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Mathis Report
Jax Daily Record Wednesday, Nov. 18, 202012:30 PM EST

Rooms To Go CEO pays $10 million for closed Toys R Us

The Seffner company will renovate the space in The Markets at Town Center as a new concept.

A group led by Rooms To Go CEO Jeffrey Seaman paid $10 million for the former Toys R Us building at The Markets at Town Center.

Cormorant SJ Properties LLC, based in Seffner and led by Seaman, bought the property from Hines Global REIT 4875 Town Center LLC.

Seaman said Oct. 30 the sale had closed, but did not disclose the price. 

The deed, executed Oct. 30, was posted Nov. 18 to the Duval County Clerk of Courts website.

Rooms To Go intends to renovate the store as its new concept, Seaman said.

In addition to its current furniture line, Rooms To Go is adding an expanded children’s section and a 9,000-square-foot area for outdoor patio furniture.

At 74,000 square feet with a 55,000-square-foot showroom, the 4875 Town Center Parkway location will be the company’s largest new concept store.

“We love Jacksonville. It’s a very good market for Rooms To Go. We were just waiting for the right location to do it,” Seaman said.

He hopes to start construction in late winter and complete it about six months later.

Hines Global REIT owns The Markets at Town Center.

Rooms To Go, based in Seffner, operates three Northeast Florida stores in Orange Park, Regency and The Avenues area. Seaman said the Regency or Avenues store will be converted into an outlet and the other will close. He said all jobs will be retained.

In addition to the relocated jobs, the new store will add about 30, totaling 50-60 employees.

The city is reviewing plans and a permit application for the $3.7 million renovation of the former Toys R Us space for Rooms To Go. The renovation cost also could change as the project proceeds. 

The Markets at Town Center Toys R Us and Babies R Us store closed in 2018. It is next to Sprouts Farmers Market.

The Shopping Center Group partner and Senior Vice President Stephanie McCullough and Vice President Kelly Pulignano represented Hines Global REIT in the sale.

McCullough said David Gabbai at Colliers International in Orlando represented Rooms To Go.


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