Gramercy Property Trust buys facility for $95.5 million.
Gramercy Property Trust Inc. of New York bought the completed Amazon.com fulfillment center in Cecil Commerce Center for almost $95.5 million.
Gramercy, through GPT BTS 103rd Street Owner LLC, bought the structure and 86.5 acres Wednesday from Hillwood Development Co. through 103 Bldg C LLC.
New York Life Insurance Co. issued a $59.3 million mortgage.
Dallas-based Hillwood is the master developer of city-owned Cecil Commerce Center.
Hillwood bought the Cecil property from the city in January 2017 for $783,341 and developed the 1 million-square-foot Amazon fulfillment center at 13333 103rd St.
The center, one of four Amazon facilities in the city, opened in October.
Gramercy Property Trust is a global investor and asset manager of commercial real estate. It says it specializes in acquiring and managing high-quality, income-producing commercial real estate leased to high quality tenants in major markets in the United States and Europe.
In Jacksonville, it owned the Bank of America office park in Southside and rebranded it Gramercy Woods.
It sold five buildings there anchored by Bank of America in May and continued to own two multitenant buildings at the 90-acre office park at 9000 Southside Blvd.
Availity build-out approved at Town Center One
The city approved a permit Thursday for Brasfield & Gorrie LLC to build-out 105,000 square feet of space in the Town Center One building for tenant Availity LLC at a cost of $4.82 million.
Availity, a Jacksonville-based health care IT company, will lease space on the first floor and the entire third, fourth and fifth floors of the five-story building under development at 5555 Gate Parkway.
Town Center One is 160,000 square feet.
Availity told employees in May it would relocate to Town Center One in summer 2018. It now leases in the WaterView building nearby.
The company said it signed a 10-year lease at Town Center One, which is under development by VanTrust Real Estate.
As of May, Availity employed 350 people in Jacksonville and 800 systemwide.
City incentives approved in April call for Availity to add 250 positions at an average annual salary of $70,000 by December 2021.
As Project Avalanche, Availity sought $1.875 million in incentives comprising $1.5 million, or $6,000 a job, through the Qualified Target Industry Tax Refund program from the city and the state. The city would pay $300,000 and the state would pay $1.2 million.
The state also will provide a Florida Flex Training Grant of up to $375,000.
Town Center Two also is under development by VanTrust to be fully leased by Web.com Group Inc., a Jacksonville-based global provider of internet services and online marketing solutions for small businesses.
Fifth Third Bank issued a $39 million mortgage to JO Town Center Two LLC, led by VanTrust executives. The mortgage was recorded Thursday with the Duval County Clerk of Court.
Web.com will relocate its headquarters from Flagler Center to the Town Center Two building at 5379 Gate Parkway. It said it expects to occupy the six-story, 218,700-square-foot building in spring 2019.
Be the first to know the latest breaking news and information that business leaders rely on in this fast-paced changing Northeast Florida economy. Regional business news, trends and statistics needed to grow your business. Key upcoming events you won’t want to miss and much more. Click Here to Grow your Business NOW!