Jacksonville entrepreneur Mike White intends to invest more than $500,000 in moving his company from leased space on the Northbank to a newly acquired building across the St. Johns River in San Marco.
White and his wife, lawyer Joanna White, through Westrick San Marco LLC bought a two-story, 4,700-square-foot building at 1611 San Marco Blvd. for $420,000, Duval County property records show.
White said he intends to invest at least $100,000 in initial renovations.
White is president of Client Focused Media, a full-service marketing and advertising agency that has been leasing space for 10 years at the WJCT studio building. He said he leases 2,700 square feet there.
He founded Client Focused Media in 2002 and also publishes the BUZZ entertainment magazine and website.
He said the company has 24 employees, with 17 in Jacksonville. He also has full-time employees in Chicago and Springfield, Ill., Denver, Washington, D.C., and Macon, Ga.
His goal is to have representatives in 50 markets in the next five years.
White said he plans to buy a few more companies soon.
"In January we are acquiring a media buying software company, which will offer media services to other small to midsize advertising firms," he said.
"We are also looking at acquiring a video production company to bring services in-house for our current customers," he said.
White said he added two employees who will start in January.
He said renovations should start soon. He expects to move to the building in late January or February.
White said he looked at more than 20 properties in the Downtown Northbank, but didn't find one that worked.
"I knew I wanted a standalone building that was move-in ready within three months of purchase and didn't need hundreds of thousands of dollars in initial build-out to suit our needs," he said.
"The price that many people wanted for the properties was not realistic for the current market conditions and for the amount of renovation that was necessary," he said.
White said he came close to making a deal on Forsyth Street.
"I wanted to stay within the Downtown vicinity," he said.
The San Marco building is at San Marco Boulevard and LaSalle Street, near the San Marco Square neighborhood shopping center and within walking distance of restaurants that include Bistro AIX.
Duval County Clerk of Court records show Westrick San Marco LLC bought the building, which was developed in 1919, from 1611 San Marco Blvd LLC, whose managing member is Insetta Family Properties LLC.
Synovus Bank issued a $267,500 mortgage to Westrick.
The deed and mortgage were recorded Tuesday by the clerk's office.