The top 10 commercial real estate sales in 2020

Nine are in Duval County and one is in St. Johns County.

  • By Max Marbut
  • | 5:20 a.m. January 21, 2021
  • | 5 Free Articles Remaining!
The Amazon fulfillment center at 12900 Pecan Park Road in Jacksonville sold for $107,800,000, the region’s No. 1 commercial real estate sale in 2020.
The Amazon fulfillment center at 12900 Pecan Park Road in Jacksonville sold for $107,800,000, the region’s No. 1 commercial real estate sale in 2020.
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The top 10 commercial real estate sales in 2020 in Northeast Florida sold for a combined volume of nearly $822 million. Nine are in Duval County and one is in St. Johns County. Led by Amazon’s first fulfillment center in Jacksonville, the list includes a fulfillment center for another online retailer, two of Downtown’s signature office towers and six multifamily residential properties.



12900 Pecan Park Road, Jacksonville

Type: Amazon Fulfillment Center JAX2

Parcel size: 169.18 acres

Building size: 2.4 million square feet


Seller: RELP Duval LLC

Recorded: Aug. 5.

About the property: The developer of the Northwest Jacksonville fulfillment center at 12900 Pecan Park Road sold the property July 30 for $107.8 million to JDM AMZN JAX LLC, part of JDM Partners of Phoenix.

The multilevel fulfillment center has a base size of 875,580 square feet and a total interior square footage of about 2.4 million square feet.

It’s the first operation Amazon opened in Jacksonville in September 2017.

Amazon leases the facility at Duval and Pecan Park roads, just off Interstate 295 and a mile and a half south of Jacksonville International Airport. Employees sort, pack and ship orders for small items.



9820 Creekfront Road and 7632 Southside Blvd., Jacksonville

Type: ARIUM Deerwood apartments

Parcel size: 65.29 acres

No. of units: 616

Buyer: L/L Deerwood Associates LLC

Seller: Aqua Deerwood LL LLC

Previous sale: $74,500,000 in 2017

Recorded: Nov. 2

The No. 1 apartment sale in Duval County closed Oct. 28 when Laramar, a Chicago-based multifamily investor, purchased ARIUM Deerwood for $96.8 million. 

The property comprises 616 units at 9803 Creekfront Road along Southside Boulevard between Butler Boulevard and Baymeadows Road. 

The community was constructed in phases between 1981 and 1986.



8451 Gate Parkway W., Jacksonville

Type: Citigate Apartments

Parcel size: 40.24 acres

No. of units: 444

Buyer: Bcore MF Citigate LLC

Seller: Citigate Apartments Property Owner LLC

Previous sale: $54,807,500 in 2011

Recorded: Dec. 4.

About the property: The second-largest apartment purchase in Duval County in 2020 closed Nov. 25, when New York-based The Blackstone Group acquired Citigate Apartments for $97 million. 

Built in 2009, the four-story property comprises 444 units at 8451 Gate Parkway. 

Amenities include a swimming pool with cabanas and a fireplace lounge, a gym with a spin room, game room, movie theater, dog park, playground, grilling area, bocce ball court and elevators in each building.



8876 AC Skinner Parkway, Jacksonville

Type: JTB Apartments

Parcel size: 13.28 acres

No. of units: 350

Buyer: Inland Real Estate Investment Corp.

Seller: JTB AC Skinner LLC

Not recorded

About the property:A Northeast Florida commercial real estate record was set Sept. 11 when Chicago-based Inland Real Estate Investment Corp. purchased JTB Apartments for $83.25 million. The $237,857 per unit price was the highest in regional history.

The property at 8876 AC Skinner Parkway, near St. Johns Town Center, comprises 350 units built in 2019.

The apartments have 9-foot ceilings, quartz counters, washers and dryers, and stainless steel appliances. Amenities include a resort-style pool and lap pool, cabanas, an 11,000-square-foot clubhouse with a demonstration kitchen, TV lounge, cybercafé lounge, interactive game room, fitness studio and a rooftop terrace lounge.



65 Sentosa Drive, Saint Johns

Type: The Elysian apartments

Parcel size: 21 acres

No. of units: 348

Buyer: The Elysian AL LP

Seller: Sentosa Beachwalk Apartments LLC

Recorded: April 17

About the property: Tampa-based American Landmark Apartments purchased Sentosa Beachwalk apartments, in the Beachwalk community in St. Johns County, on April 15 for $79.5 million. American Landmark renamed the 348-unit community, built in 2019 at 65 Sentosa Drive, The Elysian.

Amenities include a swimming pool, 24-hour fitness center, fireside lounge, volleyball courts, playground, laundry and dry cleaning, and EV charging stations.

The new owner said it would add USB outlets in each unit, a temperature-controlled package locker delivery system, car wash, dog park and landscaping improvements.



50 N. Laura St., 135 W. Bay St. and 25 W. Forsyth St., Jacksonville

Type: Bank of America Tower, IberiaBank and parking garage

Parcel size: 1.73 acres

Building size: Three buildings totaling 1,185,235 square feet

Buyer: Jacksonville Tower Florida Realty LP

Seller: Hertz Jacksonville One LLC

Previous sale: $88,000,000 in 2014

Recorded: Dec. 17

About the property: In Jacksonville’s largest Class A office property transaction in 2020, Group RMC of New York City bought Downtown’s tallest high-rise – the 42-story Bank of America Tower along with the adjacent IberiaBank building and a parking garage Dec. 15 for $75.5 million.

The purchase price was 14% less than the previous sale in July 2014.

According to its website, Group RMC is “a real estate co-investment group that invests in underappreciated office properties in non-gateway U.S. Markets.”

Group RMC says it and its partners are “permanent and patient investors,” indicating a long-term ownership. “Group RMC will never be a forced seller and will only sell if an irresistible offer arises.”

The company and its affiliate entities own 18.5 million square feet in the U.S., principally in the Midwest, representing more than $2 billion in asset value, it says.



13483 103rd St., Jacksonville

Type: Wayfair Inc. fulfillment center

Parcel size: 79.68 acres

Building size: 1,014,296 square feet

Buyer: Cecil Distribution Center LLC

Seller: 103 BLDG A-B LLC

Recorded: July 21

About the property: San Francisco-based investor Stockbridge Capital Group LLC bought the Wayfair Inc. fulfillment center in AllianceFlorida at Cecil Commerce Center in July for almost $75.5 million.

Wayfair, the Boston-based online home furnishings company, leases the building. The 1.01 million-square-foot e-commerce fulfillment center occupies about 80 acres at 13483 103rd St.

The center is anticipated to create 250 jobs by the end of 2021.



11390 Square St., Jacksonville

Type: The Menlo apartments

Parcel size: 13.52 acres

No. of units: 332

Buyer: PAC Menlo LLC

Seller: CDP E-Town Owner LLC and Sultan Capital LLC

Recorded: Dec. 18

The Menlo apartments property in eTown was purchased Dec. 15 for $73.5 million.

Oxford Properties, based in Atlanta, bought the 332-unit, seven-building community less than a year after it was built at 11290 Square St.

Apartment units feature gourmet kitchens with granite counters, stainless steel appliances, wood-style flooring, walk-in showers and in-unit washers and dryers.

The complex offers a 24-hour fitness center, co-working spaces, a clubroom with coffee bar, bark park, resort-style pool, cabanas, outdoor kitchen, a fire pit and sport court.



12310 Seacrest Lane, Jacksonville

Type: The Retreat at St. Johns apartments

Parcel size: 27.22 acres

No. of units: 420

Buyer: St. Johns LL LLC

Seller: PS Retreat Owner LLC

Previous sale: $58,775,000 in 2017

Recorded: Dec. 23

Investcorp, a New York City-based investment firm, bought The Retreat at St. Johns apartments Dec. 15 for $72.75 million.

The 424-unit property is at northeast Butler and Kernan boulevards, near the University of North Florida.

Built in 2007, the apartments have balconies, stainless steel appliances, quartz counters, garden tubs with ceramic tile, vinyl wood flooring and recessed LED lighting. 

Amenities include a cybercafe, fitness center, resort-style pool, grilling stations, hot tub, lakeside running trail, volleyball court and a billiards room.



841 Prudential Drive, Jacksonville

Type: Eight Forty One office building

Parcel size: 6.3 acres

Building size: 600,000 square feet

Buyer: 841 Prudential MOB LLC

Seller: GV-IP Jacksonville Owner LLC

Previous sale: $55,500,000 in 2013

Recorded: Feb. 26

About the property: ShareMD, a medical office building owner and operator based in Atlanta, purchased Eight Forty One, the office tower at 841 Prudential Drive on the Southbank, for $67 million in February.

ShareMD introduced a coworking medical suite concept in Southern California. 

The company said it would build-out more than 10,000 square feet in the Downtown tower for clinical coworking space to be leased by the half-day, day, week or month, allowing physicians to expand their geographic reach and control expenses by not being tied into long-term agreements.

When the 22-story tower was built for the Prudential Insurance Co. in 1955, it was the tallest building in the Southeastern U.S.



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