25 LARGEST COMMERCIAL SALES IN N.E. FLORIDA IN 2013

The Jacksonville Business Journal published an inventory of the 25 largest sales of commercial real estate in northeast Florida in 2013.  They totaled $1,262,700,000, of which three were more than $100 million, or an average of $50,508,000. Apartments, including student housing were the biggest number, 14, followed by 3 office, 3 industrial, one mobile home park, one hotel, one retail, one mixed use of office, industrial and flex space, which was the biggest at $197 million, and one of land, my specialty.

The big land sale of 1,520 +/- acres on 11/5/13 was for $24,249,000, or about $15,900 per acre. Neither the seller, Ranch Village Partners, LLP, nor WCF Ashford Mills Owner VII, LLC, the buyer located in Boston, are noted as active corporations in Florida. The land is west of I-95 and is south and east of CR 210 as it bends toward Shands Bridge, with little road frontage. There appears to be merchantable timber, but harvesting may damage the appearance for subdivisions more than the cut is worth. There are several major subdivisions north and west of CR 210 in the neighborhood and this will probably follow such. 

In this office, we have five contracts working on vacant St. Johns County land for housing, but none close to that size.  Four years ago, it was hard to get much more than timber value for land that had been ready for development in 2005.  Virtually all of the foreclosed land in this area has been bought by investors or developers at huge losses to banks. For a few years, demand for houses in St. Johns County has exceeded that in Duval. An abnormal week's report in the March 7-13 JBJ showed three house permits in Duval County and 45 in St. Johns. Recently, typical has been about two to three times as many permits in St. Johns as Duval, showing the demand for land there to develop more lots, while Duval still has some finished lots for sale after the crash.

In the LoopNet market place, the 10 most viewed offerings in northeast Florida last week included five hotel/motel, four multifamily and one industrial properties. Triple net income listings are in great demand and when well priced do not last long enough to get many hits.

When you need help with land in the Jacksonville area, contact Coldwell Banker Commercial Benchmark.  Henry Rogers number is 904-421-8537, or cell at 904-614-4828.