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NeoVerde-St. Johns LLC bought 629 acres at Freedom Commerce Centre in South Jacksonville.
Jax Daily Record Friday, Aug. 23, 201312:00 PM EST

NeoVerde-St. Johns LLC buys 629 acres at Freedom Commerce Centre from Goodman for $12.5M


NeoVerde-St. Johns LLC, a partnership based in Dallas, bought 629 acres in the Freedom Commerce Centre for $12.5 million from The Goodman Co.

Much of the vacant property is conservation, easement and wetlands. However, more than 100 acres are designated on City property records for business-park land use.

NeoVerde-St. Johns LLC bought the property from partnerships of The Goodman Co. of West Palm Beach. The sale closed July 12 and was recorded Wednesday.

Deed documents show 11 parcels are involved in the Freedom Commerce Centre deal.

Three of the properties are vacant sites for business-park use and a smaller one is for commercial development.

The three vacant business-park sites are 68.5 acres, 20 acres and 16 acres. The vacant commercial site is 0.62 acre.

Bryan Corrigan, manager of NeoVerde-St. Johns LLC, said Thursday the company bought the property, but had no specific plans to announce.

"We are trying to evaluate everything that's there and what our options are," he said.

Corrigan said he was bound by a confidentiality agreement to not comment about the purchase price or other aspects of the transaction.

FCC Partners LP Ltd., a Goodman partnership, sent a letter dated July 22 to notify the St. Johns River Water Management District that a portion of its property was sold and its water management permit was partially assigned to NeoVerde-St. Johns LLC.

The district responded Thursday requesting more details about the amount of the acreage transferred and a map depicting the boundaries of the area to be transferred.

NeoVerde-St. Johns LLC filed its articles of organization with the state as a limited liability company Nov. 1.

Goodman bought the Freedom Commerce Centre property in 1999 and 2000. The business park, with seven developed buildings, sits between Philips Highway and Interstate 95 from the Baymeadows Road interchange to the Philips Highway interchange.

Deed documents show the NeoVerde-St. Johns LLC sites, identified by their property appraiser's parcel identification numbers, range up to 221.6 acres and their described uses are conservation-easement, jurisdictional, wetlands, vacant business park and commercial, retention ponds and swamp.

Property Appraiser records show the addresses along Baymeadows Road, Southside Boulevard, Philips Highway and Freedom Crossing Trail.

In late 2012, the seven buildings in the Freedom Commerce Centre park were sold for $27.8 million to Crocker Partners V Freedom LLC of Boca Raton. The group bought the buildings from JPMCC 2005-CIBC13 Orlandville Offices LLC, in care of LNR Partners LLC of Miami Beach.

Goodman representatives could not be reached for comment. Lawrence Silvestri, as vice president of the three partnerships that sold the land, signed the deed. Silvestri is senior vice president and general counsel of The Goodman Co.

The partnerships selling the property are FCC Partners L.P. Ltd., Pyramid Partners LP Ltd. and Plaza Partners Group LP Ltd.

Water Management District OK's Bayard permit

The St. Johns River Water Management District approved the stormwater modification for the 184 acres in South Jacksonville called the Bayard Parcel.

What that means is property owner D.D.I. Inc. and its development partner, The PARC Group, can continue seeking regulatory approvals toward developing the property, which is south of the split of Florida 9B and Florida 9A, which has been renamed the Interstate 295 East Beltway.

District Public Communications Coordinator Teresa Monson said the permit/letter modification approval was issued Monday.

She said no development timeframe was discussed with the district.

The PARC Group President Greg Barbour said Wednesday he would have more information in several weeks.

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