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Houston-based Hines, a global real estate company, intends to develop a mixed-use project at southwest Butler Boulevard and Interstate 295. An apartment site is in the center of the property.
Jax Daily Record Friday, Dec. 23, 201612:00 PM EST

First Coast Energy sells seven Shell and one Sunoco stations; Hines buys land for apartments

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The owner and developer of Daily’s convenience stores sold 13 gas stations and convenience stores, including eight in Duval County, last week.

None of the properties sold was a Daily’s, the flagship brand of First Coast Energy LLP.

Records show the eight Duval stores, of which seven were Shell stations and one was the Sunoco brand, sold for $14.4 million.

The buyer was Northeast Petro Holdings 1 LLC of Aventura. Northeast Petro Holdings is led by Sergio Delmico, who also is manager of MNV Energy LLC, which already owns at least two Jacksonville Shell stations at 5971 Ramona Blvd. and 818 Dunn Ave.

MNV operates 24 BP, Chevron, Shell and Mobil branded stores in Florida, reported Convenience Store News in March.

“This is the business model of reinvesting money in other areas,” said First Coast Energy spokeswoman Andrea Kane.

She said it was nothing strategically unique because the company frequently buys and sells sites.

The Duval properties sold were at 7890 103rd St., 11150 Lem Turner Road, 5676 University Blvd. W., 2500 Mayport Road, 3511 Emerson St., 1922 and 2197 Kings Road and 1539 S. Third St. in Jacksonville Beach.

Jacksonville-based First Coast Energy operates 35 Daily’s stores in Jacksonville, St. Augustine, Gainesville and Broward County.

It also owns, operates and supplies fuel to about 200 sites, including the Daily’s stores, Shell and some Sunoco stations and some new sites in North Carolina.

First Coast Energy also is sponsoring Daily’s Place, the amphitheater and covered flex field at EverBank Field that is expected to open in May.

Kane said the property sale had no connection to the investment in Daily’s Place.

Hines buys land for apartments

The Hines global real estate firm bought property last week to develop apartments at its Southside property near St. Johns Town Center.

S-15 Land Holdings LLC, the Hines group that bought almost 69 acres along Gate Parkway in October, sold about 10 acres Friday to Hines’ Southside Multifamily LLC company for almost $7.2 million.

Hines Managing Director Lane Gardner said Thursday a Hines entity will develop the apartments. Construction should start in the first quarter.

There is no name for the apartments or the property as a whole, which went through the regulatory process under “Mill Dam Branch.”

Hines has been talking to city reviewers about a six-building, 306-unit apartment community on the 10 acres within the project.

Gardner anticipates the name for the apartments and the project will be rolled out in the first quarter.

TD Bank in Jacksonville issued an almost $32.9 million construction loan and security agreement to Southeast Multifamily on Friday. The street address for that loan is listed as 7385 Park Village Circle.

A plan in review for the multifamily project shows six four-story residential buildings, a clubhouse and pool, a car wash and maintenance building, and a dog park and dog wash.

Plans indicate there will be 150 one-bedroom, 132 two-bedroom and 24 three-bedroom units.

The Preston Partnership LLC of Atlanta is the design firm.

The apartment parcel is in the center of the project, between an internal roadway and Interstate 295.

That acquisition is the first phase of the more than 100-acre development.

Hines plans residences, retail stores, a hotel, offices, services, parks and green space. The company has said it expects to complete the project in phases over six to eight years.

The company has developed several area properties, including the 2,200-acre Palencia community north of St. Augustine and The Markets at Town Center at St. Johns Town Center, north of Butler Boulevard.

Gramercy trust buys Imeson Park warehouse

Gramercy Property Trust expanded its Jacksonville portfolio last week as it bought the GE Distribution Center in North Jacksonville.

New York-based Gramercy Property Trust paid $22.5 million for the nearly 470,000-square-foot building on more than 24 acres at 600 Whittaker Road in the Imeson International Industrial Park.

Property records show the building was developed in 1995. Gramercy said the tenant’s lease term is nearly three years.

Texas-based US Industrial REIT III, owned by affiliates of USAA Real Estate Co., bought the building in 2010 for $18.9 million.

Gramercy bought it through GPT Industrial Group Owner I LP.

The deed was executed Dec. 15 and recorded Wednesday with the Duval County Clerk of Courts.

The building was part of a $521 million portfolio purchase by Gramercy.

On Friday, the company announced it closed on the acquisition of a 17-property, 10.3 million-square-foot Class A warehouse portfolio.

It comprised bulk warehouses in what Gramercy considers key logistics markets through the U.S.

It also assumed about $198 million of secured debt.

The assumption agreement recorded in Jacksonville shows the Imeson property indebtedness at $11.4 million.

The portfolio acquisition boosted Gramercy’s 2016 investment volume to more than $1.3 billion.

Gramercy’s name is taking a higher profile in Jacksonville as the company rebrands the Bank of America office park in Southside as Gramercy Woods.

Gramercy bought the 90-acre office park and is repositioning it for more tenants.

Bank of America remains the anchor and has consolidated, opening two office buildings for lease to other tenants.

Among the new tenants, Aetna will move there in 2017 from the Downtown Southbank and anchor a building.

In a news release Friday, Chief Investment Officer Nicholas Pell said the industrial acquisition is “a key building block” in its portfolio recycling plan.

About 70 percent of the projects it owns are industrial property, up from 47 percent a year ago. Office properties have declined to 25 percent from about 48 percent.

CBRE adds manager for health care projects

CBRE Group Inc. announced Thursday it expanded its Jacksonville project management division in the health care sector by hiring project manager Lester Del Rosario.

CBRE said it projects steady growth in the sector, citing $269 million in medical facility expansions and more than 563,000 square feet of new construction space.

Del Rosario, with more than 12 years of experience in the health care sector, has managed more than $125 million of acute care projects and medical office projects.

CBRE said Del Rosario was a senior project manager of planning design and construction for Ascension Health and also has managed projects for Baptist Health, among others.

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