In a matter of days, Cecil Commerce Center's master developer turned a quick $3.2 million profit — almost $70,000 an acre.
In a land deal recorded this week with the Duval County Clerk of Courts, the city sold 46.19 acres at the city-owned Cecil Commerce Center to master developer Hillwood, through its New World Avenue Bldg 1 LLC company, for $407,349.
New World Avenue in turn sold the property to Charlotte, N.C.-based SunCap Jacksonville LLC, developer of the new FedEx center, for almost $3.62 million.
That means the city sold the property for $8,818.99 an acre and Hillwood resold it for $78,345.20 an acre.
That's a $69,526 per-acre gain by Hillwood.
Property records show the city sold two parcels — an almost 45-acre site along with 1.25 acres of entry-road land — to Dallas-based New World Avenue Bldg 1 LLC, which shares an address with Hillwood in Dallas.
The deal might have been months in the making, but the land changed hands in a matter of days and was recorded in a matter of minutes.
The deed by the city to New World was executed and effective Oct. 28, although the first date of Oct. 25 was crossed out and Oct. 28 written beneath it.
Chief Administrative Officer Karen Bowling signed the deed on behalf of Mayor Alvin Brown.
Meanwhile, New World Avenue Bldg 1 LLC Executive Vice President Dewitt Hicks III signed the deed as the seller Oct. 24 and Jason Bria, manager of SunCap, signed it Oct. 25.
The city's deed was recorded with the Duval Clerk of Courts at 3:33 p.m. Oct. 29 and Hillwood's deed was recorded 15 minutes later at 3:48 p.m.
Hillwood is the city's contracted developer for Cecil Commerce Center, a former Naval Air Station.
The city contracted with Hillwood, a Ross Perot company, to develop the AllianceFlorida park at Cecil Commerce Center.
In June 2010, City Council approved a 25-year agreement with Hillwood to serve as the master developer of about 4,475 acres owned by the city at Cecil.
FedEx is one of the first major deals there. It confirmed in June it would build the distribution center and transfer 180 employees from its 2480 Lane Ave. N. facility to the larger hub.
Construction is expected start in November toward a summer 2015 completion.
The city is reviewing permits for the $18.7 million construction project on 34.7 acres at 13509 Waterworks St. The developer is shown as SunCap Jacksonville LLC, part of SunCap Property Group of Charlotte, N.C.
SunCap Property Group and Jacksonville engineering firm Prosser Hallock filed plans that show a 297,246-square-foot warehouse center on 46.2 acres north of the Saft America plant.
In another recording Oct. 29, Branch Banking and Trust Co. of North Carolina issued an almost $21.5 million construction mortgage and security agreement to SunCap Jacksonville to develop the FedEx Ground Package System center.
Cancer Specialists expanding in area
Cancer Specialists of North Florida is expanding its network. The cancer and blood-disorder medical-treatment practice is planning at least two more centers.
The city approved construction Oct. 16 of a 12,081-square-foot center in Southside at 7015 A.C. Skinner Parkway at project cost of $4.5 million. The contractor is Sauer Inc.
Integrated Community Oncology Network, the owner of the practices, also has applied to build a center at Fleming Island in Clay County. Sauer Inc. is the general contractor for that project as well.
The St. Johns River Water Management District is reviewing an application for a building, parking and site improvements for a 1.5-acre site along Meeting Street at Fleming Island.
Goodson, Nevin and Associates is the consulting engineer, and Gresham, Smith & Partners Inc. is the architect.
Cancer Specialists of North Florida has 10 centers, including a Fleming Island location, according to the cancerspecialistsnf.com site. The site also shows a specialty retail pharmacy operates at the A.C. Skinner Parkway address.
The 10 centers are in Duval, Clay and St. Johns counties.
Cancer Specialists of North Florida serves adults with cancer or blood disorders.
Its services include oncology and hematology consultation. Also, patients have access to new therapies through enrollment in clinical trials for some malignant diseases. Its physicians are certified in internal medicine, medical oncology and-or hematology. The site shows 24 physicians.
Many of its offices are at or near medical centers, including Baptist Medical Center, St. Vincent's HealthCare, Memorial Hospital, Flagler Hospital and Orange Park Medical Center.
UF Health building out in North Jacksonville
A joint venture of Perry-McCall Construction and Wilhelm Construction is building out two floors at the new University of Florida Health Jacksonville medical office complex in North Jacksonville at a cost of $13.7 million.
The two-story, 109,593-square-foot build-out is part of the six-floor office building at 15255 Max Leggett Parkway in River City Marketplace.
Landmark Healthcare Facilities LLC of Milwaukee is the developer and owner of the project. Wilhelm, based in Indianapolis, was the general contractor for Landmark's IU Health's Neuroscience Center in Indianapolis.
The UF Health project broke ground in August and the full six-story framework of the 210,000-square-foot medical center is up. It is scheduled for completion in December 2014.
Jacksonville-based Perry-McCall Construction was the contractor for the $27.7 million shell structure.
The organization, formerly called UF&Shands Jacksonville, has estimated a development cost of $60 million to $65 million for the building, which will house medical offices, ambulatory services and outpatient services.
The first and second floors will be used by UF Health for an emergency department, urgent care, imaging services, a laboratory, women's health, operating rooms and interventional rooms. That space is about 122,000 square feet.
The third through sixth floors will provide offices for UF faculty and community private physicians.
Those four floors total about 80,000 square feet of space.
UF Health Jacksonville owns the property and has a ground lease with developer Landmark Healthcare Facilities.
Baptist plans River City Marketplace office
Baptist Medical Center intends to develop an office in River City Marketplace along Skymarks Drive, near the Tire Kingdom store.
Abbey Civil Engineers Inc. of Neptune Beach filed site development plans with the St. Johns River Water Management District for the project on about an acre.
The proposed 6,486-square-foot office could accommodate three physicians, nine exam rooms and 12 employees, plans show. The medical office building would start at 5,129 square feet and be expanded by 1,357 square feet.
Beacon plans continue
Beacon Riverside continues toward construction on the Northbank of the St. Johns River.
Engineering consultant England, Thims & Miller Inc. has filed plans with the St. Johns River Water Management District. The city also is reviewing the project.
Plans show the 16-story, 55-unit project will be built on 1.34 acres along Bishopgate Lane off Riverside Avenue.
The developer is Hallmark Partners, through HP 500 LLC. The developers are Bryan Weber, Jeff Conn and Alex Coley.
Meanwhile, the sales center for Beacon Riverside is set up at 806 Riverside Ave. The city issued a permit for Thompson Awning & Shutter Co. for awning installation.
Regency Centers buys Riverside retail site
Shoppes on Riverside Jax LLC, whose manager is Jacksonville-based Regency Centers Corp., paid $3.085 million for property in Riverside from Pope and Land Enterprises. A formal announcement is expected soon.
The 10 parcels identified in the deed recorded Oct. 25 total 3.84 acres.
Atlanta-based Pope and Land Enterprises also was the initial developer of the neighboring apartment project. It designated Pollack Shores Real Estate Group LLC as the developer for "The Brooklyn Riverside," a 310-unit project on a 7.96-acre site at 100 Magnolia St. Construction is expected to start in November and the first phase could be completed late summer or early fall 2014.
The retail project is bordered by Riverside Avenue on the south, Magnolia Street on the north, Leila Street to the east and Jackson Street on the west.
The Daily Record reported Oct. 8 that Karen Nasrallah, city Office of Economic Development redevelopment manager, told the Urban Core Citizens Planning Advisory Committee that The Fresh Market will be an anchor tenant. She said the Chipotle and Panera restaurants also have been discussed.
Atlanta-based Fuqua Development LP has been identified as the developer, although Regency is the manager of the property ownership group.
Engineering consultant England, Thims & Miller Inc. filed site plans with the city that detail 49,800 square feet of retail space among six buildings.
They include a 20,400-square-foot grocer and three restaurants that total 10,000 square feet of space. The plans were prepared for Fuqua Development.
The fuquadevelopment.com site shows the Jacksonville project's estimated completion as spring.
@MathisKb
(904) 355-2466