DeBartolo, Liberty Group JV Buys Jacksonville’s Holiday Inn Express27 Nov 2012, 5:41 pm
DeBartolo Development L.L.C., in a joint venture with Liberty Group as operating partner, has acquired the Holiday Inn Express and Suites Jacksonville-Blount Island.
The joint venture obtained the non-performing senior mortgage on the asset in 2011, and recently received ownership of the property in Federal Court after a bankruptcy and foreclosure case. No financial details have been disclosed, but the amount for which the property most recently traded was $6.5 million.
Built in 2004, the property is located at 10148 New Berlin Road, just off Route 9A in the heart of the city of Jacksonville near Blount Island and the St. Johns River. It is the closest hotel to the Jaxport Cruise Ship Terminal. The hotel features 73 guestrooms including 17 suites, an outdoor pool, a fitness center, a 2,000-sq.-ft. meeting room, and atrium-style great room.
The three-story Holiday Inn Express and Suites is just a few blocks from the Carnival Cruise Port. Only 11 miles from Jacksonville Beach and the Atlantic Ocean, it is a preferred choice for travelers sailing out of the local port. Several area attractions–Anheuser-Busch Brewery, Jacksonville Zoo, Kinsley Plantation and Jacksonville Landing–are minutes away.
“This hotel perfectly complements our growing portfolio and investment strategy of acquiring under-valued top-tier assets. The Jacksonville market has shown significant resilience, and we anticipate creating tremendous value through our great relationship with Intercontinental Hotels, and increasing Net Operating Income through capital improvements and operational efficiencies,” said Punit R. Shah, president and chief operating officer of Liberty Group.
Image via TripAdvisor
MAA Joins Hallmark, Bristol on Development of $37M Mixed-Use Project7 Nov 2012, 10:43 pm
By Georgiana Mihaila, Associate Editor
Less than a week before groundbreaking, a major multifamily player is added to the construction team of the newest residential and retail project in the Brooklyn area of downtown Jacksonville.
Memphis-based Mid-America Apartment Communities, Inc. (MAA) will join Hallmark Partners Inc. and Bristol Development LLC on the $37 million 220 Riverside project.
Set to break ground on Nov. 13, 220 Riverside will include a 294-unit upscale apartment community with structured parking and luxurious common areas. The seven-story apartment development will feature units ranging in size from 615 square feet to 1,200 square feet. 220 Riverside will sit on a two-acre site, approximately one mile southwest of Jacksonville’s Central Business District in the Riverside neighborhood.
220 Riverside will directly front a new community park and amphitheater. The majority of the units will have river, park or courtyard views. The development will also feature 18,000 square feet of retail stores and restaurants on the first floor of the project fronting the community park and Riverside Avenue. Other amenities featured at 220 Riverside will include a fitness center, active club room, cyber café and a rooftop courtyard with a resort-style pool, outdoor kitchen and seating niches overlooking the St. Johns River.
According to Jacksonville Business Journal, MAA currently owns 12 apartment communities in Northeast Florida. Two of these properties—Atlantic Crossing on Gate Parkway and Tattersall at Tapestry Park—are among the highest-dollar commercial real estate transactions in 2011.
LandSouth Starts Work on New $21M Apartment Community in Jacksonville24 Oct 2012, 8:18 pm
By Georgiana Mihaila, Associate Editor
LandSouth Construction will be bringing new housing options to Jacksonville residents. The company has officially started work on a $21 million community at the southwest corner of J. Turner Boulevard and Southside Boulevard.
The 18 acres development will consist of 280 residences, 19 buildings, a resort-style clubhouse and other amenities. Construction commenced last week and is scheduled for completion in the fourth quarter of 2013. When completed, Lost Lake Resort Apartments amenities will include an 18,000-square-foot clubhouse with a full-service fitness center, indoor basketball court, Cyber Café, zero entry resort-style pool and spa. Other amenities will be volleyball courts, resort cabanas, dog park, covered hammock areas and outdoor kitchen with grills.
The gated community will feature one-, two- and three-bedroom homes with one or two baths. Apartments will average 1,096 square feet of living space. Interior elements will include ceramic tile floors in baths, faux wood plank flooring in kitchen and entry ways, wide-rail premium wood cabinetry with crown moulding, island kitchens with snack bar, luxury appliances with laundry in each unit, and custom details including curved shower rods, security door locks and electronic security system.
Lost Lake Resort Apartments will be located at the center of Jacksonville’s growing entertainment, retail, restaurant and employment hub, while also offering easy access to the beaches and downtown.
According to a company release, in building Lost Lake Resort Apartments, LandSouth Construction is using an integrated approach under which service components work together to provide a seamless delivery system.
Lost Lake Apartments L.L.C. is the developer, while Forum Architecture & Interior Design of Altamonte Springs, Fla. is designing the community.
Image via Forum Architecture & Interior Design
Dalfen America Makes Opportunistic Investment in 240,000-Sq.-Ft. Distribution Center11 Oct 2012, 10:36 pm
Dalfen America Corp. recently acquired a 240,000-square-foot, Class A distribution center on Jacksonville’s Northside.
Grubb & Ellis/Phoenix Realty Group Inc. handled the sale. Brokers Aaron Zarle, Bryan Bartlett and John Richardson represented the seller, New York-based W. P. Carey & Co. LLC. The company did not disclose the financial details of the transaction, but Jacksonville Business Journal reports that the property traded for $3.9 million according to public records–$2 million less than what W.P. Carey paid for it in 1992.
Built in 1991 and totaling 240,000 square feet, the concrete tilt-up industrial property has 30’-32’ clear ceiling heights, 4,000 square feet of office and a total of 56 dock-high loading doors. The property, currently vacant, has previously been occupied by Sears.
Sean Dalfen, executive managing director at Dalfen America Corp., said: “This building is ideally located in extremely close proximity to I95, JAX port and the Mitsui terminal. In its size range, the property is hands down the market’s best available distribution facility.”
Quebec-based Dalfen America Corp. has become one of North America’s most active buyers of opportunistic industrial real estate, having transacted on 39 buildings and 2 million feet of prime development land, over the past 18 months. Through its current opportunistic industrial fund, it has acquired 30 institutional-quality industrial buildings in seven states and intends to more than double that number within the next 12 months.
Image courtesy of Dalfen America Corp.
Prudential Mortgage Provides $10.5M Loan for Palatine Acquisition27 Sep 2012, 10:46 pm
Prudential Mortgage Capital Co. has originated a $10.5 million Fannie Mae loan for an affiliate of Palatine Capital Partners Management LLC to finance its purchase of The Villas at Dames Point Crossing apartment community.
Originally constructed in two phases as condominiums between 2006 and 2007, the owner opened the complex as a rental following the 2008 U.S. financial crisis. The Villas, which remains titled as a condominium, is the newest community constructed in the Arlington submarket of Jacksonville and is more than 90 percent occupied. The 180-unit apartment community is located near I-295. It is close to local beaches, the airport, downtown Jacksonville, Mayport Naval Station and the Southside office market.
“As one of the newest properties in this area, its high occupancy, potential for future condominium sales and its proximity to key area office, recreational and shopping areas made this transaction extremely attractive to us,” said Brian Salyards, a principal with Prudential Mortgage Capital, who originated the transaction. “We look forward to continuing our relationship with Palatine Capital Partners Management.”
Palatine Capital’s founder and managing partner Alex Hurst admitted that the execution of the transaction was a highly complicated one which transpired over many months. The Villas at Dames Point Crossing’s purchase represents a step towards continuing to grow the firm’s footprint in Florida and the Southeast.
Palatine Capital Partners Management is a private real estate principal firm focused on situational asset level investing in the United States. Palatine specifically pursues opportunistic equity investments in apartment properties and acquires performing and non-performing whole loans nationwide in every asset class. Since inception in 2007, Palatine has acquired interests in over $715 million of assets, including over 3,500 apartment units, 265,000 square feet of commercial space and 20 whole loans.
Image via http://www.villasatdamespoint.com