From the Daily Record
The Hertz Investment Group, a California-based real estate investment and management group that focuses on downtown revitalization, bought the Bank of America Tower last month in Downtown Jacksonville for $88 million.
The sale also included an adjacent five-floor, almost 42,000-square-foot office building at 135 W. Bay St. and a nine-story, 93,000-square-foot parking garage at 25 W. Forsyth St.
The 42-story tower at 50 N. Laura St., Jacksonville’s tallest building, had been for sale at least since February. It last sold in 1999 for $74.7 million and today is 71 percent leased.
It is the second Northbank Downtown tower to be sold this year. The Wells Fargo Center and garages sold in June for $79 million. The 33-story EverBank Center on the Northbank also is for sale.
Hertz Investment said it has a track record of buying the “best-in-class” assets in smaller markets.
The privately held company owns and manages more than 45 major urban properties in 14 U.S. cities across 10 states.
Hertz Investment intends to make several capital improvements to the building, focusing on taking care of the existing tenants and trying to attract new tenants, according to Hertz Investment Group Executive Vice President James Ingram, the chief investment officer.
“The building is in very good shape. The strongest regional and national tenants in Jacksonville are in that building, and we want to add to that,” he said.
Earth Fare hires 85 employees, will open Aug. 20
Earth Fare, the North Carolina-based natural and organic food chain, has hired 85 people to staff its first Jacksonville store that will open Aug. 20.
The store will be in the Atlantic North shopping center at northwest Kernan and Atlantic boulevards.
Amanda Arnet, Earth Fare’s new store marketing coordinator, said the company chose the site based on customer demand.
The company emphasizes “Real Food For Everyone” and says what sets it apart is what it doesn’t offer — like any products containing high fructose corn syrup, trans fats, artificial colors and sweeteners, and synthetic growth hormones in fresh meat and dairy.
Target Contractors Inc., associated with center developer Sleiman Enterprises, is the contractor for the $2 million 24,000-square-foot project in Jacksonville. Plans show the store also will offer a 41-seat café area near the market’s coffee and yogurt bar at the entrance.
Panera Bread launching Panera 2.0
Panera Bread restaurants will renovate seven Jacksonville stores as part of its evolution to Panera 2.0, an ordering system that will separate the experience for “to go” and “eat in” guests, reducing wait times and crowding.
The restaurants to be renovated at an average cost of $80,000 each are at St. Johns Town Center, River City Marketplace, Mandarin, OakLeaf Town Center, 8635 Blanding Blvd., 9301 Atlantic Blvd., and at Beach and Hodges boulevards.
The Panera 2.0 system will include the ability for customers to place an online or mobile order, or to order from iPad kiosks, available in addition to cashier stations. A mobile app will allow customers to store their purchase history and credit-card information for future use.
Special “to go” pick-up areas will allow guests to claim their food without waiting in line, using a travel path different from that of “eat in” customers.
Books-A-Million subsidiary buys Mandarin South center
Books-A-Million real estate subsidiary Preferred Growth Properties LLC bought the Mandarin South shopping center at southwest San Jose Boulevard and Loretto Road in July for $4.7 million.
Preferred Group Properties, which develops and manages commercial real estate, also owns and operates two shopping centers in Alabama.
The Mandarin South center comprises three buildings developed in 1982. The 45,000-square-foot anchor space formerly housed a Winn-Dixie at least 20 years ago. Mandarin South is about 64 percent vacant.
Books-A-Million Executive Chairman Clyde Anderson said in the company’s annual report it had expanded its real estate segment, achieving full occupancy and long-term financing for one center and redeveloping property for new anchor tenants at the other.
$7.8M Walmart OK’d in Southwest Jacksonville
The city approved a $7.8 million Walmart Supercenter in July at 7075 Collins Road, off the Interstate 295 West Beltway.
R.A. Rogers Construction Co. LLC is the contractor and Gatlin Development Co. Inc. is the developer.
The Collins project will be more than Walmart. It also will comprise three flex-retail buildings totaling 29,700 square feet and three outparcels of 1.3 to 2 acres.
Gate Petroleum Co. will build a 5,980-square-foot convenience store with 11 fueling stations at the Collins Crossing development.
Bono’s Pit B-B-Q opening North Jacksonville restaurant
Bono’s Pit B-B-Q is will open a North Jacksonville location in the Duval Station Centre shopping center.
The Jacksonville-based chain wants to renovate space at the center for a 2,909-square-foot restaurant. A building-permit application shows seating for 99 customers.
Auld & White Constructors LLC is shown as the contractor for the $200,000 project in an end unit at the center.
Krispy Kreme rolling out 2 more shops
Krispy Kreme Doughnut Corp., which just opened its Merrill Road shop, is preparing for two more area locations in West Jacksonville and Southside.
Dooley and Mack Constructors of Georgia Inc. is the contractor for both.
The project at 6250 103rd St. Westside Krispy Kreme for $652,675 will be a 2,671-square-foot shop.
The project at 3814 University Blvd. W. for $381,162 will be 2,871 square feet and will involve the demolition of a former buffet and Internet café.
The new stores boost Krispy Kreme’s Jacksonville presence to four stores and two under development, expanding the company’s stand-alone scope to Arlington, East Arlington, Westside, Mandarin and Southside.