Jacksonville’s industrial market is seeing some significant changes this year. With the vacancy rate reaching a new low, the rental rates have increased tremendously.
I am taking one of my CCIM courses this week and one of the professors, Gary, shared some of the trends he sees in the retail industries. Gary is an expert in retail properties so I thought I would share...
Initial plans for the facility, located at 12900 Pecan Park Road, called for the creation of 1,500 jobs. It now employs more than 2,000 full-time workers. And during the past year, Amazon has slowly rolled out same-day delivery options for select zip codes in the area.
Web.com headquarters coming to Gate Parkway in Spring 2019. This building, which is being referred to as “Town Center Two”, will include a dining area, fitness center, and health clinic in addition to office space for roughly 1,000 employees.
Matthew Clark and Austin Kay of Prime Realty closed on Magnolia Layne, an 87,454 square foot neighborhood shopping center located in Green Cove Springs, FL.
Food for thought... Machine, Platform, Crowd: Harnessing our Digital Future
For all those college basketball enthusiasts out there, read about how Many professionals in the commercial real estate industry played college ball.
Joel Schellhammer, Vice President of Corporate Strategy for Steelcase, addresses trends effecting office property owners and users.
For those moving into Park Street, the attraction comes from Five Points being one of the most diverse, walkable neighborhoods in Jacksonville, said Matthew Clark, vice president of retail property brokerage at Prime Realty. “We’ve found that a lot of restaurants and retailers want to invest in the space, and it’s been great,” he said. “They’re really helping to re-gentrify the neighborhood.”
Karen Hong and Eric Yi of Prime Realty are proud to welcome Northeast Florida’s newest Bojangles’ restaurant location in St. Augustine. Karen and Eric worked hand-in-hand with the Northeast Florida franchisee, Bo Scallions, LLC throughout the entire site selection and transaction process for the 1.06 AC property.
The German discount grocer Aldi, intends to open 900 stores in the U.S. over the next five years. The department store Kohls plans on leasing the available space at several stores to not only Aldi, but other grocery stores such as Whole Foods. According to reports, the grocer-retailer partnership could help both Aldi and Kohl’s. The retailer could benefit from the increase in customers shopping for groceries while Aldi will cut the costs by renting space from Kohl’s.
Companies are jumping at the opportunity to re-purpose retail sites and turn them into self-storage facilities. Shopping centers and malls that are located in highly trafficked areas are proving to be perfect for these re-purposing projects. Self storage continues to grow in our industry and is expected boom in 2018!
Prime Realty’s Eric Bumgarner and Joseph M. Turri make commercial real estate investment a success for Virginia based Rahimi brothers. Plaza 295 is a multi-tenant flex industrial park located in the Westside industrial sub-market of Jacksonville, FL. In just three years, Bumgarner and his team created tremendous equity in Plaza 295 by acquiring new tenants and leasing vacant spaces within the property. Many of the commercial properties in the United States that fell into foreclosure five to ten years ago were sold to new owners and have now stabilized. “It is time to harvest the equity created after the last decline in the commercial real estate market,” said Eric Bumgarner, Vice President of Prime Realty.
Prime Realty's Matthew Clark starts the new year off by leasing the entire 9th floor of 100 N. Laura to Live Oak Construction. Live Oak Construction is a Jacksonville based full service general contracting firm with over 50 years of contracting experience.
Jacksonville city gets its very first dog park with a coffee and beer bar. This unique concept will be opening in the Spring and will allow dog owners to relax and have a beverage while their pups play.
An NFL Playoff win is a win for The First Coast. National TV exposure, new visitors to the area, and a packed stadium all fare well for the Jacksonville business community. Jaguars playoff success raises national profile of the city of Jacksonville.
There is a new business model for office space that will recognize the popularity of co-working spaces. When operated by a seasoned provider, co-working spaces are known to be about 50% more profitable than traditional office leases. Traditional landlords are preparing to focus less on asset value and more on tenant needs by eventually making new office space decisions.
What to expect in 2018 for Commercial Real Estate: 2018 is quickly approaching and the prediction for 2018’s commercial real estate market, can best be described as “slow- and steady growth.” According to the top brokerages, industry and experts, there are 22 trends in 2018.
It is no secret that online retail is increasing daily. However, there are many things that online retail can not offer and brick – and – mortar stores always will be able to offer. According to Unibail-Rodamco Christophe, “Retailers need a physical presence.”
The release of Star Wars: The Last Jedi brings on an incredible amount of foot traffic to shopping centers. More than a quarter of adults in the United States went to see a movie last week, 83 percent of those adults went to a cinema that is located in a shopping center or mall. This increase in foot traffic brought retailers of all types great business! About half these adults shopped before or after the movie, and many dined at the center and/or engaged in other activities.
Prime Realty selected as the property manager for Regency Court.
Imagine office buildings, public places and our community without any art. Our society would be a very dull and boring place. Art enhances the way we live, work and play. It can enhance communal areas, office projects and retail development. Developers are using art to brand a property and create a vibe that matches the culture.
What to look for when choosing a commercial real estate firm to represent you.
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Top Five Tips To Leasing Your Commercial Property
Hiring a Tenant Representation Broker makes a world of difference when leasing an office. You need someone to guide you through the detailed process from A-Z and help you assemble a team of experts who will fulfill specific needs. Hiring a professional should be the easiest choice you face throughout the whole process.
A company that recycles used electronics will be creating 30 jobs over the next two years in Northwest Jacksonville after buying a 53,000-square-foot warehouse in Northwest Jacksonville at 3722 Bright Ave.
The company, E-Tech Management USA Inc, collects precious metals from used electronics and then ships them around the world, said Prime Realty broker Eric Bumgarner, who brokered the transaction between E-Tech Management and seller Antonio Estevez.
Bumgarner said the property was in complete disarray in 2014 when Estevez bought it for $150,000.
“The roof was shot, electric was ripped out, office was shot, plumbing had to be replaced and it was spray painted all over the place,” he said. “It was in about the worse condition possible.”
However, the property was still functional and Estevez used it for the past two years to run a business that refurbished printers to sell to overseas clients.
Bumgarner said that in January 2015 when he first took the assignment, Jacksonville’s industrial market was a little soft and “nothing like it is now.”
“I’d say the industrial market really started heating within the last 12 months, and once that happened we started getting a lot more interest in the property,” he said.
Benny Yeung, the owner of E-Tech Management USA, reached out to Bumgarner about another property, but the Prime Realty broker realized that Yeung’s business would work well in the Northwest warehouse. Eventually, buyer and seller agreed to a purchase price of $730,000.
Bumgarner said that Yeung, who wasn’t immediately available for comment, still got a good deal on the property as the sales price of $14 per square foot is still below what similar buildings offering the same functionality.
This building offers dock high access, outside storage, a rail spur and a 20-foot clear height. Bumgarner said buildings with similar functionality routinely are sold in the $25 per square foot range.
Also, Jacksonville wasn’t the only place that Yeung looked before deciding on 3722 Bright Ave. to buy. Yeung also looked in Savannah, but couldn’t find any property at a comparable price. Bumgarner said that some similar sized warehouses in that port city are being marketed at much higher prices.
Also, Jacksonville provided other strategic advantages, he said.
• Available workforce
• Jax Port
• Cost of living
• Quality of life
• Cost of real estate
• Strategically located to reach a large portion of the US population by truck in a short amount of time
After about a month of him examining the Savannah market he made his mind up on Jacksonville, Bumgarner said.
Reporter - Jacksonville Business Journal
“Team Prime and their invited guests enjoyed a beautiful day at The Players Championship in Ponte Vedra Beach. Fun was had by all.”
Every year, the Jacksonville Business Journal honors 40 of the city’s up-and-coming leaders under the age of 40. This class of honorees is diverse, with individuals hailing from companies from Holland & Knight to Mayo Clinic to CSX. Prime Realty’s CEO Tyler Saldutti is honored to be added to this years list!
Our new year’s resolutions for Jacksonville, FL in 2016.
Developers are going all out, offering potential residents more than just a rental apartment, but a full living experience!
New construction has not followed the decrease in vacancy leading to a supply problem that could hurt the city attracting companies that would need a large block of space.
The Elks Building in Downtown Jacksonville sold for $4.5 million on Friday to a California buyer, according to the broker representing the seller.
Matthew Clark, vice president with Prime Realty Services, said Randy Dieu bought the property that is about 92 percent leased. There’s about 2,200 square feet of space available for lease in the building, he said. The price per square foot was $158.43.The about 28,400 square-foot building located at 201 N. Laura St. wasn’t always an easy spot to lease, Clark said.
A Beach Boulevard business center sold for $4.7 million Monday, according to the broker who put the deal together.
Tyler Saldutti, CEO and founder of Prime Realty, said the Millennium Business Center, 11744 Beach Blvd, is 100 percent leased. The Beach Center llc. sold the property to Millennium Business Center llc.
Listed are six suggestions on how a property owner can be proactive regarding insurance claims.
Freddie Mac: Increase in Multifamily Demand More than a Temporary Correction Stemming from Great Recession
By Mark Heschmeyer
Matthew Clark lives and works Downtown and wouldn’t have it any other way.
Topgolf has closed on a 15-acre parcel of land near the St. Johns Town Center for its Jacksonville facility.
Prime Realty continues to attract Chinese investors to Jacksonville during Golden Week
“I knew that’s what I wanted,” Yocum said of her Downtown move. “I’ve always wanted to be in areas that needed a little growth.”
What is Great About Jax?! We have comprised a few recent articles about our city and all it has to offer.
Once we started learning more about Daniel Kids, their history within Jacksonville and how many lives are positively touched through their many programs, we had to get involved.
2597 Oak St, a 4,810 SF retail property located in the riverside neighborhood of Jacksonville.
For Immediate Release: Prime Realty negotiates off-market sale of 2155 Corporate Sq Blvd, Jacksonville, FL
Jacksonville distribution center sold for record-setting $90 million. Written by: Jacksonville Business Journal
Hard Exercise Works located on University Blvd, opened in May 2015 and this is their build out “before & after” story.
Austin Kay Negotiates the Sale of 1101 N Main St. to Alyssa Key founder of fashion line, Love Brigade.
Hillary Rodham Clinton plans later this week to propose raising capital gains taxes for some investors, pivoting from a 2008 pledge not to increase the rate beyond 20 percent. - Written by: US News LISA LERER
Article Written By: Jacksonville Business Journal
Mastering the art of networking.
Chuck White and Efrain De Leon negotiate the sale of 5711 Richard St.
Tyler Saldutti Negotiates Power Sale in Fernandina Beach, FL
Prime Retail and Prime Industrial just got a little bit bigger as we welcome Justin O’Brien and Eric Yi.
The port of Jacksonville is relevant, although it may not be for the reasons you’d think.
Colorado investors recently bought an industrial park in northeast Ocala and have big plans for it, according to the Realtor working with the group.
Prime Realty sees the same values of focus, hard work, diversity, finishing, disciplined planning and experienced matched with talent disrupting college lacrosse the way Prime is changing the CRE industry.
Florida is on an upward trend with industrial development — like GE’s opening of a manufacturing plant within Jacksonville’s Cecil Center, which will bring 500 new jobs — helping to diversify Florida’s economy
Prime Realty has commissioned local artist Todd Rykaczewski to make 4 one of a kind paintings for our office.
The Prime Realty Team Celebrates a Great Start to 2015 at The Players
There are 1,000 new Volkswagen vehicles sitting at the Port of Jacksonville, by next Wednesday, 5,000 new VWs will have made their way to Jacksonville.
Friends of Hemming Park has a little more funding to work with thanks to a grant given by a major airline.
Hemming Park was one of six organizations selected to receive a $100,000 grant from Southwest Airlines’ Heart of the Community program, which gives public spaces the ability to “reimagine and activate” their area.
Industrial players are in the midst of experiencing another phenomenal year, thanks to strong market and economic fundamentals
Prime Realty and our team attended the festival and were proud to sponsor the ICSC Ignite Downtown event during the 2015 One Spark crowd funding festival.
The Jacksonville Armada FC is welcomed with huge support from fans.
Congratulations to Matthew Clark, Eric Bumgarner and Team Prime!
St. Johns Town Center to celebrate ten year anniversary.
What a difference 10 years makes.
Jacksonville’s Commercial Real Estate News Source on Kane Capital and Eric Bumgarner
#makeJAXhappen Prime Realty Launches Marketing Campaign Promoting Northeast Florida.
Prime Realty is proud to be a founding sponsor for this great event, now in its second year. “We feel it is important to promote entrepreneurship as a viable career path in our community”, says Tyler Saldutti, CEO of Prime Realty. “Entrepreneurs can help shape our economy and create jobs in Northeast Florida.”
Prime Realty, one of Jacksonville’s leading commercial real estate brokerage firms, announced today that it assisted in the sale of a commercial retail space at 3546 St Johns Bluff Rd. #118 Jacksonville, FL.
Prime Realty, one of Jacksonville’s leading commercial real estate brokerage firms, announced today that it assisted in the sale of a commercial office condo located at 7807 Baymeadows Rd. Suite 202 Jacksonville, FL.
The former headquarters and distribution center for Body Central Corp. went up for sale today with a list price of nearly $5 million.
Prime Realty, one of Jacksonville’s leading commercial real estate brokerage firms, announced today that they have added to their successful brokerage team with the addition of Austin Kay and Efrain De Leon.
When real estate veteran Chuck White decided to get back into the business, he didn’t have much trouble finding a job — or, rather, selecting from the handful of offers that showed up at his feet.
Jacksonville has seen a rise in several key areas of its market over the past 12 months, according to an economic growth study.
Chuck White leads our Office Brokerage service. During his 23 years brokering in Jacksonville, Chuck has personally completed some of the market’s largest tenant representation and investment/ development transactions. He works with clients and companies of all shapes and sizes, no matter the amount of the transaction. Chuck feels all clients should receive the same amount of diligence and exemplary service.
Prime Realty, one of Jacksonville’s leading commercial real estate brokerage firms, announced today that it has leased 5,000 SF of space at 6731 Stuart Ave, Jacksonville FL to Cardinal Casket Company.
Eric Bumgarner and Joseph M. Turri have a strong Q4 2014
Prime Realty’s team volunteered their time at City Rescue Mission in December 2014
Favre Motorcycles is Opening Their First American Facility at Plaza 295.
PCR Agency has expanded its office and moved to 1534 Oak St. Jacksonville FL
Our multi-family team Neil Hemenway and John Rutherford attend a Tampa Florida commercial real estate conference.
Prime Realty’s Neil Hemenway and John Rutherford Represent Local Apartment Owner for Sale to Private Canadian Investor.
Prime Realty expands its presence in October 2014 attending both the FCMA Summit at Amelia Island and the Florida Multi Family Summit in Miami. Our team had the opportunity to learn from multiple keynote speakers, meet new professionals, and bring awareness to Jacksonville investment opportunities.
Prime Realty is pleased to have negotiated the purchase of the bank owned Regency Park, a mobile home park located in the Southside submarket of Jacksonville FL. Neil Hemenway, Vice President of Multi-Family Brokerage Services, represented a local investor through the transaction.
Prime Realty is now offering Student Housing brokerage services with the addition of John Rutherford to the team.
CATHEDRAL ARTS PROJECT MOVES TO THE ELKS BUILDING
Prime Realty is pleased to announce Cathedral Arts Project has moved to the third floor of The Elks Building downtown at 201 N Laura St Jacksonville FL.
Matthew Clark, Vice President of Retail Brokerage at Prime Realty has closed 46,284 SF in retail transactions across Florida and Georgia. Prime Realty is proud to announce that Ship 2 Shore, The Happy Grilled Cheese, Ale Wife, New Leaf and Dollar Tree have opened business locations with Matthew. It has been a great year so far and we look forward to finishing the year just as strong.
Summer was a good season for Eric Bumgarner, Prime Realty, and Industrial Properties. With seventeen closed transactions so far this summer and activity picking up over the last two years, Prime Realty is anticipating a surge of industrial property sales and leases in Q4 2014 and Q1 2015.
Engineering firm Matthews Design Group has expanded its office area at 7 Waldo Street in St. Augustine FL. They are opening their doors to a larger office space taking the top floor of the two story office building.
FOR IMMEDIATE RELEASE
GU ALLSTARS IS PRIME REALTY’S NEWEST TENANT AT PLAZA 295
Exclusive: New Medical Clinic, Therapeutic BD Services, is Leasing its First Office on Phillips Highway in Colonial Plaza.
Jacksonville is #1 city to start a business…
Prime Realty is growing. The strength of our firm comes from our people and we are so glad to have too strong new members of the team; Tiffany Lane and Joseph Turri.
PRIME REALTY ASSISTS VETERAN MOVING AND STORAGE LLC COMPLETE LEASE FOR 13,500 SQ FT WAREHOUSE ON JACKSONVILLE’S WESTSIDE