As expected, Edu-Pro Management LLC bought a former VyStar Credit Union call center at 4441 Wesconnett Blvd. and a parking lot at 4513 Wesconnett Blvd. for $1.6 million to develop a military-style charter school, Acclaim Academy, in West Jacksonville.
Edu-Pro, based in Orlando, closed on the deal June 21 and also took out a $5 million mortgage from First Farmers Financial LLC, also of Orlando, the same day.
Edu-Pro President Vince Desai told the Daily Record last week the middle and high school will comprise 32 classrooms, 14 offices, a cafeteria, a media room and other space.
He said the academy would open this fall and can accommodate 800 students. It will provide bus transportation for students and, as a charter school, it is free for students.
Desai expects 600 students to enroll this fall.
Edu-Pro bought the four-story, 43,539-square-foot building on 3.76 acres. It bought the almost 1-acre parking lot from Jax Navy Federal Credit Union.
VyStar Credit Union was founded at Naval Air Station Jacksonville in 1952 as Jax Navy Federal Credit Union to serve civil service, military employees and their families.
Desai said last week the $6.6 million project will comprise the purchase price of $1.6 million and another $5 million to refurbish and equip the school.
Property records show the 4-story building was constructed in 1986 and has a market value of $3.15 million. Its 2012 taxable value is $2.7 million.
Desai said the school would be fully equipped with computers for an Internet-based education system. He said each student will receive a laptop computer, eliminating the need for most of the books.
He said it will employ a staff of more than 25 people.
The Duval County School Board approved two Acclaim Academy charter schools in December. Desai said the Wesconnett school in West Jacksonville will be the first and is referred to as Central Duval on the acclaimcharter.com site.
Acclaim Academy's mission is "To educate, train, and prepare young men and women to be leaders capable of critical thinking and sound analysis, leaders who possess uncompromising character and leaders able to meet challenging demands."
While charter schools are run independently of the school district, they receive the same per-pupil state funding as other public schools in the county.
Desai said he is seeking a second site in North Jacksonville and said construction was possible for an August 2014 opening.
He said Edu-Pro's Kissimmee school opened in August 2012 and a new building is under construction for completion in July. More schools are planned for opening in 2015 and 2016.
Desai said contractor R.W. Paul Construction Inc. of Orlando would handle the conversion.
Phoenix Realty completes Southside deal
Newmark Grubb Phoenix Realty Group announced that broker Bobby Gatling represented CXP Capital LLC in its $5.25 million acquisition of a 119,330-square-foot office/operations/data center property on 12.16 acres at 8324 Baymeadows Way in South Jacksonville.
Seller First States Investors 4000C LLC was represented by Colliers International. The property is a former bank center.
"We are seeing significant acquisition activity as users are taking advantage of the combination of low interest rates and facilities selling well below replacement cost," Gatling, first vice president, said in a news release.
"Our clients often save millions of dollars acquiring facilities that meet their long-term needs at significant discounts," he said.
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