Core Property Capital LLC of Atlanta closed last week on its acquisition of 69 acres near St. Johns Town Center for development of the proposed mixed-use Town Center Exchange.
The project sits across Town Center Parkway from the St. Johns Town Center. The property is west along Town Center Parkway, from Midtown Parkway north to Brightman Boulevard.
Core Property Capital, through CPC Jacksonville SJTC LLC and CPC Jacksonville SJTC Hospitality LLC, paid $23.5 million for the property among two deeds.
It bought both properties from Charles Brightman Skinner Jr., as trustee of the Charles Brightman Skinner Jr. Living Trust, and He Otter LLC, led by another member of the Skinner family of landowners.
CPC Jacksonville SJTC LLC paid $17.83 million for 63.274 acres and CPC Jacksonville SJTC Hospitality LLC paid $5.67 million for 5.76 acres.
State Bank and Trust Co. of Atlanta issued an almost $10.88 million mortgage to CPC Jacksonville SJTC LLC.
The deeds and mortgage were executed Jan. 19 and recorded Monday with the Duval County Clerk of Court.
In September, Core Property Capital Vice President Chip Dillard said the company had spoken with the Skinners earlier that year and entered into a contract.
Dillard, who did not immediately return calls Monday or late last week, said in September the property was “great real estate.”
Skinner and property representative Tom Mundy with The Shopping Center Group LLC, which represents Core Property Capital, did not immediately return calls Monday.
St. Johns Town Center has developed over the past 11 years into the area’s dominant retail destination.
Of the 63.3-acre Town Center Exchange site, almost 30 acres can be developed into apartments, a hotel and about 100,000 square feet of retail space, which Dillard said would predominantly be restaurants. A grocery store also is possible.
Dillard said Core Property would develop 250-350 one-, two- and three-bedroom apartments at Town Center Exchange.
He declined in September to identify prospective tenants or users, although potential retailers began to surface. Mundy said that month he had spoken with Red Robin Gourmet Burgers Inc. about a site at Town Center Exchange.
Core Property is a real estate investor, asset manager and developer. This will be Core Property’s first project in Jacksonville.
The company sought rezoning of the property to accommodate its planned unit development. Dillard said in September that pending approvals, most of the project should open in early 2017.
City Council approved and then amended the rezoning ordinance in October.
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