Conser Properties LLC is the latest business to invest in Western Way properties, buying the 290,000-square-foot former BellSouth building for $3.5 million.
Conser plans to invest at least another $1.3 million to renovate the property at 8451 Western Way, moving its total investment to at least $4.8 million.
It also intends to add 65-75 jobs over the year.
"It's an investment in future growth," said Mark Chesser, president of Conser Group LLC.
Conser Group includes Conser Properties, Conser Moving and Storage and Conser Office Solutions.
Conser Moving and Storage, an agency for Mayflower Transit, came to Jacksonville a year ago when it bought the Mayflower agency from A&A Transfer at 670 Lane Ave. N.
Chesser said Conser signed a one-year lease at the West Jacksonville Lane Avenue site, which is owned by the A&A Transfer ownership.
Chesser expects to move to the Western Way building by the beginning of 2014. He said the investment in renovating the long-vacant building could exceed $1.3 million.
Conser's current warehouse is 40,000 square feet. The Western Way location is seven times that size. In addition to its warehousing functions, Chesser said the building has 36,000 square feet of office space, which allows Conser Office Solutions to feature a showroom.
He said Conser Office Solutions buys, refurbishes and sells office furniture.
Chesser said Conser's staff of 48 and its 18 contract drivers will increase. He wants to add 65-75 people, including at least 15 drivers, as well as distribution, sales, accounting and warehouse workers, over the next year.
Conser Moving and Storage specializes in domestic and military household goods moving as well as commercial office moving and record storage.
Conser bought the Western Way property from DBSB 2 Inc., a Demetree family company, and Timberlake Associates LLC. DBSB bought the structure in 1997 from BellSouth Telecommunications Inc. as an investment property.
BB&T issued a $3.43 million mortgage and security agreement to Conser Properties.
The deed and mortgage were recorded Tuesday with the Duval County Clerk of Court.
The Western Way warehouse-distribution center was built on the 20-acre site in 1968.
Colliers International has been listing the property for almost $3.9 million, according to loopnet.com.
The building is described on loopnet.com as a 285,000-square-foot property with a truck court secured by a guard house with a location that makes it attractive for warehouse, distribution and light assembly use. The site is just off Interstate 95.
Chesser said Conser was represented by Ladson Montgomery and Bobby Gatling of Newmark Grubb Phoenix Realty Group.
Western Way has been an active site for investment.
In June, 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.
COFE Fund I – Western Way LLC sold the structures.
Compass Rose Foundation Inc. bought a distribution warehouse at 8813 Western Way to 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.
Petroleum Containment, a Jacksonville-based company that sells fuel containment sumps, bought the warehouse at 8873 Western Way.
COFE Fund I – Western Way LLC was represented by Newmark Grubb Phoenix Realty Group in those transactions.
Citibank issues $39M mortgage on Strand
Citibank has issued a $38.75 million mortgage to 1401 Riverplace LLC, the buyer of The Strand.
The company bought the 28-story, 295-unit apartment building Sept. 30 for $53.3 million.
The sale was recorded Oct. 21 with the Duval County Clerk of Court.
The mortgage was made Nov. 14 and recorded Tuesday.
1401 Riverplace LLC comprises owners of the Miami-based Crescent Heights Inc. residential real-estate development of real estate group.
Bank of America build-out OK'd
The city has approved one of two pending permits for Bank of America to renovate space to help accommodate 200 new jobs.
The permit approved Monday calls for a $607,730 project to renovate almost 25,000 square feet of office space for Bank of America at its 9000 Southside Blvd. campus.
The Angelo Group of Jacksonville is the contractor the project and also for the second permit in review.
As reported, Bank of America filed permit applications to renovate almost 50,000 square feet of space at the financial company's Southside campus at a total construction project cost of $1.3 million.
The city and state have approved about $1.04 million in incentives for Bank of America to create the jobs.
GPT GIG BOF Portfolio Owners LLC of Jenkintown, Pa., is the property owner.
Atlantic North loop road proposed
Sleiman Enterprises plans to extend Abess Boulevard within its Atlantic North development, where LA Fitness and Academy Sports + Outdoors operate and Belk and Earth Fare are planned.
The St. Johns River Water Management District is reviewing a permit application for the extension of Abess Boulevard.
An executive summary describes Atlantic North by another name by which it's known, The Marketplace at the Fountains.
The summary says Sleiman owns about 67 acres at the site at northwest Atlantic and Kernan boulevards.
The proposed development, at 11901 Atlantic Blvd., was described as 377,000 square feet of retail buildings along with proposed outparcels.
The proposed road extension will loop the existing entrance at Kernan Boulevard behind the retail center around to Atlantic Boulevard.
Property behind the center is under development for apartments.
Atlantic North could soon feature the Belk department store and Earth Fare grocer. The city has been reviewing building-permit applications for the shell buildings to house the retailers.
Belk has confirmed that it will open a new store at the site in 2015 and that construction is scheduled to begin in July. It's still not known how the new location will affect the Belk store just 3.3 miles west at Regency Square Mall.
Belk has no comment about how the development will affect its other stores.
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