bank, a successor by merger to Prosperity Bank, before selling to Pinnacle.

Prosperity Bank of St. Augustine is shown on the Duval County Property Appraiser's site as the owner of the four parcels along Beach Boulevard involved in the sale.

The sale documents were recorded Friday with the Duval County Clerk of Court.

Gordon Food Service operates more than 160 stores in 10 states, including 19 in Florida, and intends to open an almost 16,000-square-foot GFS Marketplace at 13423 Beach Blvd., at Brougham Avenue, west of Hodges Boulevard.

Plans filed with the city show two buildings — the store and a future unidentified 4,400-square-foot, 158-seat restaurant — on the almost 3-acre site.

While no restaurant was identified, plans filed in July with the St. Johns River Water Management District showed a Texas Roadhouse was proposed at the property, although it was larger than the site plans now indicate.

Gordon Food Service, also based in Grand Rapids, was created in 1897 and is a family-owned and managed foodservice distributor. Its Florida distribution centers are in Miami, Ocala and Plant City.

Parkway to pay $33M for Butler buildings

Orlando-based Parkway Properties Inc. announced Monday that it reached an agreement Dec. 20 to buy the JTB Center office complex for $33.3 million.

The center comprises three Class A office buildings, including the Carlton and Colliers buildings at 5011 Gate Parkway, totaling 248,000 square feet.

As of Jan. 1, the properties had a combined occupancy of 94.4 percent. Parkway expects to complete the sale by the end of the first quarter.

"JTB Center will allow Parkway to gain additional scale in the highly desirable Deerwood submarket of Jacksonville," said the news release.

Property records show DRA CRT JTB Center LLC, in care of DRA Advisors LLC of New York, owns the properties.

Gate buys more Busch Drive property

Jacksonville-based Gate Petroleum Co., which has several stores under construction in Duval County, bought land in Busch Drive Business Park in North Jacksonville. The site is next to its 570 Busch Drive convenience store.

Gate bought the former Applebee's location at 574 Busch Drive from GE Capital Franchise Finance Corp. for $575,000.

The 1.5-acre site is east of Interstate 95. The restaurant building was constructed in 1995. The property carries a 2013 taxable value and 2014 market value in progress of $787,600.

The 570 Busch Drive Gate store sits on almost 1.9 acres and was developed in 2008.

Gate said it bought the land for expansion of fueling and store parking but doesn't have a design or timeline for the project.

Florida Blue moves properties to GuideWell

Blue Cross and Blue Shield of Florida Inc. transferred two properties to GuideWell Group Inc., its new holding company.

Deeds made Jan. 1 and recorded Jan. 2 with the Duval County Clerk of Court show a $3.5 million transfer of some land at its 4800 Deerwood Campus Parkway and a $2.6 million transfer of its Florida Blue retail property at 4855 Town Center Parkway in The Markets at Town Center near St. Johns Town Center.

Spokesman Paul Kluding for Florida Blue, which is the new name for Florida's Blue Cross and Blue Shield company, said that effective Jan. 1, Florida Blue reorganized from a not-for-profit insurance company to a not-for-profit mutual holding company structure.

Florida Blue is now an insurance company subsidiary of GuideWell Mutual Holding Corp., a not-for-profit mutual holding company controlled by its members.

Kluding said the ownership change has no impact on the business operations at Florida Blue's retail centers nor on the health care services provided by Florida Blue to its members.

He said Florida Blue has transferred the real estate owned by Florida Blue — the Jacksonville Retail Center, a data center, and some surplus land on its Jacksonville campus. It also has assigned most of its leased properties to GuideWell Group.

Retail notes

• Walmart Stores East LP continues to renovate its stores. The city OK'd an almost $260,000 renovation of its 13490 Beach Blvd. Supercenter. CAL Development Inc. is the contractor for renovations of the 202,424-square-foot store.

It also filed plans to renovate its 4250 Philips Highway store at a cost of $400,000. No contractor is listed on the permit application for the 186,410-square-foot project.

• Dollar Tree Stores Inc. is putting up an awning and three signs at its 6466 103rd St. location.

Queen of Diamonds planned along Philips

The 5800 Philips Highway venue where Sharky's Oyster Bar and Lounge opened also will house the Queen of Diamonds night club and bar, according to plans filed with the city.

The sign on the property says Queen of Diamonds Gentle Mens Clubs.

HI LLC of Coral Gables is the owner and developer. The site plans show the 18,600-square-foot building sits on 2.73 acres and will provide 240 parking spaces.

Landscape architect Janet O. Whitmill submitted the plans.

Sharky's Oyster Bar and Lounge, scheduled to open last week at the address, is promoted by NFL veteran Laveranues Coles Jr., who is developing a Downtown restaurant called Levels.

A Sharky's sign also is on the property.

Coles posted Saturday on his Facebook page that "Tonight all roads lead to queen of diamonds for Laveranues Coles birthday party." Coles turned 36 on Dec. 29.

Trouble Livin Life LLC, which Coles filed with the state in September, is listed on the building permit for the Sharky's renovations to the 5800 Philips Highway building. Coles is managing member of Trouble Livin Life LLC.

Braughton Construction Inc. is the contractor on a permit issued Dec. 26 for a $70,000 renovation for "repair and alterations and repairing condemnation list" from the city at the building.

Property records show that the structure, which has operated as a gentleman's club, is owned by HI LLC of Coral Gables, whose agent is Daniel Stuzin.

Coles, a Jacksonville native and St. Augustine resident, is developing the Levels restaurant Downtown at 323-325 E. Bay St. He expects to complete renovations and open Levels by March 1.

CFM renovations in motion

Work is set to begin for Client Focused Media's offices at 1611 San Marco Blvd., preparing the building for the marketing and advertising agency's move from Downtown.

The city is reviewing a permit application for Duckworth Construction Co. to renovate 4,600 square feet of the two-story building at a project cost of $80,000.

The first floor will comprise the lobby, offices and a work area, and the second floor will contain a foyer, offices, work area and conference space.

Akel, Logan & Shafer is the architect for the building renovation. Client Focused Media President Mike White said in December he expects to move to the building in late January or February.

As the Daily Record reported Dec. 6, White intends to invest more than $500,000 in moving his company from leased space on the Northbank to his newly acquired building across the St. Johns River in San Marco.

White and his wife, Joanna White, through Westrick San Marco LLC bought the two-story, 4,700-square-foot building for $420,000. White said in December he intends to invest at least $100,000 in initial renovations.

Client Focused Media has been leasing space for about 10 years at the WJCT studio building. White said he leases 2,700 square feet there.

White founded the company in 2002 and also publishes the BUZZ entertainment magazine and website.

White said he plans to buy a few more companies soon. "In January we are acquiring a media buying software company, which will offer media services to other small to midsize advertising firms," he said.

"We are also looking at acquiring a video production company to bring services in-house for our current customers," White said.

He said he added two employees who will start this month.

kmathis@baileypub.com

@MathisKb

(904) 356-2466

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