From the Daily Record
New York and Miami investors partnered to pay $75.3 million for the Wells Fargo Center, Downtown Jacksonville’s signature tower on the Northbank.
The sale closed June 18 and the garage deal followed two days later, according to records from the Duval County Clerk of Court.
Allegiance Partners of New York paid $44.75 million. Banyan Real Estate Capital of Miami paid $30.55 million. A nine-story parking garage was included in the purchase of the building.
The investors also paid $3.7 million for another three-story parking garage.
Home Depot says no plans for University store
The Home Depot has taken regulatory steps to develop its site at University Boulevard West and Interstate 95, but a spokeswoman said the company has no plans to open a store.
Home Depot agent GreenbergFarrow of Atlanta in June applied to the city for a mobility fee calculation certificate and received an expedited certificate June 13.
Plans on that application show a 137,000-square-foot Home Depot store and garden area at the site. A plan filed with the city with the June 6 application shows a 107,950-square-foot Home Depot with a 28,118-square-foot garden center.
Home Depot bought the land in August 2007 but didn’t develop it.
Earth Fare expects August opening
Earth Fare, whose tagline is “the healthy supermarket,” is filling jobs for its Jacksonville store that is expected to open in August.
It will be the first Northeast Florida location for the organic and natural foods grocer.
The center is at the northwest corner of Kernan and Atlantic boulevards.
The project appears to be at least a $2 million construction job, according to city records. Target Contractors Inc., associated with center developer Sleiman Enterprises, is the contractor for the 24,000-square-foot building shell and the interior work.
Midtown Centre for sale
Midtown Centre Office Park, the original Koger Center, is listed for sale. While there’s no asking price, an industry newsletter said it could bring $65 million.
Built in 1957 on Boulevard Center Drive, just off Beach Boulevard, Midtown Centre encompasses 31 mostly low-rise buildings totaling 738,530 square feet of space and is 65 percent occupied.
CBRE Inc., which represents the owner, says the master-planned office park has no debt.
Dalton pulls Downtown office building off market
The Dalton Agency, six weeks after listing its Downtown building for sale at $4.2 million, pulled it from the market.
Agency and property partner Michael Munz said the owners received three “reasonable and good” offers above the asking price. But the owners realized it was a performing asset continuing to increase in value and decided it was in their best interest to hold onto the building.
The building, located at 140 W. Monroe St., faces Hemming Plaza. Munz said in making their decision, owners took into account recent and anticipated development Downtown.
Carter’s stake in Town Center sells for $375M
Developer Ben Carter sold his half ownership in the St. Johns Town Center to a Deutsche Bank real estate investment group for $375 million.
It is one of the highest prices paid for a mall since the downturn, according to a Wall Street Journal article.
Simon Property Group continues to own the other 50 percent stake and manages the center.
The St. Johns Town Center’s occupancy rate is a strong 99 percent and sales are $650 and $700 a square foot, the paper said.
Cincinnati group buys Deerwood shopping center
The Deerwood Lake Commons shopping center near Tinseltown sold in May for $12.05 million to Phillips Edison Group LLC of Cincinnati.
The South Jacksonville center, anchored by Publix Super Markets Inc., comprises three buildings that total about 70,000 square feet of retail space.
Phillips Edison focuses on grocery-anchored retail centers and already owns the Promenade Shopping Center at 8595 Beach Blvd.
Love’s building first plaza in Jacksonville
Love’s Travel Stops & Country Stores is planning an estimated $7.5 million roadside plaza at Interstate 95 and Pecan Park Road. It’s the company’s eighth site in Florida and its first in Jacksonville.
The 27,000-square-foot stop, food venue and tire center will include a Subway sandwich shop and a Chester’s International fried chicken restaurant.
The company hopes to break ground this summer and open in mid-spring 2015.
Embassy Suites getting $13M renovation
The Embassy Suites Jacksonville owners say they intend to start a more than $13 million top-to-bottom renovation of the Baymeadows hotel, finishing by late this year or early 2015.
Gary Stougaard, managing member of the ownership group, said the hotel exterior won’t be repainted, but the remodel will encompass the building’s 277 suites and bathrooms, including new carpeting and furnishings; the first-floor atrium and other areas, including the restaurant that will be relocated and meeting rooms that will be upgraded; and the landscaping.
The hotel will remain open during renovations.