Cushman & Wakefield Negotiates Sale of Exchange South​ in Jacksonville

Cushman & Wakefield’s Karl Johnston Represented the Seller in the Disposition of Jacksonville Office and Small-bay Industrial Property​ JACKSONVILLE, FL, October 26, 2018 — Cushman & Wakefield has negotiated the sale of Exchange South, a 194,400-square-foot office and small-bay light industrial complex in Duval County. Karl Johnston of Cushman & Wakefield’s Capital Markets Group, with the leasing assistance of Mark Scott of Foundry Commercial, represented the seller in the disposition. South Florida-based Savlan Capital was the buyer. Exchange South comprises five Class A office and small-bay industrial buildings that were developed between 1990 and 1996. The property was 75.1% leased at the time of sale to 24 diversified tenants, including Konica Minolta, Ovation Credit and Omnicare. A number of tenant expansions and renewals were in-process at closing. Savlan Capital has announced plans to upgrade Exchange South through the implementation of a $2 million interior and exterior capital expenditure program. Exchange South is located at 9143 Philips Highway within the Butler/Baymeadows [...]

By |2018-11-02T16:16:15-04:00November 2nd, 2018|In the News, Press Release|0 Comments

Cushman & Wakefield’s Midyear Multifamily Report Cites Record Pricing, Deliveries in North and Central Florida

Experts Anticipate New Construction to Slow as Demand Catches Up With Supply, Although Population and Job Growth Will Continue to Bolster Multifamily Sector JACKSONVILLE, FL, September 11, 2018 – Cushman & Wakefield has released a midyear report on the North and Central Florida multifamily markets. Authored by the firm’s Florida Research Team, the report examines how such factors as the region’s dynamic population growth and strong labor trends affect multifamily real estate in the Tampa Bay, Orlando and Jacksonville markets. Over the past decade, these three regions have been some of the most active in Florida in terms of apartment demand, which was fueled by elevated gains in population. During this cycle, absorption continuously exceeded new supply and led to some sharp declines in vacancies even as the number of new units delivered annually increased. Currently, supply has started to catch up with demand, with absorption rates softening slightly as [...]

By |2018-09-11T15:59:41-04:00September 11th, 2018|In the News, Press Release|0 Comments

Rotary Club of Jacksonville Appoints Cushman & Wakefield’s Traci Jenks as President

Jenks is the Third Woman to Serve as President in the Club’s 106-Year History JACKSONVILLE, FL, July 9, 2018 – Cushman & Wakefield congratulates Senior Director Traci Jenks on being named President of the Rotary Club of Jacksonville for the 2018-19 term. With 216 members, the Rotary Club of Jacksonville is the oldest Rotary club in the state and the largest within its district, which encompasses 63 clubs in 12 counties throughout northeast and central Florida. Jenks is the third woman to lead the club since it was established in 1912. Jenks, who specializes in office leasing and sales with global commercial real estate firm Cushman & Wakefield, has been involved with the Rotary for 10 years. She has served as a member of the club’s board for two years, and previously held the role of Fellowship Chair, which is primarily responsible for event coordination, for five years. As President, [...]

By |2018-07-18T12:01:33-04:00July 10th, 2018|In the News, Press Release|0 Comments

Cushman & Wakefield Negotiates Sale of Largest Commercial Building in Jacksonville for $47.75M

Arsenault Holdings, LLC Purchased the 1.7M-SF Distribution Building from GIV Imeson, LLC JACKSONVILLE, FL, June 15, 2018 – Cushman & Wakefield has arranged the disposition of Jacksonville’s largest commercial building, One Imeson Distribution Center. The two-story, 1,701,684-square-foot distribution and office building sold for $47.75 million. Totaling 72.5 acres, the property also includes 12.3-acre container storage area, as well as a 24.2-acre future development site that can accommodate expansion and/or future build-to-suits within the park. The team of Vice Chairman Mike Davis, Senior Director Karl Johnston, Senior Director Tyler Newman, Executive Director Rick Brugge and Executive Director Michael Lerner, with Cushman & Wakefield’s National Industrial Advisory Group, represented GIV Imeson, LLC in the sale. The buyer is Louisville, Colorado-based Arsenault Holdings, LLC. One Imeson is comprised of 1,453,367 square feet (85 percent) of industrial space and 248,317 square feet (15 percent) of office space. Notable tenants include Bacardi, General Dynamics, Komyo America [...]

By |2018-06-15T11:13:20-04:00June 15th, 2018|In the News, Press Release|0 Comments

Cushman & Wakefield Retained to Sell Three Office/Retail Properties in Jacksonville

Two Former Bank Branches and a Former Child Care Facility are Ideal Properties for Owner-User Buyers JACKSONVILLE, FL, June 14, 2018 – Cushman & Wakefield has been selected as the exclusive agent for two former bank branches as well as a former child care facility in Jacksonville. Senior Director Traci Jenks is marketing the two bank properties for sale or lease on behalf of 121 Financial Credit Union. The bank properties are: 9700 Touchton Road – a 28,644-square-foot property with full-service banking capabilities on the first floor and multi-purpose office space on the second floor. The property has ample parking, as well as four drive-up lanes and an ATM. It is situated on 2.82 acres, with potential for a 4,000-square-foot expansion. Centrally located between downtown Jacksonville, the beaches and St. John’s County, the property has great visibility along Touchton Road and is convenient to several major roads and interstates, as [...]

By |2018-06-15T11:32:28-04:00June 14th, 2018|In the News, Press Release|0 Comments

Cushman & Wakefield Negotiates Top-Floor Lease for KBJ Architects at Bank of America Tower in Jacksonville

Senior Director Traci Jenks Also Represented KBJ in Sale of Its Former Office JACKSONVILLE, FL, May 17, 2018 – Cushman & Wakefield has negotiated a 13,000-square-foot, top-floor lease for KBJ Architects at Bank of America Tower. At 42 stories, the property is Jacksonville’s tallest building. Cushman & Wakefield Senior Director Traci Jenks represented Jacksonville-based KBJ Architects in the lease. The landlord is Hertz Investments. Jenks also represented KBJ in the sale of its former office at 510 N. Julia St., a historic property known as the Porter House Mansion. KBJ had occupied the entire 16,000-square-foot building since 1984. It sold in December to a Missouri-based real estate investor. Founded in 1946, KBJ is an architectural and interior design firm that does work around the world. Locally, KBJ’s designs include 27 downtown Jacksonville projects, such as the Duval County Courthouse, CSX Corp. headquarters and First Baptist Church of Jacksonville. [...]

By |2018-06-04T09:15:16-04:00May 17th, 2018|In the News, Press Release|0 Comments

Cushman & Wakefield Secures 8,084 SF Lease for Office Evolution in Jacksonville

Nationally Expanding Co-Working Franchise Plans to Open Five Locations in the Market Over the Next Several Years JACKSONVILLE, FL, February 28, 2018 – Cushman & Wakefield has negotiated an 8,084-square-foot suburban office lease for Office Evolution, a rapidly-growing B2B franchise offering co-working space, private office space, virtual offices and business services, at Jacksonville’s JTB Center. The company has plans to open five locations in the Jacksonville market over the next several years. In addition to Jacksonville, Office Evolution has several locations planned for the Tampa Bay market, the first of which is expected to open in February. Senior Associate David Hillegas Cushman & Wakefield’s David Hillegas, Senior Associate, represented Office Evolution in the lease. Victor Hughes with Touchton Property Partners represented the landlord, JTB Center, LLC. The JTB Center office, at 5011 Gate Parkway, Building 100, is currently being built out and will feature 30 private offices, a [...]

By |2018-05-07T10:15:17-04:00March 28th, 2018|In the News, Press Release|0 Comments

Cushman & Wakefield Negotiates Sale of 260,272 SF Industrial Facility in Jacksonville for $25.3M

The firm’s Florida Capital Markets Team Represented Graham Commercial Properties in the Disposition of Interstate South Commerce Center JACKSONVILLE, FL, March 23, 2018 – Cushman & Wakefield has negotiated the sale of Interstate South Commerce Center, a 260,272-square-foot light industrial complex, for $25.3 million. The Class A property is situated in Jacksonville’s Southside industrial submarket, where light industrial space is in high demand. Executive Director Michael Lerner Executive Director Rick Brugge Executive Managing Director Mike Davis Senior Director Karl Johnston The Cushman & Wakefield Capital Markets Team of Senior Director Karl Johnston, Vice Chairman Mike Davis, Executive Director Rick Brugge and Executive Director Michael Lerner negotiated the sale on behalf of the seller in the transaction, GCP-Interstate South, LLC, through its holding company, Birmingham, Alabama-based Graham Commercial Properties (GCP). The buyer is Kissimmee Land Company, LLC, a Fort Family Investments partnership based [...]

By |2018-05-07T10:15:17-04:00March 26th, 2018|In the News, Press Release|0 Comments

Cushman & Wakefield’s 2018 Florida Population Report Predicts Top Growth Markets

Highest Growth Rates Expected in Fort Myers and Orlando ORLANDO, February 22, 2018 – Cushman & Wakefield has released its 2018 Florida Population Reports, which detail projected population growth statewide and in nine major markets throughout Florida. The overall report predicts that Florida’s population will increase by just over 450,000 people in 2018, as compared to 430,000 in 2017. In the next five years, the state’s population is expected to increase from 21 million to 23.3 million. Of the markets examined, the Fort Myers MSA will see the greatest change in year-over-year population growth, while Miami is expected to see the smallest change. Tampa ranks as the largest MSA in the state, and Orlando boasts the lowest unemployment rate. “Florida’s population grew significantly in 2017, aided by continued net migration from northern and high-tax states,” said Chris Owen, Cushman & Wakefield’s Florida Research Manager. “In addition, thousands of Puerto Rico residents also [...]

By |2018-05-07T10:15:17-04:00February 22nd, 2018|In the News|0 Comments

Cushman & Wakefield Secures 23,000 SF Lease for Smith Hulsey & Busey in Downtown Jacksonville

David Hillegas, Buddy Register and Bob Retherford Negotiated the Lease on Behalf of the Jacksonville-Based Law Firm in Wells Fargo Center JACKSONVILLE, FL, February 21, 2018 – Cushman & Wakefield has negotiated a long-term, 23,000-square-foot lease for law firm Smith Hulsey & Busey in downtown Jacksonville’s Wells Fargo Center. The Jacksonville-based law firm will occupy space on the 32nd and 33rd floors of the 648,307-square-foot office building. Cushman & Wakefield’s Senior Associate David Hillegas, Senior Director Buddy Registe rand Senior Director Bob Retherford represented Smith Hulsey & Busey in the lease. The landlord is WFC Lessee, LLC. Lease negotiations were nearing completion just as Hurricane Irma hit Florida, causing the Wells Fargo Center to close for nearly a month. The Cushman & Wakefield team worked diligently with the tenant and landlord to finalize lease terms as soon as the property was back in service. At 1 Independent Drive, the 37-story Wells Fargo Center is the second tallest building in [...]

By |2018-05-07T10:15:17-04:00February 22nd, 2018|In the News, Press Release|0 Comments