2013 ended with positive commercial real estate activity throughout Florida, and very well in Jacksonville with large office facilities and significant land transactions leading the way.
Coldwell Banker Commercial Benchmark, Jacksonville, was among the beneficiaries of an active commercial real estate brokerage market with Henry Rogers leading the way with the sale of the 543 +/- acres Deep Creek Plantation to Florida Deep Creek Plantation LLC for $1.1 million dollars.
Several other transactions closed as well, including a sale by Lou Govreau and Eddie Segars of a 10,280 square foot industrial building for $475,000. Colin Nicholson closed the sale of a commercial parcel of vacant land for $395,000 upon which a dental office will be constructed.
Of national significance was the assignment to Coldwell Banker Commercial Benchmark, Jacksonville, FL, by Advance Auto Parts, headquartered in Roanoke, VA, as their Exclusive Broker for the disposition of all Surplus Properties throughout the United States. The team will be headed by CEO Nick Nicholson and Kelly Bush in Jacksonville, and Eric DeVorkin, Global Client Solutions team of Realogy Corporation.
It appears Jacksonville is following the anticipated improvement in commercial real estate trends throughout the U.S. As written by Dr. Sam Chandan, GlobeSt.Com, “The outlook is modestly positive. After two years of underperforming versus potential, growth will quicken to just short of 3.0 percent during 2014 and 2015. For commercial property capital markets, there is a critical offset. Broad inflationary pressures remain largely in check but real interest rates will continue their upward march, nearing a nominal rate closer to 4.0 percent over the next 18 to 24 months.”