- 2014 - January - 27th -

Sysco investing $13M in NW Jacksonville

by Karen Brune Mathis, Managing Editor

Sysco International Food Group is making a minimum $12.6 million investment in Northwest Jacksonville, based on construction and acquisition costs.

The food-service supplier is renovating one warehouse, so far at a construction cost of $11.7 million, and recently bought a smaller center next to it for $915,000.

On Friday, the city approved the construction permit for Sysco International Food Group to renovate and expand the larger warehouse at 3100 Hilton St. at a project cost of $11.1 million. Primus Builders Inc. of Woodstock, Ga., is the contractor.

Previous permits for Primus to do site work, interior demolition and foundation construction there total almost $700,000. That warehouse is 195,000 square feet.

The permits allow renovation and expansion, including the freezer, cold dock, dry warehouse, dry dock, office and related site improvements.

A Sysco Corp. spokesman previously told the Daily Record it will renovate the warehouse to accommodate an expansion of its Plant City-based International Food Group operation, a move expected to create 60 jobs by early summer.

The International Food Group distributes and exports products to Sysco customers outside the United States.

In December, Sysco International Food Group paid $915,000 to buy a 32,375-square-foot warehouse at 3000 W. 45th St., next to the Hilton Street center. Sysco said it was for expansion.

Houston-based Sysco Corp. has two distribution centers in Jacksonville – the new International Food Group complex and its existing food-service operation at 1501 Lewis Industrial Drive, which is 3 miles southwest.

Together, the two are expected to have more than 300 jobs in Jacksonville.

Sysco operates 193 locations in the U.S., Bahamas, Canada, Ireland and Northern Ireland.

The sysco.com website says the company has grown to $44 billion in sales and serves about 425,000 customers in the foodservice industry, delivering food and food-related products to restaurants, health care and educational facilities, lodging establishments and other customers who prepare meals away from home.

EverBank makes $7.9M mortgage for Parador garage

EverBank made a $7.88 million mortgage Tuesday to Parador Parking LLC toward development of the downtown garage under construction at 37 S. Hogan St.

Parador Partners LLC is listed on a building permit application that was approved for the 211,794-square-foot parking structure foundation at a construction cost of $6.4 million.

Also Tuesday, Parador Partners LLC deeded the 1.3-acre property, formerly used as a parking lot, to Parador Parking LLC at a cost recorded at $2.2 million.

The Partners and Parking companies both include managers Ashish Bahl of Jacksonville and Chittranjan Thakkar of Norcross, Ga. The Partners group also includes Keith Sauls of Charleston, S.C.

Bahl is an owner of the SunTrust Tower at 76 S. Laura St., next to the parking garage.

On Dec. 17, the Daily Record reported that Bahl said the 607-space, six-level garage, with ground-level retail space along the Hogan Street side of the SunTrust Tower, should be finished about September at a cost of $10 million.

W-D warehouse part of $620M mortgage

Winn-Dixie's West Beaver Street warehouse, sold last year to American Realty Capital, is part of a $620 million mortgage from Cantor Commercial Real Estate Lending L.P. and German American Capital Corp.

Cantor and German American Capital issued a mortgage Jan. 3 that includes properties owned by three American Capital limited liability companies in Florida.

One of them, ARC WDJKVFL001, paid $99.8 million in April to buy property from Winn-Dixie Properties LLC at 15500 W. Beaver St. The two property parcels comprised an almost 201-acre site with seven buildings and a 44.9-acre parcel of vacant land.

The deal was a sale-leaseback arrangement, Winn-Dixie said at the time.

Bi-Lo LLC bought Jacksonville-based Winn-Dixie Stores Inc. in March 2012. Bi-Lo Holding LLC, the parent company of Bi-Lo and Winn-Dixie, moved its headquarters from Greenville, S.C., to Winn-Dixie's Jacksonville corporate offices at 5050 Edgewood Court.

The mortgage made by Cantor Commercial Real Estate and German American Capital also involves property owned by ARC DBPCFBR001 LLC in Polk County and ARC CVSCDFL001 001 in Osceola County. The promissory notes also are secured by other property outside Florida.

Of the total mortgage, Cantor Commercial made $465 million and German American Capital made $155 million.

The mortgage was recorded Friday with the Duval County Clerk of Court. The value of the Duval County collateral is $102 million, and the value of the total collateral is $986.72 million.

American Realty Capital Operating Partners of Jenkintown, Pa., is the managing member of the ownership group of the Jacksonville property.



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