Orlando-based Alakai Capital bought the Downtown block that was the home of Burger King for $1.5 million on June 2.
The 4,089-square-foot restaurant was built on almost 1.6 acres in 1985. It closed in October 2023 after more than 38 years.
The property at 210 E. State St. is bounded by State, Market, Union and Newnan streets.
Alakai bought it through State Outparcel LLC. The seller was Miami-based Burger King Company LLC.
Alakai then took out a $1,8756 million mortgage with Climate First Bank of Winter Park.
“Years ago when we first invested in Jacksonville we heard the stories of the growth in the urban core. We heard about some of the most exciting developments in Florida: the Four Seasons Resort, $1B Gateway Jax, and the $1.4B Jaguars stadium redevelopment. I wanted to be a part of all this growth, but didn’t have a way in,” Alakai Capital Principal Nick Jones wrote on LinkedIn on June 5. “Today we acquired a full city block in Downtown Jacksonville, after years of sifting through opportunities. For us this isn’t just an investment, it’s an opportunity to join the momentum of downtown that’s being redefined right now.”
Alakai thanked Cabot Jaffee at CBRE for the purchase, Eric Kelley at Florida Equities L.L.C. for leasing and Chris Van Buskirk and Richard Prescott for the financing support.
The Alakai website shows it with 30 properties, mostly in Central Florida. It says it has more than 850,000 square feet of property under management.
It is the second former Burger King that Alakai has bought in Jacksonville in the past year.
In December, Alakai bought the 1.4-acre restaurant site at 10142 Philips Highway for $1.65 million.
Alakai bought it through Phillips Outparcel LLC from Burger King Company LLC. That building was constructed in 1991.
Alakai Capital previously used the name Red Bell Partners.
In March 2023, the company bought property at Park and King streets for $4.6 million.
Through Blanding Outparcel LLC, it bought 2665 Park St. and 1269 King St. from the estate of Leighton Adair Butts, which sold the properties through ARD P&K LLC.
The properties total 23,415 square feet. The Park Street property was built in 1942 and the King Street structure was built in 1967.
The Alakai Capital website shows the Affordable Dentures and Implants building at 800 Dunn Ave. and the MÜV Dispensary building at 463128 Florida 200 in Yulee as properties it has sold.