Impact Kernan pays $2.3 million for the 2.27-acre site.
Newmark Knight Frank announced Friday that Impact Kernan LLC paid $2.3 million for 2.27 acres at northeast Kernan and Butler boulevards to develop a 121-room Courtyard by Marriott hotel.
Skinner Jones Properties sold the land, it said.
Tyler Nilsson and Eric Bjornson of NKF Multifamily were the brokers representing the buyer.
The city is reviewing civil site plans for the five-story, 73,409-square-foot hotel. AVA Engineers Inc. is the civil engineer.
Impact Kernan LLC is led by managers Kishor Kanji and Dilip Kanji.
Catalyst Community Capital Inc. of Tampa financed the deal at $1.5 million.
Impact Properties posted on its website that it anticipates a 2020 opening for the Courtyard by Marriott at Butler and Kernan boulevards.
Jatin Kanji, Impact Properties asset manager for North Florida, said previously the site is near the University of North Florida, St. Johns Town Center, Mayo Clinic and the 1,000-acre Skinner property south of Butler Boulevard that is slated for residential and commercial development.
“It should be a good asset for us,” he said.