The 70-acre development will include retail stores and apartments.
The Ferber Co. and DHI Communities paid $10.97 million for portions of the 70.6-acre mixed-use development Durbin Creek Crossing, at Race Track Road and St. Johns Parkway, in northwest St. Johns County.
The seller was Jacksonville-based Rasmus Holdings LLLP.
Ferber is based in Ponte Vedra Beach. DHI Communities is headquartered in Arlington, Texas.
Ferber, through 2020 SJP JAX LLC, paid $5.62 million June 30 for the commercial property. The development includes the county’s second Aldi grocery store and nine other outparcels.
Tom Mundy, Ferber vice president of retail development, said in a news release that he expects site work by Vallencourt Construction Co. Inc. to be completed for Aldi and DHI by year-end and outparcels by May. He said some retailers may open by the end of 2021 and the apartments could be open for residents in 2022.
Durbin Creek Crossing outparcels range from 0.79 to 2.56 acres that could generate up to 250,000 square feet of retail, restaurants and services.
Ferber is a privately held commercial real estate development and investment company.
Vallencourt is based in Green Cove Springs. Jacksonville-based England-Thims & Miller is the project’s civil engineer.
The Colliers International team of Nancy Sumner and Katy Figg, directors of retail services, is the exclusive leasing adviser for the commercial portion of Durbin Creek Crossing.
Known tenants will include ABC Fine Wine & Spirits, Tire Kingdom, Burger King and First Florida Credit Union.
Rasmus separately sold an outparcel to ABC Liquors Inc. for $1.4 million and another to Tire Kingdom, through TBC Retail Group Inc., for $925,000.
DHI Communities II LLC, through DHIC-Durbin Creek LLC, paid $5.35 million for the 31-acre apartment site.
DHI Communities, a subsidiary of D.R. Horton Co., will develop the site with up to 403 units, south of the retail shops. Tyler Nilsson, senior managing director at Newmark Knight Frank, assisted the transaction between Rasmus Holding LLLP and DHI Communities.
Ferber, through 2020 SJP JAX LLC, sold an outparcel to First Florida Credit Union for $836,325.