Two organizations, Compass Rose Foundation Inc. and Petroleum Containment Inc., paid a combined $8.15 million to buy the two former Mercedes-Benz buildings along Western Way in Jacksonville's Southside.
COFE Fund I – Western Way LLC sold the structures just a year after buying them for $5.6 million, a $2.55 million increase.
Compass Rose Foundation Inc. paid $5.25 million in a sale recorded June 4 for the 168,125-square-foot distribution warehouse at 8813 Western Way. It was built in 1976.
A news release from the CBRE real estate company said Compass Rose will create the J-Tech education and training center to focus on automotive and diesel technology, heavy equipment repair, manufacturing technologies, commercial truck driving and logistics management.
It was described as a vocational institution of higher learning.
CBRE said the building is a former Mercedes-Benz USA Vehicle Processing Facility and built to be its National Intake and Training Center.
COFE was represented in the deal by Bobby Gatling and Bryan Bartlett of Newmark Grubb Phoenix Realty Group and Compass Rose was represented by CBRE First Vice President Bruce Jackson.
Petroleum Containment, a Jacksonville-based company that sells fuel containment sumps, paid $2.9 million to buy the 125,300-square-foot warehouse at 8873 Western Way. The building was built in 1979.
The sale was recorded June 26. Petroleum Containment bought the property from COFE Fund I - Western Way LLC.
That transaction was a Phoenix Realty Group deal. COFE was represented by Gatling and Bartlett and Petroleum Containment was represented by Gatling and Ladson Montgomery, president of PRG Developments, a Phoenix company.
Gatling said additional acreage remains available for sale or development.
Petroleum Containment is based at 3511 Walnut St., north of Springfield, where it owns a 29,228-square-foot light-industrial building on 1.62 acres.
The company bought the property in 2005 for $395,000. Its taxable value is $292,000. It was built in 1963.
State corporate records show Petroleum Containment was formerly known as A&S Fiberglass Inc. at 5220 W. Beaver St. Its 1996 corporate records filing with the state showed the name change to Petroleum Containment.
CoStar Group reported in June 2012 on costar.com that Mercedes-Benz USA LLC sold the Western Way properties at 8813 and 8873 Western Way to COFE Properties LLC for $5.6 million.
Phoenix Realty Group represented COFE and Terry Quarterman of CBRE represented Mercedes-Benz.
Costar.com said the properties totaled 289,700 square feet of space. Included in the sale was a 10-acre parcel with a parking lot.
Mercedes-Benz USA moved in July 2010 to a 415,000-square-foot center it leases at 13470 International Parkway in the Jacksonville International Tradeport in North Jacksonville.
It said four business units operate at the site, consisting of its Sales Operations Southern Regional Office; Parts Distribution Center; Quality Evaluation Center; and Learning & Performance Center.
Value Place secures two $4 million mortgages
Simmons First National Bank in Wichita, Kan., issued two $4.05 million mortages for new Value Place extended-stay hotels.
It issued one mortgage to Value Place Jacksonville LLC for a development in West Jacksonville and another to Value Place Jacksonville Busch LLC for a North Jacksonville location.
Value Place also is based in Wichita and plans to develop hotels at 6900 103rd St. in West Jacksonville and at 10520 Balmoral Circle W. in North Jacksonville.
The City has been reviewing permit applications for Value Place hotels. Each is a 124-unit, four-story, 45,528-square-foot project.
The construction costs are shown on pending building permit applications as more than $3.4 million in Westside and $3.5 million for the North Jacksonville location.
The ValuePlace.com site shows Value Place hotels operate at 8341 Dames Point Crossing Blvd. in Arlington and at 3425 Saland Way at Beach Boulevard in Southside.
Dollar Tree plans 103rd Street store
Not far from the Value Place hotel, Dollar Tree plans to redevelop a fast-food restaurant site into a 9,973-square-foot retail store.
The St. Johns River Water Management District and the City are reviewing plans for Dollar Tree to redevelop the 2.09-acre site at 6466 103rd St.
A 3,407-square-foot Arby's restaurant formerly operated there.
Dollar Tree Stores Inc. of Chesapeake, Va., is the agent. Bohler Engineering of Tampa is the consultant. Douglas Lott is the property owner.
There are 32 Dollar Tree stores in Northeast Florida and Southeast Georgia, according to the dollartree.com site.