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Prime Realty’s Eric Bumgarner and Joseph M. Turri Close on 53,000 SF Warehouse

Prime Realty’s Eric Bumgarner and Joseph M. Turri Close on 53,000 SF Warehouse

CLICK HERE to read more in the JBJ.

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.

Derek Gilliam
Reporter - Jacksonville Business Journal


4 Ways To Sell Your Commercial Real Estate

When selling commercial real estate there are several marketing strategies to choose from. Below I highlight four different ways to sell a property.

On-Market Sale.
This is a highly effective sales process focused on achieving the highest sales price for a property and by far the most common sale type for real property. Property information is gathered, marketing material is created and the property is marketed through all sales channels; including, multiple listing services, buyer lists, the brokerage network, open house events and targeted advertisements.

Off-Market Sale.  
This sale type is sometimes utilize by property owners that do you not want people to know their property is for sale for one reason or another. Property information is gathered and marketed to both individual direct buyers and brokers representing buyers. A confidential marketing process is followed. Candidates for this sale type are often property owners that have an operating business at the property.

Sale By Auction.
The focus in an auction scenario is speed and not necessarily sale price. Although, in a competitive auction environment both may be achieved. There is upfront marketing cost to advertise the auction and the strategy is focused on getting the market to show up to the auction.

Call For Offers.  
This sales type is used for properties that you know there is a pool of ready, willing and able buyers. A call for offers is a closed bid auction process. All property information is gathered and marketing material is distributed. A best and final bid date is set and the seller reviews all offers on that day.

When choosing a marketing process for your commercial real estate, it is important to determine the priority between price, speed, and confidentiality.


2016 New Year’s Resolutions

Here are our wishes for Jacksonville in 2016...

 

 

Let's make it happen in 2016!

Our new year’s resolutions for Jacksonville, FL in 2016.


Prime Realty continues to attract Chinese investors to Jacksonville during Golden Week

Prime Realty continues to attract Chinese investors to Jacksonville during Golden Week

The first Golden Week of 2015 has just ended with a bang!

Nearly 5.2 million Chinese globetrotters travelled overseas from China during Golden Week 20154, and are estimated to have spent US$22.4 billion while vacationing abroad this year.4
That’s a US$4.73 million increase from last year!4

What’s more, data from China UnionPay – China’s only domestic bankcard organisation in China that is accepted in 141 countries and regions globally – revealed that overseas transactions by Chinese tourists increased nearly 50% year-on-year.5
Indeed, Chinese money is making its way around the world on an impressive magnitude, and this presents a fair shake to shrewd entrepreneurs who recognise that China is a vast well of untapped potential beyond hospitality and tourism sectors.

One such sector is real estate, which holds major Golden Week potential for property agents around the world.
Many property sellers around the world have come to notice that this is the time of "Fly ‘n Buy" customers looking to fit in property viewings during their holiday travel for purchase.

Chinese Fly ‘n Buy Clients

Here at Juwai, we often hear about these "Fly ‘n Buy" clients from customers. While peak travel seasons are well-suited for such buyers, they actually pop up year-round.
Coco Shelburne – of CoCo Shelburne Real Estate in Los Angeles – obviously knows this well and has positioned herself ahead in the game. Earlier this year, she closed on a high-security condo with a Chinese buyer from Beijing through Juwai.com.

“Rose emailed us while she was still in Beijing to seek a home to live in while her son was studying in Pasadena. Just 10 days later, we got an email – ‘I’m here,’ says Shelburne.
After showing Rose and her husband around to a selection of California properties, they fell in love with a perfect high-security condo home, and decided to make an offer the next day after a second viewing.

Not long after, Shelburne also scheduled several more viewings with Juwai Chinese buyers flying out to meet her, including in Athens, where she has a Greek business partner.
“That someone from China contacted us in the US to meet in Greece…that is a tricontinental transaction, and we thank Juwai for that. We’ve only been with Juwai for a few months, and already we’ve had several Chinese buyers contact us with budgets ranging from US$500,000 to US$3 million,” says Shelburne.
Click here to find out the impact of Golden Week on international realtors.

Cashing in on Chinese

Many countries have woken up to the economic power of the Chinese traveller, fervently implementing various Chinese-friendly methods to attract and expedite convenience for Chinese tourists – especially during the Golden Week mass travelling.
In the US, destinations popular with Chinese are pulling out all the stops to cater to Chinese culture and palates – such as California and New York.

Luxury hotels such as Trump SoHo New York and The Ritz-Carlton New York have been ardently courting Chinese tourists with Golden Week packages. At Beverly Hills in California, over half of its finest stores now employ staff well versed in Mandarin and Chinese culture, as well as accept credit cards from China’s UnionPay.1
It’s an intense fight for Chinese money, and we don’t blame them. After all, we’re talking about the world’s biggest spenders2, whose global tourist spending increased by 18% in 2014.3

California welcomed the largest tour group of 7,000 Chinese tourists to the US last year, whereby every single tour member splurged an average of US$10,000 in just seven days.1
Another country desiring Chinese arrivals is Spain, where Chinese trippers now reign supreme as the top holiday spenders.

Like in the US, Chinese cuisine and TV stations are now being offered in many Spanish hotels, while Spanish businesses are beginning to provide Chinese translated descriptions about their products.3
Even Spanish soccer giants Barcelona and Real Madrid are lending their star power by releasing a special Chinese New Year video to entice their massive fan base in China.3

 

Article Written by: Juwai- https://list.juwai.com/news/2015/03/hunting-for-fly-n-buy-chinese-this-golden-week-2015

Prime Realty continues to attract Chinese investors to Jacksonville during Golden Week


Jacksonville, FL: A Few of the Reasons We Love Our City.

What is Great About Jax?!
September 2015

We at Prime Realty think Jacksonville is the ideal city with beaches, rivers, ports, small businesses and plenty of growth potential. We love reading about Jacksonville with all it has to offer and investing in its future. We have comprised a few recent articles about our city and all it has to offer.

Matt About Jax –A La Carte in Jacksonville Beach- Jacksonville.com
Last week, I heard about a little restaurant that is a secret hot spot located in Jacksonville Beach. With a new healthier and delicious menu, I couldn’t wait to try A La Carte, a boutique-style restaurant.
As soon as I met Jennifer Lobrano, the owner of A La Carte, I felt like I had known her for years. “I love the business, and I love people,” she said as she described herself. At First, A La Carte was a catering business that Lobrano started 23 years ago. She opened the restaurant for lunch 14 years ago, and last May, she decided the menu needed a facelift and major change. This is where the healthier A La Carte was born. You won’t find any fried food on this menu, and everything sounds amazing.
Award Winning New England Clam Chowder, Lobster Bisque, Baked Haddock Fish Sandwich with a Lemon Basil Butter Sauce and a Flank Steak Sandwich with Boursin Cheese are just a few of the items you can choose from for lunch. All of the sandwiches are served with Cape Cod Potato Chips, and there are gluten-free sandwiches offered as well. The cooking is unique at A La Carte, with Jennifer keeping the recipes a secret. “Everyone is after my clam chowder recipe but, no, they can’t have it,” she said with a smile.Jennifer and A La Carte remind me again how much I love my job.
Just look for the yellow seaside cottage and enjoy one of Jacksonville Beaches best-kept secrets.
http://jacksonville.com/entertainment/food-and-dining/2015-09-02/story/matt-about-jax-la-carte-jacksonville-beach

Got beer? Visit Jacksonville wins accolades for Ale Trail - Alexa Epitropoulos
Tourist development organization Visit Jacksonville is getting praise for promoting Jacksonville's craft beer scene.
The organization won a Henry Award for Niche Marketing at the annual Flagler Awards for its Jax Ale Trail campaign, which promoted Jacksonville's eight craft breweries.
The self-guided tour sought to introduce visitors to Jacksonville's burgeoning craft beer scene through providing them with a "brewery passport" and a map.
The breweries involved include Intuition Ale Works, Bold City Brewery, Aardwolf Brewing Co., Engine 15 Brewing Co., Green Room Brewing, Pinglehead Brewing Co., Veterans United Craft Brewery and Zeta Brewing.
The Ale Trail has been completed by 600 visitors in all, according to a news release.
http://www.bizjournals.com/jacksonville/blog/morning-edition/2015/09/got-beer-visit-jacksonville-wins-accolades-for-ale.html

Jacksonville company recognized for building Top Power Plant – Jensen Werley
APR Energy PLC (LSE: APR), a Jacksonville-based global power company, has been recognized for building one of the top gas power plants by Power magazine.
APR Energy's 102-megawatt Kyaukse project in Myanmar was installed in just 90 days, and is one of the largest thermal plants in the country, according to a company statement. The plant, fueled by local natural gas resources, provides power to 6 million people, in a country where nearly 42 million people don't have access to electricity.
“We are extremely honored to be named a Top Plants Award winner by Power magazine. Myanmar is a fast-growing economy with tremendous potential,” Clive Turton, managing director of APR Energy’s Asia Pacific region, said in a statement. “Our plant in Kyaukse provides the country access to reliable electricity, helping to fill a critical power gap where three-quarters of the population lack access to reliable electricity.”
Turton added that the plant was built by APR Energy employees and contractors, many of whom were local. APR Energy specializes in quickly building power stations in countries that do not have electricity infrastructure.
The contract for the Myanmar plant, signed in February 2014, marks the first agreement between the government of Myanmar and a U.S.-based company for power generation since sanctions were lifted two years ago.
http://www.bizjournals.com/jacksonville/news/2015/09/01/jacksonville-company-recognized-for-building-top.html

FSCJ named a 'best' community college in recent ranking – Alexa Epitropoulos
Local community college Florida State College at Jacksonville is among the best in the country, according to a recent WalletHub ranking. FSCJ came in at No. 84 on the list of best and worst community colleges, tying with Shoreline Community College in Washington.
FSCJ performed the best in the education outcomes and the career outcomes categories, ranking at No. 59 and No. 85 respectively. The Jacksonville community college was joined by several other Florida institutions, including North Florida Community College in Madison, Florida, which was ranked at No. 1 on the list. Chipola College and Broward College were also in the top 20.
The study cited community colleges as increasing in popularity and reputation, due to their affordability and flexibility.
http://www.bizjournals.com/jacksonville/blog/morning-edition/2015/09/fscj-named-a-bestcommunity-college-in-recent.html

What is Great About Jax?! We have comprised a few recent articles about our city and all it has to offer.


Jacksonville Distribution Center Sold for Record-Setting $90 Million

Jacksonville Distribution Center Sold for Record-Setting  Million

The Jacksonville distribution center through which Coach Inc. ships everything its sells in North America has been bought by a Boston investor in a record-setting deal.

Cushman & Wakefield brokered the sale of the property near Jacksonville International Airport to Intercontinental Real Estate Corp., which paid $90.5 million — making it the largest non-portfolio industrial sale in the area since 2013

The 851,696-square-foot property went for $106 per square foot.

There was “significant interest” in the property, Cushman & Wakefield Executive Director Mike Davis told the Business Journal, with 10 offers getting narrowed down to three finalists.

“Selecting the buyer was a difficult decision,” he said.
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Coach (NYSE: COH) has used Jacksonville as its major North American distribution hub since the ‘90s, with its activity here bolstered by the 2005 arrival of Mitsui O.S.K. Lines Ltd., the parent company of terminal operator TraPac.

The New York City-based handbag and accessories maker has 13 years left on its lease, although Davis wouldn’t discuss details of the term.

The property went on the market about four or five months ago, with it taking about 60 days to settle on a buyer and another 60 to close.

“There’s just an incredible amount of capital worldwide that’s chasing cash flow yield,” Davis said. “This property certainly provides that — it’s a long term net lease with a marquee company.”

The center on 1 Coach Way was built in 1994, according to county records. Located on a 47.02-acre site, the property includes about 50,000 square feet of two story office space and a taxable value of $18.8 million.

The property is located inside the Jacksonville International Tradeport, also home to tenants and building owners such as Mercedes-Benz, Ecolab, and Corys Thunder.

Written by: Timothy Gibbons Editor in Chief- Jacksonville Business Journal

Jacksonville distribution center sold for record-setting $90 million. Written by: Jacksonville Business Journal


Hillary Clinton to Propose Increasing Capital Gains Taxes.

Hillary Clinton to Propose Increasing Capital Gains Taxes.

WASHINGTON (AP) — 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. The policy is part of a larger effort by her campaign to encourage greater focus on longer-term economic growth rather than more immediate gains for investors_a priority for the liberal Democrats she'll need in 2016. The new rates would be pegged to the duration of the investment, with short-term holdings taxed at a higher percentage.

In remarks on Facebook, Clinton also expanded on a promise to pursue criminal prosecution of bad actors on Wall Street, saying she would strengthen the power of government regulators and raise caps on compensation for financial whistleblowers. She also hinted at plans to modify the government fines corporations pay for wrongdoing so that the fees also target the bonuses of executives involved.
"Even though some institutions have paid fines and even admitted guilt, too often it seems like the people responsible get off with limited consequences (or none at all)," she said. "That's wrong and it has to change."

Clinton's tax proposal marks a shift from her 2008 campaign, when she promised not to raise capital gains rates higher than the 20 percent bracket established during her husband's administration. At the time, the rate was 15 percent — a result of the tax cuts championed by then-President George W. Bush.
"I wouldn't raise it above the 20 percent, if I raised it at all," Clinton said in an April 2008 debate.

Now, Clinton says a surge in companies focusing on shorter-term goals, like stock buybacks, rather than longer-range investments in employees and communities prompted her change in position. "The increase in short-termism has grown in urgency since 2008, and the urgency of our solutions has to match it," she said on Monday, in a question and answer session that Facebook hosted. Over his time in the White House, President Barack Obama has raised the capital gains rate for top earners to 23.8 percent — fulfilling a campaign promise to raise the tax.

Earlier this year, Obama proposed increasing the rate to 28 percent for the highest earners. While Clinton's proposal is still being finalized, her rate would likely be higher than Obama's plan for the shortest-held investments, according to a campaign official who spoke anonymously to discuss plans still being developed. Currently, gains on securities held for more than a year are taxed at the same rate as those held for decades. Many Democrats would like to see the rate go even higher, as part of a larger push by the party to crack down on what they see as Wall Street excess and to tackle income inequality.

Capital gains taxes disproportionally affect the wealthiest Americans. A study from the nonpartisan Tax Policy Center found that capital gains accounted for about half of the earnings of those making over $10 million_and just a fraction of those making less than $500,000.
Last month, Neera Tanden, the head of the liberal Center for American Progress and a prominent Clinton adviser, proposed a "sliding-scale" capital gains tax that would drop the rate charged the longer the security is held.

"Once an investor holds a share past the one-year mark, the tax code provides no incentives to maintain the position any longer," Tanden wrote, in a report co-authored by investment banker Blair Effron, co-founder of Centerview Partners. "A more flexible capital gains tax system could be a tool to incentivize more prudent behavior in equities markets."

Clinton's plan is part of a larger package aimed at tackling what she argues is too heavy an emphasis on quick corporate gains at the expense of workers and broader economic growth. In an economic address last week, Clinton decried what she termed the problem of "quarterly capitalism," saying businesses are paying too little attention to research and development, improving factories and cultivating talent.

"Now it's easy to try to cut costs by holding down or decreasing pay and other investments to inflate quarterly stock prices, but I would argue that's bad for business in the long run," she said. "Workers are assets. Investing in them pays off. Higher wages pay off. And training pays off."
Republicans knocked the plan, with Republican National Committee spokesman Michael Short saying Clinton is "proposing to grow Washington and the IRS by raising taxes."

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


Becoming a Master Networker

Identify yourself
Where do you get your energy? Are you more introverted and refueled by time in solitude? Or are you more extraverted and refueled by being around others? Knowing what drains and energizes you can help you to maximize your personality, a key ingredient in successful networking. Being authentic and understanding your temperament allows you to strategically plan which professional networking events are the best fit for you long term.

Consider the timing
Perhaps you have more energy to offer others early in the day rather than at night after you’ve dealt with people all day. Perhaps you prefer small groups to large crowds. Perhaps you really want an opportunity to be in the front and center of a room. Whatever the case, the more clarity you have about your temperament and the role you prefer, the more likely you are to notice and choose sustainable — and enjoyable — networking outcomes.

Set goals
Your goals will most likely be shaped by you and your company. The needs and wants of both parties must be clarified and realistic with regard to your current and future job roles. You may use professional networking to meet new clients, develop leads and referrals, increase your social and civic influence or for many other valid reasons. Whatever your desired outcome, the more clear you are in your purpose, the better you can measure success. Are you focused on the long term or short term benefits of your relationships? Are you focused on networking internally or externally? Formally or informally?

Take a personality assessment
There are scores of tests available to identify your basic personality drives and motivation. Those tests aren’t boxes to contain you, but frameworks to help you understand and articulate your temperament. Each personality type has strengths and weaknesses, especially in social situations. Knowing what you have to offer can increase your confidence in a professional networking context.

Be confident
It’s important to build on your natural foundation and strengths. This can keep you from being unrealistic or frustrated. Remember, networking is not about comparing yourself to others and wishing you were wired differently. Networking is about building relationships. Focus on what you offer best and grow from that point.

Get feedback
How do you actually view networking? What are your honest perceptions? Consider a friend or colleague who appears to have excellent networking skills - what is his or her perception of business networking? What are the similarities and differences? Recognizing the gaps in your perception will give you the opportunity to face growth directly, while talking to a trusted, socially savvy colleague may provide insight about how to approach your unique situation and networking goals.

Know who you know
Identify your existing sphere of influence. Audit your emails, social media, phone, business card holder, etc. Chances are you know at least a few people already. Go through those contacts and categorize them by priority to reconnect. This should tie back to your goals.

Know who you don't know – yet
Make a short list of people you need to meet. Make a longer list of people you want to meet. You can work with co-workers, friends, your boss — whomever —and stragically identify networking forums of common interest. You might already know someone who knows somebody on your list.

Remember the Golden Rule
Treat others the way you would want to be treated. Be honest. Smile. Follow through with your stated intentions. Vocalize your gratitude for others’ time and efforts. Keep in mind that you’re dealing with a human being, not a human doing. People are not a status. This can relieve any pressure to overcome insecurity or assumptions that someone wouldn’t want to talk to you. You’ve got to be a friend to make a friend.

Know what you shouldn't do when networking
Avoid the common faux pas:
-Asking too much
-Failing to return favors
-Lacking gratitude
-Bad breath or offensive odor
-Card blasting, a.k.a. bombarding people with your business card
-Losing touch
-Only approaching contacts when you need something
-Mistreating or disrespecting anybody
-Not listening
-Taking before giving
-Faking it
-Pretending you’ve already met
-Confusing networking with direct selling

Article Written By: Jacksonville Business Journal - http://www.bizjournals.com/jacksonville/gallery/221202

Article Written By: Jacksonville Business Journal
Mastering the art of networking.


Prime Realty Continues to Grow and Expand.

Going from a team of 7 individuals to a team of 14 in under a year is exciting for everyone here at Prime Realty! We would like to offer a warm welcome to Justin O'Brien to Prime Retail and Eric Yi to Prime Industrial.

Eric Yi will join Vice President Eric Bumgarner, and AVP Joseph M. Turri on our Industrial brokerage efforts. He grew up in the Mandarin area of Jacksonville, and attended college at Florida State University, where he earned a bachelor’s degree in Sport Management.
Shortly after graduating, Eric returned to Jacksonville as a teacher at Darnell Cookman School of the Medical Arts and Assistant Head football coach at Stanton College Prep. After serving 3 years in the education field, he decided to pursue a career in commercial real estate and began an internship at Prime in March 2015.
Eric brings a passion for determining and understanding goals, developing and communicating an effective game plan, then taking the necessary steps to achieve those goals. He plans on using his ability to converse in Mandarin Chinese to help serve international clients.

Justin O'Brien will join Vice President Matthew Clark and Sales Associate Austin Kay on our Retail brokerage efforts. He was born and raised in Upstate New York and attended the University of Florida. Justin has spent two years overseas studying and working in Germany and Italy. He speaks conversational German.
Justin moved to Jacksonville and worked in direct sales before going into the financial services industry. His responsibilities included advising high net worth clients on trades and recommending securities. Justin is known for his passion to resolve problems and add value for clients.
Justin’s excitement about the growth in Jacksonville prompted him to change careers. He joined the Prime Realty team in June 2015 as a Sales Associate in the retail brokerage department.

We could not be more excited for what is to come and what our newest team members will bring to our commercial real estate effort. We are all here to make Jacksonville happen.

Prime Retail and Prime Industrial just got a little bit bigger as we welcome Justin O’Brien and Eric Yi.


Responding to Criticisms, Outside Economist says Jaxport is ‘Relevant’

Responding to Criticisms, Outside Economist says Jaxport is ‘Relevant’

While the port is scrambling to deepen the shipping channel in preparation for larger ships brought by the Panama Canal expansion, K.C. Conway, a port analyst and senior vice president for credit risk management at SunTrust Bank, argued that there are other, equally important ingredients to port success. Jacksonville happens to excel at many of them.

“If you ask Volkswagen and Maersk if Jacksonville is relevant, the answer is yes,” Conway said, referring to the major investments both companies made to Jacksonville this year. Conway's claim is that the supply chain is changing drastically. Yes, Southern California is the nexus for most port and supply chain activity, but that is shifting to the East Coast, where 70 percent of the nation's population lives. And while having a deeper port wouldn't hurt Jacksonville, Conway said, lacking a deep port is not a deal breaker: The nation's fourth-busiest port, Savannah, is also one of the shallowest.

That doesn't mean to let up on the issue. “Keep pressure on your Legislature,” Conway told the Business Journal after his presentation at a NAIOP luncheon, “and keep your options open. But it's really everything else you're doing.”
That everything else includes major issues in the supply chain, including the growth of on-shoring, either to Mexico or even to the United States. That could shift freight from the West Coast, which specializes in Asia trade. In fact, Conway said, freight could start moving from the Western Hemisphere as more and more goods are manufactured in North America.

Other innovations, such as Jacksonville's energy market, will be a huge game changer: As ships adopt liquefied natural gas, Jacksonville is one of the leading, and only, fuel stops. “If you're the gas station,” Conway said, “you will be a key link.”

Florida has really had the potential to be a supply chain hub for a long time. Not only does it have the fourth-largest share of the country's GDP, but it's in the Southeast, the largest growing region in the country. Conway said Florida counts for much more than some might think. “If you put all of Florida's TEUs [twenty-foot-equivalent unit containers] together, you would have more than the No. 3 port, New York,” Conway said. “You just have to work synergistically and determine what's of strategic importance.” And for that, he said, Jacksonville has a strong argument. “You have to rank ports differently,” he said. “Look at what ports are luring new users and expanding shipping service. If you look at VW and Maersk, they say Jacksonville. If Jacksonville is so insignificant, why did they choose it?”

 

Written By: Jensen Werley
Jacksonville Business Journal

http://www.bizjournals.com/jacksonville/news/2015/06/23/responding-to-criticisms-outside-economist-says.html?ana=e_du_pub&s=article_du&ed=2015-06-23&u=zAaEzJiAOYaQhcptn8ERUbp0dX4&t=1435097751

The port of Jacksonville is relevant, although it may not be for the reasons you’d think.


Kane Capital Purchases 5th Florida Industrial Park

Kane Capital Purchases 5th Florida Industrial Park

Kane Capital Purchases 5th Florida Industrial Park

An investment group headed by Lee Kunz of Colorado closed about two weeks ago on Griffin Industrial Park, a five-building complex at 2200 NE 36th Ave. from E.A. Commercial Properties for $897,500, said Eric Bumgarner, vice president of industrial brokerage for Prime Realty in Jacksonville.

"This is their fifth property in Florida and they closed on that one pretty quickly, like 30 days," Bumgarner said. "We've putting a ton of money into it," Bumgarner added. "There's just a ton of deferred maintenance, painting, installing new lights and hooking everything up correctly."
Jordan Altenhof, brokerage coordinator with Prime Realty, identified the investment group as Kane Capital, LLC, and said Kane Kunz also is an investor.

Bumgarner said Griffin Industrial Park, which was built in 2003, has 36,200 square feet of building space and is about half-full with eight tenants. Angelica Day, owns Integrity Nutrition and Fitness, a tenant in Griffin Industrial Park. She described the changes since the property changed hands as "amazing."
"It was starting to look run-down and now it's starting to look lively," Day said. "They repainted the building," she said. "They put lights on the outside and in the back, which was much needed. They redid the pavement."

The Colorado investors recently began buying properties in Florida, Bumgarner said, as well as Illinois, Indiana and Michigan, because rising prices in their home state forced them to look elsewhere. "You can't get deals out there," he said. Kunz did not respond to a request for comment for this story.

Bumgarner said the new owners work quickly to refurbish their acquisitions in hopes of getting them back on the market. "Typically, we bring our other properties to 100 percent occupancy within four or five months," he said. Bumgarner said Ocala "is a little bit different" from other markets he and the Colorado group have entered so far. "It's a little bit softer market than other ones we've seen," he said. "That's why we have to be more aggressive to get it filled up."

Being more aggressive includes offering incentives. Bumgarner said he is offering 5 percent of gross lease value to any broker bringing a tenant to the complex. The typical offer is between 3 and 4 percent, he said. Bumgarner said he and the Colorado investors have high hopes for Marion County's market, adding he plans to look for additional deals here once Griffin Industrial Park gets "stabilized." "If there's a couple properties close to each other, that creates good deal synergy," he said.

Written by: By Richard Anguiano
Business editor

Click Here to Read Article.

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 Celebrates a Great Start to 2015

Prime Celebrates a Great Start to 2015 at The Players

Prime Realty’s team is having a busy and successful first half of the year with 176,030 SF in total sales, and 107,656 SF in total lease agreements. Overall the company has seen over $14 Million in deal values since January. We are exceptionally proud of our team and its growth in the last year.


The retail team and Matthew Clark have established new relationships with Cato Fashion, Metro PCS, The Cathedral Arts Project, Papa Johns, The Loop Pizzeria & Grill, and Jimmy Johns. Bringing new business to Downtown, Nocatee, and Macclenny among other places in the area.
Our office team is building their available listings and filling the complexes we currently have to 100%. While our industrial team is seeing both sale and lease success so far this year with over $4 Million in total transactions.

Team Prime is looking forward to making Jax happen, and we find ourselves excited to see what more is to come from our team. Please remember to use #MakeJaxHappen when you see someone making it happen on the first coast.
Click Here to learn more about Team Prime.

January-May 2015 Transactions
• 176,030 SF in Sales
• 107,656 SF in Lease Transactions
• $14+ Million in Transactions

The Prime Realty Team Celebrates a Great Start to 2015 at The Players


Volkswagen Makes Jaxport its Southeast Distribution Center.

Volkswagen Makes Jaxport its Southeast Distribution Center

There are 1,000 new Volkswagen vehicles sitting at the Port of Jacksonville — but they're just a fraction of what's coming to the First Coast this week.

By next Wednesday, 5,000 new VWs will have made their way to Jacksonville, as part of the Volkswagen Group of America's decision to make Jacksonville its Southeast distribution center.

The 5,000 are the first of 100,000 that will be processed at Jaxport through vehicle processer Amports.

Over the course of the next week, five shipments of about 1,000 vehicles each will arrive, including not only the Beetles, Jettas and Golfs dropped off Wednesday, but also higher-end Audis and Bentleys.

“This is part of what we've been talking about,” said Vincent Cameron, president of International Longshoremen's Association Local No. 1408, whose members were driving the vehicles off the autoliner and to Amports to be processed. “More work. Once we get dredging, there will be even more to come.”

Cameron added that work like this goes to his men, who make a livable wage and then spend it in Jacksonville.

“More work like this,” he said, “means more money for the city.”

To be able to handle vehicles like these, which were manufactured in Mexico, means the longshoremen have to go through specialized training to drive them without incident. The foremen on the ship, Cameron said, have to be extra-engaged to manage the driving of the vehicles.

“We have quite a reputation for quality of vehicle handling,” said Nancy Rubin, senior director of communications for Jaxport.

She added that the Jaxport is the No. 1 exporter for vehicles in the country and one of the top importers. Last year, the port exported more than 450,000 vehicles. Rubin said that soon the port expects to be the top port for vehicles coming both in and out of the U.S.

Written By: Jensen Worley of The Jacksonville Business Journal  -  http://www.bizjournals.com/jacksonville/news/2015/04/29/first-load-of-volkswagens-arrive-at-jaxport-many.html

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.


NAIOP: Industrial Players Gear Up for Another Great Year

NAIOP: Industrial Players Gear Up for Another Great Year

Industrial players are in the midst of experiencing another phenomenal year, thanks to strong market and economic fundamentals, says an article in the April 16 edition of GlobeSt.com.
GlobeSt.com interviewed Lang Cottrell, regional director at Goodman Birtcher and the committee chairman for NAIOP’s I.CON conference, and Thomas Bisacquino, NAIOP president and CEO. The article, in part, reads:
“Overall, I think the industrial market will perform very well, very similar to 2014, which was a phenomenal year in almost all markets. Most still believe that there is a tremendous amount of capital looking to be placed, which will continue to drive the market. Corporate users are still feeling confident about the state of the economy, and have made a decision to continue to consolidate smaller spaces into larger facilities and expand. For that reason, I think you are still going to see positive net absorption in most markets,” said Cottrell.

To read the entire article please go to: Click Here

NAIOP MEDIA CONTACT:
Kathryn Hamilton
703-904-7100
hamilton@naiop.org

Industrial players are in the midst of experiencing another phenomenal year, thanks to strong market and economic fundamentals


Prime Realty and Brokers Recognized by CoStar 2014 Power Broker List

Congratulations to Matthew Clark, Eric Bumgarner and Team Prime!

Prime Realty's Vice President of Retail Brokerage Matthew Clark and the Vice President of Industrial Brokerage Eric Bumgarner were recognized for being top leasing brokers in Jacksonville for 2014. It was a successful and productive year for both brokers as well as Prime Realty and we could not be more excited for what our team will be doing in 2015. Congratulations Matt, Eric and Team Prime.

Top Leasing Firms

Prime Realty Inc

Top Office Leasing Brokers
Top Retail Leasing Brokers

Matt Clark


Top Industrial Leasing Brokers

Eric Bumgarner

Congratulations to Matthew Clark, Eric Bumgarner and Team Prime!


Square Feet: Eric Bumgarner of Prime Realty Delivers for Kane Capital

Square Feet: Eric Bumgarner of Prime Realty Delivers for Kane Capital

Eric Bumgarner of Prime Realty has represented Kane Capital LLC in the recent purchase of several Florida properties.  The transactions included buildings located at 2611 Old Middleburg Rd., Jacksonville and 1528 Virgils Way, Green Cove Springs, as well as properties located in Melbourne and Tampa.

Eric’s client in these purchases is Kane Kunz, the Founding Manager and Owner of Kane Capital LLC. Since being founded in October 2013, Kane Capital LLC--along with other entities owned and managed by Kane Kunz--has built a portfolio of industrial parks across Florida and Michigan totaling 16 buildings. Although based in Denver, all of their acquisitions have been out of state.

Kane Kunz is effusive in his praise of Mr. Bumgarner,  “Eric … has created an incredible amount of value due to his hard work, intelligence, and general work ethic!” 

Eric and Prime Realty continue to scour the market for opportunities as exclusive agent for Kane Capital LLC

2280 Avocado Ave Melbourne, FL 32935

1528 Virgils Way Green Cove Springs, FL 32043

Published by NAIOP of NE Florida: Square Feet Jacksonville's CRE News Source

Jacksonville’s Commercial Real Estate News Source on Kane Capital and Eric Bumgarner


Prime Realty’s #makeJAXhappen Property Tour 2015

Prime Realty’s #makeJAXhappen Property Tour 2015

Prime Realty Launches Marketing Campaign Promoting Northeast Florida.
“I am so excited to announce our new campaign to make Jacksonville the city that is being talked about around the world as being the place people want to live, work and play. Check in from time to time to see what is new at makeJAXhappen.com and remember to use ‪#‎makeJAXhappen on your Jacksonville related posts. I invite you to Make JAX Happen!” - Tyler Saldutti, Founder/CEO‬

Our team of world class entrepreneurs are active in our community making business happen and creating new opportunities in our community. We assist the process of starting, growing, or repositioning a business or organization and take responsibility for its success. Team Prime Realty got together for our first #makeJAXhappen property tour. All twelve of us traveled around Jacksonville to a few of our listed properties on an East Coast Transportation luxury charter bus. Giving all agents and support staff a chance to see what everyone is currently working on.

March 17, 2015 was the start of Prime Realty’s annual #makeJAXhappen property tour. Our itinerary included a nice mix of office, industrial, multifamily and retail properties. First stop was a recent Multifamily sale for Neil Hemenway and John Rutherford at 931 Cedar St.

Next stop on our tour we got to see 1037 Park St in riverside with Matthew Clark. He got to explain to the team all of the plans for 5 points in the near future.

While we were in 5 points we made a quick stop at Matt’s recently opened tenant Alewife!

From 5 points we headed to the Westside to see an industrial listing as well as a little more retail. 7060 103rd St is managed by Prime Realty and Tiffany Lane and leased by Eric Bumgarner and Joseph M. Turri. We got to meet some of our tenants Favre Motorcycles and GU Allstars.

From the Westside we made the trip downtown to see a few Forsythe St mix-use projects. 331 Forsythe St and 120 Forsythe St. Here Matthew Clark spent some time explaining all that is coming to the downtown area.

Overall the #makeJAXhappen property tour of 2015 was successful on multiple levels. Mostly the team learned about eachothers projects and I think we are all excited about what is to come here in Jacksonville, FL.

#makeJAXhappen Prime Realty Launches Marketing Campaign Promoting Northeast Florida.


Industrial Vice President Eric Bumgarner Lists Body Central Facility

Industrial Vice President Eric Bumgarner Lists Body Central Facility

The former headquarters and distribution center for Body Central Corp. went up for sale today with a list price of nearly $5 million.

The listing comes a month after the company was forced to close all its stores after going bankrupt.

The building, at 6225 Powers Ave., is 116,901 square feet, including about 28,000 square feet of office space, according to county records.

Prime Realty's Eric Bumgarner, vice president of industrial brokerage, is the exclusive broker for the owner of the building, Powers Avenue LCC, which is managed by Beth Angelo, former chief marketing officer of the company.

Angelo is the daughter of Jerrold Rosenbaum, the founder of the company who served as the president and CEO until the Rosenbaum family sold a controlling interest in the company in 2006 to a group of investors led by WestView Capital Partners, which later took the company public.

At that same time, the company sold the building to the private equity firm for $1.15 million and then leased it back in a 10-year deal, Bumgarner said.

Body Central is in the process of liquidating assets and preparing remaining inventory and office equipment for auction.

The auction at the company's headquarters will begin at 10 a.m. March 10 with a preview the day before. Items will also be auctioned online at Moecker Auctions Inc.'s website.

The items being auctioned include IT equipment, computer systems, laptops, iPhones, warehouse equipment, forklifts, office furniture and office equipment. Clothing, accessories and the point-of-sale and security systems will be sold separately before the auction.

Vice President of Industrial Services - Eric Bumgarner

This story was originally written by Andrew Thurlow - http://www.bizjournals.com/jacksonville/news/2015/02/24/body-central-headquarters-goes-on-market-for-5.html?s=image_gallery

The former headquarters and distribution center for Body Central Corp. went up for sale today with a list price of nearly $5 million.


Industrial Brokerage Power Team Have a Busy 2014 Q4

Industrial Brokerage Power Team Have a Busy 2014 Q4

Eric Bumgarner and Prime Realty’s industrial brokerage division became a team effort in 2014 with the addition of Joseph M. Turri. Between Eric and Joseph’s combined efforts the industrial team stayed very busy at the end of the year. In the fourth quarter of 2014 the industrial team closed 18 transactions; including, 3 sales and 15 leases signed.

December 2014 came and went with multiple sales closing and leases being signed. Plaza 295 gained a new tenant in the internationally recognized Favre Motorcycles and Cardinal Casket, a sports memorabilia casket developer, has expanded to 6721 Stuart Ave Jacksonville FL.

Prime Realty is always excited to work with national investors willing to invest in our city. Harbor Pointe Business Park in Green Cove Springs was purchased by an investor from Colorado with the help of Eric Bumgarner. Also a local investor purchased 6982 Highway Ave a 40,265 SF storage warehouse on the west side of Jacksonville managed and represented by Prime Realty.

With the end of 2014 and all of its success for our industrial team, we have big plans for 2015! For more information about Industrial Brokerage and Prime Realty. Please contact Prime Realty at 904.352.1400 Ext 8.

Eric Bumgarner and Joseph M. Turri have a strong Q4 2014


Joseph M Turri Brings Italian Motorcycle Builder Favre Motorcyles to Plaza 295

Joseph M Turri Brings Italian Motorcycle Builder Favre Motorcyles to Plaza 295

Italian motorcycle designer and IMBBA recipient, Fabrizio ‘Sugar’ Favre is bringing his renowned custom bike building business to Jacksonville FL. He is known throughout Europe for his custom built motorcycles including Moto Guzzi, Ducati, Harley-Davidson, Triumph and BSA since the 1980’s. “Having the talents and skills of Fabrizio Favre here in Jacksonville will add a new value to the motorcycle riding public” said Jeff Starke, President of the International Master Bike Builders Association (IMBBA). They have opened their first store at Plaza 295 located at 7060 103rd street in Jacksonville.

Fabrizio came to America in the 1990’s to compete in Daytona’s annual Daytona Beach Rat's Hole Custom Bike Show. His great passion for the United States, and in particular for Florida, convinced him to leave Italy and move to Jacksonville. “I am extremely excited to come to America and make Jacksonville my home and provide motorcycle repairs and customization with Italian style!” said Fabrizio Favre, IMBBA certified Master Bike Builder.

Prime Realty is pleased to have helped Favre Motorcycles open its doors for the first time in North America. “We look forward to seeing him build his presence further here in Jacksonville Florida and beyond.” – Prime Realty’s Industrial Associate Joseph M. Turri.  Their brand new state of the art facility consists of 4,000 SF of auto design, repair and showroom space. For more information about Favre Motorcycles and their grand opening please go to www. FavreMotorcycles.com or contact Joseph M. Turri at 904.239.5250.

Plaza 295 and Favre Motocycles's new location.

Favre Motorcycles is Opening Their First American Facility at Plaza 295.


Industrial Update: Eric Bumgarners Summer 2014

Industrial Update: Eric Bumgarners Summer 2014

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.

Recent Transactions:

 

Recent Listings:

Roosevelt Commerce Center- 4616 Sub Chaser Ct Jacksonville FL 32244

Beachwood Commerce Center - 3500 Beachwood Ct Jacksonville FL

Lane Distribution - 627 Lane Ave  Jacksonville FL 32254

 

Did You Know?
"National industrial sales volume increased to $23.2 billion by July 2014, according to New York City-based research firm Real Capital Analytics, a 55 percent increase from the $15 billion at mid-year 2012 and a 27 percent increase from $18.3 billion at mid-year 2013."-Robert Carr, REI Online.

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.


GU ALLSTARS has Signed with Eric Bumgarner of Prime Realty for a New Location at Plaza 295

GU ALLSTARS has Signed with Eric Bumgarner of Prime Realty for a New Location at Plaza 295

JACKSONVILLE, FLA – Prime Realty has helped Plaza 295 acquire its newest tenant. “We are happy to announce GU All-stars as our newest tenant at Plaza 295” said Eric Bumgarner, Associate Vice President at Prime Realty. “The center has new ownership and we are looking forward to working together to lease each suite available.” 
Plaza 295 is a 55,200 sq. ft. flex commercial property zoned PUD located at Interstate 295 and 103rd Street in Jacksonville. The property enjoys exposure to the interstate and the available spaces provide open floor plans for office, warehouse, and showroom uses.
Plaza 295 was built in 2009 and had struggled with high vacancy. Recently the property has seen a surge of leasing activity as contractors and small businesses see an uptick in activity and require more commercial space. Five new tenants have moved into the plaza since May.
For more information about Plaza 295 space availability please contact Eric Bumgarner.

About GU Allstars of Jacksonville FL
We are a new Competitive Allstar Cheer program which started in the 2013/14 Allstar Cheer Season. We service All Areas surrounding Jacksonville such as Duval, Clay and Baker County. We offer Allstar competitive Cheer, level 1 to Level 5 Tumbling classes, Allstar cheer classes, cheer camps, cheer clinics and much more.

About Prime Realty
Prime Realty is a full service commercial real estate firm servicing developers, owners, tenants and investors throughout the Florida and Georgia markets. Prime Realty creates value for its clients through their superior process for selecting, developing, managing and marketing real estate. Their goal is to achieve the greatest return on the real estate assets they service. What separates Prime Realty from the average real estate firm is proven systems for success and commitment to operational excellence. Headquartered in Jacksonville, Fla., Prime Realty is under the direction of Tyler Saldutti.  For more information on Prime Realty, visit www.primerealtyinc.com.

COMPANY CONTACT: Eric Bumgarner at Email ebumgarner@primerealtyinc.com or Jordan Altenhof at jaltenhof@primerealtyinc.com

FOR IMMEDIATE RELEASE
GU ALLSTARS IS PRIME REALTY’S NEWEST TENANT AT PLAZA 295


Eric Bumgarner Assists Veteran Moving and Storage with Industrial Lease

JACKSONVILLE, FL (February 10, 2014) – Prime Realty today announced Veteran Moving and Storage LLC, a veteran owned moving and storage company, has signed a new lease at 5591 Commonwealth Avenue.  The 13,500-square-foot facility will service the company’s northeast Florida operations.  Veteran Moving and Storage is a subsidiary of Wheaton Van Lines. Their Commonwealth Ave location will be their first operations in Northeast Florida. The company is veterans owned and operated and “we will be offering moving and storage services to the military population in Northeast Florida”, says owner David McDonald who served in the United States Marine Corp. 

Prime Realty’s brokerage services for industrial leasing and sales is headed by Eric Bumgarner. Eric. A veteran of Operation Enduring Freedom, Eric served in the United States Air Force in Pakistan.


“We are pleased to help a new business open in Jacksonville.” said Eric Bumgarner, Associate at Prime Realty. “I enjoy helping veteran business owners with their commercial real estate needs. Veterans have given so much and it is a great part of my job when I get to be a small part of their success back here at home.”

 

Read more in the JBJ Article

 

For more information about Prime Realty’s industrial property brokerage services contact Eric Bumgarner at 904.647.2355.

PRIME REALTY ASSISTS VETERAN MOVING AND STORAGE LLC COMPLETE LEASE FOR 13,500 SQ FT WAREHOUSE ON JACKSONVILLE’S WESTSIDE