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Jax Daily Record Thursday, Jul. 25, 201312:00 PM EST

Pinehill Markets sells Markets at Town Center for $135M to Hines Global REIT


The Markets at Town Center, the shopping area next to the St. Johns Town Center, was sold Tuesday to the Hines global real estate investment trust for $135 million, according to property records filed Wednesday with the Duval County Clerk of Court.

Three deeds were recorded for $127.2 million, $3 million and $4.75 million.

Pinehill Markets Operating LLC and Pinehill Markets Operating OP 6 and 6A LLC were the sellers. Hines Global REIT 4875 Town Center LLC was the buyer.

The deal includes more than 52 acres, identified as the Marketplace at Town Center, but excludes 11 parcels, most of which are developed as outparcels for retailers and restaurants.

While 13 parcels were excluded in one deed, Hines separately bought two of the undeveloped outparcels.

The excluded parcels are identified in the deed as Panda Express, CVS, Beards Jewelry, Ameris Bank, Blue Cross Blue Shield, Pollo Tropical, Zaxby's, Verizon, Moxie, the land recently bought by Rimrock and a shell building.

Pinehill Markets Operating is based in Atlanta. Records show it bought the property in 2008. Hines is based in Houston.

The Markets at Town Center property is at northeast Gate and Town Center parkways, next to the St. Johns Town Center.

Two of the newest names joining the area are Nordstrom Rack and Moxie Kitchen + Cocktails.

Among tenants who lease space are Toys R Us and Babies R Us, Best Buy, Ulta, REI, West Marine, Blackfinn American Grille and Brio Tuscan Grill.

The website says that Hines has operated for more than 55 years and is a global leader in real estate investment, development and management.

Hines entered the retail investment market by sponsoring two non-traded REITs — Hines REIT, closed to new investors, and Hines Global REIT. Hines launched HMS Income Fund, a business development company, in 2012. 

According to the site, the Hines Global REIT seeks to invest in a diversified real estate portfolio that can include office, multifamily, retail, industrial and other real estate investments in domestic and international markets. It was launched in August 2009 and has a portfolio of investments in 18 locations in the U.S., the United Kingdom, Poland, Russia and Australia.

It has 32 projects comprising 9.7 million square feet, says the site.

Lennar buys Arlington property for $3.2 million

Lennar Homes LLC paid $3.2 million for the property it intends to develop as Mill Creek at Kendall Town in the Regency area of Arlington.

Lennar Homes bought the land from Mill Creek II LLC in a deed signed July 19 and recorded Wednesday.

Property records show Mill Creek II LLC paid $1.35 million for the property in a sale that closed July 11.

The Daily Record reported Wednesday that Mill Creek II LLC bought the undeveloped property, which is west of the Southside Connector, from Mill Creek LLC, which is led by developer J.D. Collins.

Mill Creek II LLC manager Andrew Norgart said the property has been approved for 188 single-family lots. "We've gotten our permits and approvals for a residential subdivision," he said.

He said it was immediately sold to Lennar, which already has posted signs on the property for its development.

A site plan for Mill Creek at Kendall Town that has been reviewed by the City shows a 54.4-acre site at southeast Lone Star and Mill Creek roads. It is north of Regency Square Boulevard North.

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