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Jax Daily Record Monday, Dec. 4, 201711:20 AM EST

Industry News: Pre-construction sales begin at Beacon Lake

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Construction will begin in the spring with the first building scheduled for completion in December 2018.
by: Andrew Warfield Staff Writer

Pre-construction sales begin at Beacon Lake

Pre-construction sales are underway at Beacon Lake, BBX Capital Real Estate’s master-planned community in northern St. Johns County.

Dream Finders Homes and Mattamy Homes, Beacon Lake’s phase one builders, are offering homes in the coastal vernacular architectural style.

Beacon Lake is on the south side of County Road 210 between Interstate 95 and Philips Highway.

Homes will be 1,600 to more than 4,000 square feet and be priced from the high $200,000s to the $500,000s.

Both builders plan to open model homes in early 2018. 

Anchored by a paddle-friendly, 43-acre lake, Beacon Lake will offer outdoor and indoor recreation with amenities including a community clubhouse overlooking the lake with a half-mile view to the southern shoreline. 

The clubhouse will include entertainment and dining areas as well as covered porches. The Crew House will provide kayak, canoe and paddleboard storage and a launch area.

There will be a Junior Olympic-size lap pool, splash park and fun pool, tennis courts and ballfields. The fitness center will include aerobics, spinning, free weights and a yoga studio.

“We will be starting the amenity facility when builders start their houses as opposed to waiting,” said Bruce J. Parker, managing director for BBX Capital Real Estate. “We’re trying to create a whole unique feel with the boardwalk, the lake and the beach. There will be games along the way painted on the boardwalk for kids to play.”

For more information, visit beaconlake.com.

 Nocatee Town Center office space in development

Office buildings are coming to Nocatee Town Center.

The PARC Group said in a news release that four buildings comprising approximately 32,000 square feet will be built by NTC Office LLC, a venture of Silverfield Group and Morales Group. It is the company’s second project in Nocatee.

Construction will begin in the spring with the first building scheduled for completion in December 2018.

“We are excited to kick off our second professional office project in Nocatee,” said Karl Hanson of Silverfield Group. “After bringing Town Plaza Offices at Nocatee to life, we saw firsthand how residents embraced new service providers opening in the community.”

 The new project will be geared toward medical practices, attorneys, accountants, financial advisers, insurance agents and other office businesses and will not include retail. The lease-only offices will be designed and built to suit tenants’ needs.

 “Our goal is to continue to serve the needs of neighborhood services and office space for Nocatee residents in a first-class professional office park that will also be attractive to motorists entering Nocatee’s Town Center area from the Nocatee Parkway,” Hanson said.

Pre-construction sales begin at Beacon Lake

Pre-construction sales are underway at Beacon Lake, BBX Capital Real Estate’s master-planned community in northern St. Johns County.

Dream Finders Homes and Mattamy Homes, Beacon Lake’s phase one builders, are offering homes in the coastal vernacular architectural style.

Beacon Lake is on the south side of County Road 210 between Interstate 95 and Philips Highway.

Homes will be 1,600 to more than 4,000 square feet and be priced from the high $200,000s to the $500,000s.

Both builders plan to open model homes in early 2018. 

Anchored by a paddle-friendly, 43-acre lake, Beacon Lake will offer outdoor and indoor recreation with amenities including a community clubhouse overlooking the lake with a half-mile view to the southern shoreline. 

The clubhouse will include entertainment and dining areas as well as covered porches. The Crew House will provide kayak, canoe and paddleboard storage and a launch area.

There will be a Junior Olympic-size lap pool, splash park and fun pool, tennis courts and ballfields. The fitness center will include aerobics, spinning, free weights and a yoga studio.

“We will be starting the amenity facility when builders start their houses as opposed to waiting,” said Bruce J. Parker, managing director for BBX Capital Real Estate. “We’re trying to create a whole unique feel with the boardwalk, the lake and the beach. There will be games along the way painted on the boardwalk for kids to play.”

For more information, visit beaconlake.com.

Glenmoor sold, now Westminster St. Augustine

Glenmoor, a 223-unit senior living community in St. Augustine’s World Golf Village, was sold for $27.5 million. Orlando-based Westminster Communities of Florida bought the property from Life Care St. John’s Inc. The community at 235 Towerview Drive will be renamed Westminster St. Augustine.

Developed in 2001, Glenmoor comprises 87 cottage homes, 70 independent living apartments, 36 assisted living units and 30 skilled nursing units. Community amenities include a clubhouse, heated outdoor lap pool, putting green, bocce court, pub and fitness center. Residents receive special benefits at World Golf Village, including access to its two golf courses,  swimming pool, fitness center and social areas.

ICI Villages Westside site has new owner

In a move that could bring thousands of homes to West Jacksonville, 301 Capital Partners acquired 11,366 acres in Duval and Nassau counties for $27.5 million.

The property, formerly called ICI Villages, is west of Jacksonville along U.S. 301 both north and south of Interstate 10.

301 Capital Partners is a partnership of North Florida developers BHK Capital of Ponte Vedra Beach and Roberts Land & Timber Investments of Lake Butler.

The property is approved for more than 11,000 single-family homes, 3,750 multifamily units, 750,000 square feet of commercial space and 300,000 square feet of office.

“In the near term our plan is to redo the site plan and the residential and commercial layout,” said Jim Hissam, executive vice president of operations for BHK Capital. “Everything has changed since the original entitlements in 2006, so we see the next year as fact-gathering, site layout and engineering.” 

Hissam said the focus is more about multigenerational living from younger families all the way to assisted living. “The mix of development there will reflect that,” he said.

According to a news release from 301 Capital Partners, engineering will begin immediately and construction is scheduled to start in early 2020.

“The entitlements are very strong, but when you lay them out over the acreage, it would be really tight so by no means is it our intention to build to those numbers,” Hissam said.

The principals of BHK Capital have a portfolio of more than 100 projects in Northeast Florida. They include 25,000 single-family lots and 4 million square feet of industrial space in Jacksonville.

Home giants Lennar, CalAtlantic to join forces

Two national homebuilders operating in more than 30 communities in Northeast Florida will join forces, creating the nation’s largest homebuilder, pending shareholder approval.

Lennar Homes will acquire CalAtlantic Homes in a move characterized by both companies as a cost-saving strategy.

According to a news release issued by both companies, the transaction is valued about $9.3 billion, including $3.6 billion of net debt assumed. The transaction is expected to close in the first quarter of 2018.

The two companies had more than $17 billion in equity market capitalization in the last 12 months. The combined company will control about  240,000 homesites nationwide in about 1,300 active communities in 49 markets across 21 states where half of the U.S. population lives.

In Northeast Florida, Lennar is building in 15 neighborhoods, including eight within the Rivertown development in northwestern St. Johns County. CalAtlantic is building in 16 neighborhoods, seven in Nocatee.

According to the release, company officials estimate annual savings of $250 million, after a $75 million reduction in costs in fiscal year 2018. The savings are expected through reduced overhead and the elimination of duplicate public company expenses.

Additional savings are expected through production efficiencies, technology initiatives and the introduction of Lennar’s digital marketing and dynamic pricing programs.

“This combination is first and foremost to enhance shareholder value,” said Stuart Miller, chief executive officer of Lennar, in the release. “The transaction is accretive before deal costs in fiscal year 2018 and significantly accretive in fiscal year 2019.

The combined company will have a strong balance sheet and generate significant cash flow available to pay down debt and repurchase shares, which will improve returns on capital and equity, said the release.  

Under the terms of the agreement, each share of CalAtlantic stock will be converted into the right to receive 0.885 share of Lennar Class A common stock.

Based on the Oct. 27 closing price of Lennar’s Class A common stock, the implied value of the stock consideration is $51.34 per share, representing a 27 percent premium to CalAtlantic’s closing price that same day.

CalAtlantic’s shareholders will have the option to exchange all or a portion of their shares for cash at $48.26 per share, subject to a maximum cash amount of $1.2 billion. Its stockholders are expected to own about 26 percent of the combined company.

The transaction is subject to approval by Lennar and CalAtlantic shareholders.

Stuart Miller and the Miller Family Trusts have agreed to vote their 41.4 percent voting interest in Lennar in favor of the merger.

MP CA Homes LLC, an affiliate of MatlinPatterson Global Opportunities Partners III L.P., has agreed to vote its 25.4 percent voting interest in CalAtlantic in favor of the merger.

Upon completion of the transaction, CalAtlantic Executive Chairman Scott Stowell will join the Lennar board of directors.

Leo Xiao of APP Mobility and Anil Pathak of Watson Realty.

Watson Realty  agent meets with brokerage in China

Watson Realty Sales Associate Anil Pathak traveled to China to learn about Beijing’s real estate market and practices.

Pathak met with Leo Xiao of APP Mobility, the Residential and Relocation Division of Asia Pacific Properties specializing in corporate relocation services. They discussed real estate markets in Beijing and Florida, and the U.S. in general.

“China is a fast-developing country and they have prospered economically in the last 15-20 years,” Pathak said. “Leo Xiao was bilingual and very knowledgeable in the real estate field, so it was great to listen to his perspective and learn from his experience.”

Pathak has been with Watson for 12 years. He works in the San Marco/San Jose office.

Canopy Creek apartments under new ownership

Canopy Creek Apartment Homes in North Jacksonville is under new ownership.

HH Canopy Creek LLC purchased the 27-building, 300-unit complex from BW River Oaks LLC of New York City for $18.6 million.

The community is at 11291 Harts Road near Interstate 95 about 5 miles south of Jacksonville International Airport.

The new owner is a subsidiary of Harvest Holdings LLC of Delray Beach, according to the Florida Division of Corporations. The company borrowed $12.99 million for the purchase. The lender is Walker & Dunlop of Bethesda, Maryland.

Rents at Canopy Creek are $590-$650 for a 700-square-foot, one-bedroom unit to $880-$900 per month for a three-bedroom, 1,350-square-foot apartment.

The Retreat at St. Johns apartment community at 12310 Seacrest Lane includes 15 buildings and 420 units.

The Retreat at St. Johns sold for $58.8 million

Pollack Shores, a multifamily investor and operator headquartered in Atlanta, has purchased of The Retreat at St. Johns, a 420-unit garden-style apartment community off Kernan Boulevard adjacent to the University of North Florida. 

Pollack Shores paid nearly $58.8 million, or $140,000 per unit. It borrowed $40.5 million for the purchase from Jones Lang LaSalle LLC of St. Paul, Minnesota.

The seller was Simpson Housing LLLP, operating locally as Simpson St. Johns. The community was built in 2007.

Pollack Shores will invest $4 million in renovations, which will begin in the first quarter of 2018. All units will have stainless steel appliances, granite countertops, kitchen hardware and luxury flooring. The property includes a 3.5-acre lake with fountain features and a 6.25-acre conservation area that wraps around the perimeter.

The property, at 12310 Seacrest Lane, includes 15 buildings, 432,956 square feet under roof and units sized 756 to 1,376 square feet. Amenities are a resort-style pool with hot tub, movie theater, billiards room, complimentary coffee bar and lakeside walking trail. It is less than five minutes from St. Johns Town Center. 

Founded in 2006, Pollack Shores Real Estate Group LLC manages a portfolio of nearly 20,000 multifamily units representing more than of $1.3 billion in total assets.

The purchase marks the return of Pollack Shores to Northeast Florida. It developed and sold The Brooklyn Riverside apartments.

Berkshire Hathaway adds new agents

Berkshire Hathaway HomeServices Florida Network Realty welcomed several members to its team.

  •  Wendy Patton joined the Ponte Vedra office.
  • Zackery Williams and Dawne McCain joined the Metropolitan office with locations in Avondale and San Marco.
  • Patricia Fosko, Daniel Lyons, Samantha Parsons, Kat Martin, Brenda Nichols and Alex Brown joined the Beaches/Intracoastal West and Southside office. 
  • Suzette Lappi, Bettina Rome, Kal Nikolchev, Linda Peppe, Sanita Basimamovic and Cheryl Klesaris joined the St. Augustine office 
  • Karen McCollum, Pamela Maxwell and Debbie Norman joined the Fleming Island/Orange Park office. 
  • Hana Hunter and Michael Hannon have joined the Ponte Vedra/Nocatee office.

Watson’s Manfre earns CCIM designation

Cornelia Manfre, broker associate at Watson Realty Corp.’s Hammock office, has earned Certified Commercial Investment Member designation from the CCIM Institute at its annual Governance Meeting at the Westin Harbour Castle in Toronto, Ontario.

Manfre was among more than 166 designees honored by CCIM Institute.

“This CCIM designation is invaluable to my career by allowing me to better serve my customers with market analysis, investment return, demographic studies and financial leverage,”  Manfre said.

To earn CCIM designation, commercial real estate professionals must complete more than 160 hours of course work covering interest-based negotiation, financial analysis, market analysis, user decision analysis, investment analysis and ethics in commercial investment real estate. Candidates must compile a portfolio demonstrating the depth of their commercial real estate experience and pass a comprehensive examination.

Manfre has been a broker associate with Watson Realty since 2015. She has more than 37 years of experience in commercial real estate. She has brokered major transactions including a 6,800-acre land sale; development land sales for Lowe’s, Belk and Kohl’s stores; and commercial leasing for Domino’s, Anytime Fitness, Publix, SunTrust Bank and Beall’s.

CCIM Institute has more than 13,000 members belonging to more than 50 chapters in 30 countries. It educates and connects leading experts in investment strategy, financial analysis and market analysis.

More new agents

  • Davidson Realty added Ann Sydnor and Betsy Waltrip to its team of agents. Syndor is a native of Atlanta with experience in commercial property management and self-storage before pursuing her license in residential real estate. She also has experience in renovations and custom homes. She holds a degree in respiratory therapy and worked in cardiovascular health care. She also has experience in estate sales. Both will work out of Davidson’s World Golf Village office. 
  • Lauren Cole has joined Coldwell Banker Vanguard Realty as a full-time, independent real estate agent working out of the Fleming Island office.

Dream Finders gives $100,000 to buyers for punt return

A punt return for a touchdown during the Jacksonville Jaguars 23-7 home win over the Cincinnati Bengals on Nov. 5 earned a local family $100,000 toward their new home in a promotion sponsored by Dream Finders Homes. 

Jadon Micken’s 63-yard return means Dream Finders will give a homebuyer, identified only as the Bates family, $100,000 in its “Take it to the House” promotion. Before each home game, an entry in the promotion is drawn and, should the Jaguars return a punt for a touchdown, $100,000 toward a new home is awarded to the winner. 

The Bates family is the second winner in the promotion since it began in the 2014 season. The family is building a Dream Finders home.

Entries are available at any Dream Finders model home in Northeast Florida.

“The Bates family could not be more excited,” said Dream Finders National Marketing Manager Jenn Kjellman. “They are building a Dream Finders home in the Green Cove Springs area and look forward to truly making it their dream home with the extra $100,000 they have to spend now.”

Winning entries eligible for the $100,000 prize are also awarded VIP tickets to the game. The Bates family was recognized at the following week’s game against the Los Angeles Chargers. 

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