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Oak Hill Village shopping center sold for $7.35M

By Karen Brune Mathis, Managing Editor

Slate Acquisitions Inc. of Toronto paid $7.35 million for Oak Hill Village in West Jacksonville, an almost 80,000-square-foot shopping center anchored by Publix Super Markets.

Through SUSO 2 Oak Hill LP, Slate bought the property Dec. 30 from Equity One (Florida Portfolio) Inc. of Miami Beach.

KeyBank National Association of Atlanta issued a $5.98 million mortgage to the SUSO partnership on Jan. 10.

The 11.4-acre property at 7628 103rd St. and Ricker Road carries a 2013 taxable value and a 2014 market value of $3.3 million. Equity One bought the property for $3.45 million in December 1995.

The Slate Properties Inc. website, slateproperties.ca, lists Oak Hill Village as a 78,942-square-foot neighborhood shopping center "in densely populated western Jacksonville."

It says the property has strong historical occupancy and recently underwent significant renovations. Traffic counts on 103rd Street exceed 47,000 vehicles a day and the property features access to the Interstate 295 Beltway.

Major nearby employment drivers include Naval Air Station Jacksonville and Cecil Commerce Center.

Slate describes itself as a Toronto-based commercial real estate investor and asset manager. It says its founding partners have nearly two decades of experience in the industry managing complex real estate transactions in domestic and international markets. 

The company co-invests and manages several investment vehicles, including a closed-end private fund focused on U.S. retail assets, and it owns and manages a portfolio of Canadian office properties.

Slate announced its agreement to buy Oak Hill Village in October and said then the deal would be completed in the first quarter of 2014.

Gate pays $2.1M for Baymeadows site

Gate Petroleum Co. paid $2.1 million for almost 3.17 acres along Baymeadows Road East and R.G. Skinner Boulevard for construction of a 6,700-square-foot convenience store with 22 fueling positions and a car wash. The store should open late this year or in early 2015.

Gate bought the land from Wiley James LLC, whose managers are Allen F. Skinner, Richard G. Skinner III and Dorothy B. Palmer.

It is one of four Duval County Gate stores under development in South Jacksonville along with an expansion of a North Jacksonville store and a new one planned in St. Johns County.

Based on building permit information, the four Southside Duval stores represent what could be at least a $9 million investment in construction costs.

The others are along Philips Highway in Bayard, near St. Johns Town Center and along Emerson Street.

$3.7M Baptist Medical Center renovation approved

Baptist Medical Center will renovate the sixth floor of its Downtown Southbank tower at a project cost of $3.7 million.

The city approved a permit Thursday for Batson-Cook Co. to renovate the 23,888-square-foot floor at the 800 Prudential Drive medical center.

"The project will completely renovate the sixth floor of Baptist Medical Center Jacksonville – from the fire sprinkler system to patient rooms and common areas," Baptist Health Public Relations Director Cindy Hamilton told the Daily Record in December.

She said renovations will include new restrooms in patient rooms, which will be similar to other recently constructed or remodeled rooms in the Baptist Health system, with electronically controlled solar shades and day beds.

kmathis@baileypub.com

@MathisKb

(904) 356-2466

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