From the Daily Record
Lingerfelt CommonWealth Realty Partners LLC bought the dual-branded Hilton Garden Inn and Homewood Suites in the Downtown Southbank area.
The property comprises a 123-room Hilton Garden Inn and a 98-suite Homewood Suites at 1201 Kings Ave.
Richmond, Va.-based Lingerfelt CommonWealth, a commercial real estate investment firm, said the hotel was built in 2009.
Commonwealth Lodging Management, the company’s hotel management affiliate, will operate the eight-story hotel.
Lingerfelt CommonWealth did not disclose the price or the seller. Property appraiser records show its 2017 assessment-in-progress is $18.9 million.
Those records show the hotel is owned by San Marco Hotel Partners LLC and the Jacksonville Transportation Authority, in care of Alex. Brown Realty Inc. of Baltimore, Md.
San Marco Hotel Partners LLC is associated with Alex. Brown Realty.
Alex. Brown Realty says it a privately owned real estate investment manager, organized in 1972, that co-invests with clients and joint-venture partners in properties throughout the country.
Lingerfelt CommonWealth has become a well-known landlord in Jacksonville.
It owns Riverplace Tower and the Stein Mart Building on the Southbank. It also manages 2.1 million square feet of suburban space as well as some ancillary properties.
DRA Advisors buys one complex, sells another
Fort Family Investments sold the 1,112-unit Paradise Island Rental Communities for $120 million.
DRA Advisors LLC of New York bought the apartments, at 8787 Southside Blvd., for $107,914 a unit.
“We were approached by them and we were able to make a deal,” said Abe Fort, director of development for Fort Family Investments. He said it was an off-market deal.
Fort said the project was built over four phases from 1990-97. It comprises 60 buildings on about 160 acres.
The property was sold through Park Avenues Rental Community Two Ltd.
Fort Family Investments owns seven other communities totaling 1,860 units, including the new Palm Bay Club in Flagler Center.
The same day as that acquisition, DRA Advisors sold another Jacksonville complex.
Through G&I VII Bartram Park LLC, the investment firm sold Carlyle at Bartram Park, a 336-unit community, to JWC Bartram LLC of Providence, R.I., for $45.76 million. That works out to $136,177 a unit.
Property records show Carlyle at Bartram Park was developed in 2009 on 18.9 acres at 14701 Bartram Park Blvd.
JWC Bartram LLC and JWC Jupiter LLC were issued a $29.95 million mortgage by New York Life Insurance Co. They are part of Preston Giuliano Capital Partners of Providence.
The sales price per unit in both deals is much higher than the average $81,000 for the apartments sold in the area last year, according to research from Colliers International.
One Enterprise Center for sale Downtown
Downtown’s 22-story One Enterprise Center is for sale.
An offering flier says the 317,571-square-foot tower is 51.2 percent occupied. Built in the mid-1980s, the structure is on 1.15 acres at 225 Water St.
John Bell, managing director of Transwestern in Miami, is marketing the property.
“We are expecting strong turnout,” he said, citing amenities Downtown like having the Omni Jacksonville Hotel next door, offering a strong parking ratio, being near the redevelopment along Laura Street and being steps from the Riverwalk and the Jacksonville Landing.
The flier calls it an iconic local landmark with an opportunity for signage and naming rights, making it “highly attractive to large users.”
Cash flow is stable and there is minimal near-term rollover of tenants, it says.
Two years ago, the building ended up in the lender’s hands following foreclosure.
Wells Fargo, its major bank tenant, left in 2011.
A certificate of title was filed in May 2015 transferring ownership of the office tower to 225 Water Street West Holdings LLC.
That company’s sole member is U.S. Bank National Association, the trustee for the lenders. CWCapital Asset Management of Bethesda, Md., was the special servicer and controls the property.
Bell said being under a special servicer can be a leasing challenge.
“There is the expectation that One Enterprise will be leased up in a pretty quick fashion once it has stable, committed ownership,” he said.
Its major tenants include Smith Hulsey & Busey, First Tennessee Bank, Fifth Third Bank, Gresham Smith and Partners, U.S. Legal Support and Gunster.
Property records show its market value at almost $16.7 million.
Wawa breaking ground on at least 2 sites April 6
Wawa will break ground April 6 on at least one site in Duval County and one in Clay County, but has not announced the addresses.
The company issued “Save the Date” announcements for 10 a.m. in Duval County and 1:30 p.m. in Clay County.
The Pennsylvania-based gas station and convenience store chain has said it will open three locations in Northeast Florida this year, 10 more next year and then two to four each year annually until it reaches capacity.
He said Wawa thinks Duval, Clay and St. Johns counties can support 40 stores.
The three this year would comprise two in Duval and one in Clay, said Brian Duke, Wawa regional real estate manager.
He would not confirm the sites that will open this year.
Hines names project Southside Quarter
Hines said last month it broke ground on what it has branded Southside Quarter, a 105-acre mixed-use property along Gate Parkway at Interstate 295 and Butler Boulevard.
It will include office, residential, hotel, retail, commercial and other uses.
The company also released preliminary design and site plans for the first Class A build-to-suit office sites that are available for corporate tenants.
The international real estate firm said office sites in the first phase include up to two 125,000-square-foot buildings with signage opportunities and parking.
Southside Quarter is designed so residents, visitors and employees can walk to their destinations within the development.
Hines said more announcements are pending for the residential and other sites.
Some parcels are available for retail, high-density single-family residential, commercial, hotel and additional office uses.
The development is at southwest I-295 and Butler Boulevard, south of St. Johns Town Center. Hines called the location “the epicenter of Jacksonville’s key entertainment, retail, transportation and employment areas.”
The company set up the southsidequarter.com site to provide more information.