FOR SALE $2,950,000 Two-Story Office Building 21,960 SF w/Private Surface Parking Lot 800 West Monroe Street $2,799,000 Jacksonville, FL 32202
DANIEL BURKHARDT KEITH GOLDFADEN FOR MORE Senior Vice President Managing Partner 6675 Corporate Center Parkway, Suite 100 INFORMATION: +1 904 404-4455 +1 904 404-4474 Jacksonville, Florida 32216 [email protected] [email protected] +1 904 363 9002 naihallmark.com THE OPPORTUNITY
NAI Hallmark, as exclusive advisor, has been retained to arrange the sale of the Owner’s 100 percent fee simple interest in 800 West Monroe Street, Jacksonville, Florida 32202 (the “Property”). Located at the intersection of West Monroe Street and North Davis Street, the Property is in the heart of Jacksonville’s central business district within close proximity to the Duval County Courthouse, Federal Courthouse and Jacksonville City Hall. 800 West Monroe is a two-story, 21,960 square foot office built in 2003 and features an on-site parking lot, a rare amenity in the downtown submarket. The location is ideal for law firms and other companies looking for convenient access to downtown, the courthouses, city government and other businesses in the CBD.
BUILDING DETAILS
Located at the southeast corner of the intersection Location: of West Monroe Street and North Davis Street in Jacksonville, Florida
Address: 800 West Monroe Street, Jacksonville, FL 32202
Land Size: 1.45 acres
Building Size: 21,960 gross square feet
Year Built 2003
Zoning: CCBD (Community Central Business District)
Parking: 80 on-site parking spaces
2 INVESTMENT HIGHLIGHTS
GREAT LOCATION
Located in the LaVilla District of Downtown Jacksonville, 800 West Monroe is within walking distance of the Duval County Courthouse and the new Jacksonville Regional Transportation Center (JRTC). The Property also borders the Brooklyn neighborhood of downtown which features many new nearby restaurants, retail, and other amenities.
PROXIMITY TO MAJOR ROADS
Less than 0.5 miles to the west, the Property has easy and quick access to I-95, which connects to I-10 and I-295 within a few minutes.
HIGH QUALITY, ATTRACTIVE PROPERTY WITH AMPLE PARKING
The building is well constructed and well maintained. The landscaping features an attractive arrangement of manicured lawn, shrubs and plants. And the private surface parking has 80 parking spaces.
POTENTIAL FOR OWNER USER
The offering gives the potential buyer the opportunity to own and use the Property, which presents potential cost savings and cash flow for the owner. There is also an opportunity to install building signage.
NEARBY DEVELOPMENT PROJECTS
Besides being located adjacent to one of the newest apartment communities in Downtown Jacksonville, Lofts at LaVilla, the Property is in close proximity to numerous major development projects, summarized on page 18 of this offering.
3 FIRST FLOOR PLAN
4 SECOND FLOOR PLAN
5 PROPERTY PHOTOS
Grand Two-Story Reception Area Conference Room
6 Kitchen / Breakroom Private Office PROPERTY PHOTOS
Executive Office
7 Restroom Outdoor Balconies on 1st and 2nd Floor AERIAL Monroe Street West
N
Davis Street North North Street Street Davis Davis
Adams Street West
8 VIEW TO WEST N
LAVILLA 2 MEDICAL OFFICE
JAX REGIONAL TRANSPORTATION CENTER
Davis Street North Monroe Street West
Adams Street West
9 NEW HEADQUARTERS Fuller Warren Bridge ($145 MILLION) AERIAL 300,000 SQ FT OF OFFICE
Acosta Bridge
Main Street Bridge N
FEDERAL COURTHOUSE
Jefferson St SITE
Main Street
SKYWAY W Monroe St
NEW HEADQUARTERS DUVAL COUNTY ($72 MILLION) COURTHOUSE 162,000 SQ FT CITY OF OFFICE HALL SKYWAY
10 THE CITY OF JACKSONVILLE Jacksonville has garnered an impressive list of top rankings Jacksonville, at 874 square miles, is the largest city by area in the continental United States. Once known as the “Bold New City of the Top 10 City for Workforce Confidence – LinkedIn October 2020 South”, Jacksonville continues to grow with nearly 1.6 million people #1 City in Population Gains During Pandemic – LinkedIn living within the MSA, and one of the highest growth rates in the country. September 2020
Due to its convenient location, mild climate, reasonable cost of living, #7 Most Affordable Large Metro People are Moving to – Roofstock July 2020 high quality of life and a business-friendly government, Jacksonville is a popular location for corporate expansions and relocations. Previously Jacksonville Tops Nation for Industrial Rent Growth – Costar February 2020 only known as an intermodal transportation hub and a leading #2 Best Place to Live in Florida in 2020 – Bankrate February 2020 distribution center, the city’s reputation in financial services and health & biomedical continues to attract a talented and diverse workforce. #4 City Where People Moved in 2019 - Hire A Helper February 2020 JACKSONVILLE HIGHLIGHTS #7 for Where Jobs Will Be in 2020 - Forbes January 2020
Home to three Fortune 500 company headquarters Top 20 Best Tech Cities for IT Jobs – CompTIA December 2019
No corporate franchise tax and no state personal income tax #1 City for Talent Attraction – Emsi November 2019 - Site Selection Group June 2019 Home to one of only three Mayo Clinic campuses and one of six MD Emerging Tech Markets to Watch Anderson Cancer Centers Fastest Growing Florida City - U.S. Census Report May 2019
Young, dynamic workforce with median age lower than the U.S. #6 Fastest Growing Large Metros – US Census Report April 2019 median Source: JAXUSA Partnership JAXPORT is Florida’s largest container port and the nation’s second busiest vehicle-handling port
11 POPULATION JACKSONVILLE TOP EMPLOYERS
Jacksonville consists of more than 500 neighborhoods in a sectional Jacksonville layout. Duval County is home to nearly 985,000 people and is expected Naval Air Station Jacksonville 20,000 to grow to over 1.0 million by 2025. The Jacksonville MSA consists of the Duval County Public Schools 13,113 following counties: Baker, Clay, Duval, Nassau and St. Johns. Baptist Health 10,650 1.5M+ people within Jacksonville MSA Naval Station Mayport 10,032 Population increased at an annual rate of 2% from 2015–2020 (1.4% Bank of America 7,700 average from 2010-2015) City of Jacksonville 7,471 Annual forecast population growth of 1.61% for the next five years Mayo Clinic 6,400 Jacksonville MSA is still the third most populated city on the East Southeastern Grocers 5,700 Coast, after New York City and Philadelphia. Florida Blue 5,700
Jackonville Region Population Current Population: 1,597,368 Ascension St. Vincent’s 5,400 UF Health 4,200 Fleet Readiness Center 4,200 Amazon 4,000 Citi 4,000 J P Morgan Chase 3,900 Jacksonville Sheriff’s Office 3,032 Gate Petroleum 3,000 CSX 2,900 AT&T 2,600 Florida State College at Jacksonville 2,594 U.S. Postal Service 2,570 Black Night Financial Services 2,400 EDUCATION Memorial Hospital Jacksonville 2,370 University of North Florida 2,352 The Jacksonville region consists of 300+ schools serving over 200K+ United Parcel Service 2,300 students and employing over 15K+ people. Deutsche Bank 2,300 St. Johns Co was once again ranked as the top school district in Florida Brooks Rehabilitation 2,240 Home to 4 of the best high schools in the country (Newsweek 2020): JEA 2,200 Stanton College Preparatory School (#5 FL / #62 US) Web.com 2,000 Paxon School (#20 FL / #195 US) One Call 1,970 Darnell Cookman School of the Medical Arts (#23 FL / #250 US) Flagler Health+ 1,800 Douglas Anderson School of the Arts (#25 FL / #261 US) Johnson & Johnson 1,800 Colleges in the area include Florida State College of Jacksonville, University of North Florida, Jacksonville University, and Edward Waters College Parallon 1,790
Source: The Newsweek/Daily Beast Company LLC and Duval County Public Schools Source: United States Department of Labor; coj.net
12 EMPLOYMENT
The City of Jacksonville continues to be the employment hub of North EMPLOYMENT BY SECTOR Florida and is home to three Fortune 500 companies because local government and business leaders have aimed at preserving the area as a Jacksonville Florida US professional location and have helped maintain an exceptional business Trade, Transportation, and 21.2% 20.7% 18.8% climate. Utilities 740K+ people employed Education and Health Services 15.6% 15.4% 16.4% Approximately 78% of workers in the city work for private companies, 11% work for the government, and 5% are self-employed Professional and Business 15.5% 15.7% 14.4% Services The single largest employer continues to be the Naval Air Station Jacksonville, which is the third largest Navy base in the United States Government 11.3% 12.7% 15.0% Other major employers include financial and healthcare industries, Baptist Leisure and Hospitality 10.7% 12.4% 9.4% Health Systems, Bank of America, Mayo Clinic, Florida Blue, Ascension St. Vincent’s Health Systems, UF Health, Citi, and JP Morgan Chase Financial Activities 9.6% 6.9% 6.1% Employment increased at an annual rate of 3% from 2015–2020 (1.8% average Construction 6.6% 6.5% 5.2% from 2010-2015) 4.6% 4.5% 8.6% As of October 2020, Jacksonville has added back 77% of the jobs lost after the Manufacturing onset of the coronavirus pandemic Other Services 3.7% 3.8% 3.9%
Employment Current Employment:741,584 Information 1.1% 1.5% 1.8% Mining and Logging 0.1% 0.1% 0.4%
Source: BLS
INDUSTRY
Jacksonville’s location along the coastline of Florida and St. Johns River has proved to be fundamental to the growth of the city and industries that lie within. In addition to being the largest city by land area in the U.S., it is also Florida’s No. 1 port by volume Employment After Onset of Coronavirus Pandemic JAXPORT set container volume records for four consecutive years Despite the impact of the coronavirus pandemic has had on the global economy, container volume only decreased by 5% during 2020 However, its biggest strength lies in Jacksonville’s diversification Over the past decade, the economy has balanced its focus on financial services, consumer goods, manufacturing, insurance, biomedical technology, information services, and distribution
13 Tallahassee
Jacksonville
Pensacola
Orlando
Tampa
St. Petersburg
West Palm Beach
Fort Lauderdale Miami Downtown Jacksonville
DOWNTOWN JACKSONVILLE Jacksonville Regional Overview Population 1,597,368 Downtown is the historic core and central business district of Households 618,049 Jacksonville. Downtown offers the most affordable Central Business Labor Force 779,600 District commercial space in Florida with rental rates competitive with Northeast Florida suburban locations. Additionally, Downtown Median Age 38.9 Jacksonville offers benefits to businesses via Community Redevelopment Unemployment 4.8% areas, a Brownfield area, an Enterprise Zone, and Empowerment Zone Average Household Income $85,975 and state and local investment programs. Cost of Living (National Avg=100) 93.5 1.1K + companies Major Highways I-95, I-10, I-295, US-1, SR-202 3 Fortune 500 headquarters 7.5M SF of office space Source: December 2020: JAXUSA Partnership, Florida Agency for Workforce Innovation, ACCRA Cost of Living Index, BLS, Forbes.com 2M+ SF of government buildings 59K+ employees 8K+ residents
14 LATEST COMPANY HEADQUARTER DOWNTOWN RELOCATIONS
VYSTAR CREDIT UNION Moved headquarters to the Central Core in 2019 23-story high-rise, adjacent 7-story building, adjacent parking garage 1.2K employees New campus includes retail, public art and unique public space Plans to build an additional parking garage and associated retail at the corner of Forsyth and Main $100M+ investment
FIS HEADQUARTERS Began construction on new headquarters in the Brooklyn District in 2020 12-story, 300K SF, $145M investment Will consolidate current headquarters and local offices, along with hiring an additional 500 employees by 2029 (estimated 1.8K total employees) In 2019, acquired Worldpay, one of the world’s leading global eCommerce and payment technology companies, making FIS, a $12B company with 55K employees
JEA HEADQUARTERS Started construction in 2020 in the Central Core beside the Duval County Courthouse 8-story, 162K+ SF, $72M+ investment Adjacent 657-space parking garage with 10.5K+ SF of activated ground floor space
15 EIGHT DOWNTOWN DISTRICTS CENTRAL CORE Encompasses much of Downtown’s office towers, government services, regional non-profits, and various art and cultural centers Work continues on key riverfront properties to enhance Jacksonville’s iconic skyline
CHURCH Situated along the northern boundary of Downtown between the Central Core and the historic Springfield neighborhood
CATHEDRAL Anchored by five historic churches Connects the Central Core to the Sports & Entertainment District LAVILLA Jacksonville’s oldest suburb, LaVilla is home to the Jacksonville Regional SPORTS & ENTERTAINMENT Transportation Center (JRTC) and the Prime Osborn Convention Center The biggest concentration of entertainment venues in Northeast Florida Redevelopment continues in the form of new workforce housing & Home to five sports teams, major concerts, the annual Jacksonville Fair and transportation projects much more The 2019 LaVilla Neighborhood Development Strategy calls for workforce, Major mixed-use developments are planned to bring residents, employees, and senior and market-rate apartments, mid-market, for-sale townhomes, a LaVilla visitors to the area Heritage Trail for pedestrians and bicycles and a Water Street road diet to connect the historic district to the riverfront WORKING WATERFRONT Development of the Lift Ev’ry Voice and Sing park is estimated to be completed Located on the eastern edge of Downtown in 2022 Primarily supports industrial waterfront uses with a special district zoning overlay to accommodate the needs of shipping, lumber, concrete, oil and BROOKLYN similar businesses operating there Connects the Central Core to the historic Riverside neighborhood and Five Points shopping and dining district SOUTHBANK Home to major headquarters, such as Black Knight Financial, FIS, Florida Blue, Home to tall riverfront office and residential towers, the Southbank sits Haskell and TIAA Bank between the St. Johns River and the San Marco neighborhood to the south Mix of uses, including riverfront office, multifamily housing, restaurants, retail It features a wealth of hotels and premier medical campuses including Baptist and light industrial Medical Center, Wolfson Children’s Hospital, MD Anderson Cancer Center and Nemours Specialty Care center
16 DOWNTOWN JACKSONVILLE – ENTERTAINMENT & CULTURE
There are many ways to get around Downtown; Drive and park at one of the 44K+ public parking spaces or use public transportation and take the Downtown Trolley or the Skyway, which connects Downtown’s Southbank to its Northbank in less than five minutes. Jacksonville’s water taxies also connect the Southbank to the Northbank, as well as the multiple hotels located along the St. Johns River.
120+ BARS/RESTAURANTS 20M+ VISITORS ANNUALLY
JACKSONVILLE SPORTS COMPLEX TIAA Bank Field – home of the Jacksonville Jaguars (NFL) 121 Financial Ballpark – home of the Jacksonville Jumbo Shrimp (Miami Marlins Triple-A affiliate) VyStar Veterans Memorial Arena – home of the Jacksonville Icemen (ECHL – hockey) and Jacksonville Sharks (NAL – arena football) DOWNTOWN MUSEUMS & ART GALLERIES Museum of Contemporary Art Jacksonville (MOCA Jacksonville) Museum of Science and History (MOSH) Jacksonville Fire Museum Main Public Library – Jax Makerspace Gallery LIVE ENTERTAINMENT VENUES Ritz Theatre & Museum Florida Theatre Times-Union Center of the Performing Arts Vystar Veterans Memorial Arena Daily’s Place Amphitheater ART INSTALLATIONS & MURALS Emergence – Water Street Parking Garage Project Atrium at MOCA James Weldon Johnson Park – centerpiece of Jacksonville’s monthly Downtown Art Walk Public Art Murals – Art in Public Places Program (Cultural Council of Greater Jacksonville) 5.5+ MILES OF BEAUTIFUL RIVERFRONT 3+ MILES OF RIVERWALK 17 DOWNTOWN JACKSONVILLE - MAJOR DEVELOPMENTS
THE SHIPYARDS – SPORTS & ENTERTAINMENT DISTRICT Iguana Investments and The Cordish Companies plan on redeveloping the area south of TIAA Bank Field and Daily’s Place (the Jacksonville Shipyards and Metropolitan Park) A Four Seasons Hotel with 177 rooms is planned for Met Park (Shad Khan already owns a Four Seasons in Toronto) Phase I will also include a renovated marina with 78 boat slips, a medical center and a parking garage Riverfront restaurants and retail space, an office complex, a riverfront park, an additional parking garage and 400 residential units The Museum of Science and History (MOSH) plans to relocate and build a new museum within the project
THE DISTRICT – SOUTHBANK DISTRICT 32-acre mega-development located along the St. Johns River Dallas-based Preston Hollow Capital plans to break ground during 1Q 2021 The $600M development will consist of 950 residential units (for sale and lease), a 200-room hotel, 200K SF of office, 121K+ SF of retail, a 125-slip marina, and public park space
THE BARNETT & LAURA ST. TRIO – CENTRAL CORE DISTRICT The historic 18-story Barnett Building’s conversion into 107 residential units, along with the location of the University of North Florida’s Center for Entrepreneurship and Innovation and a new JPMorgan Chase branch, was completed during 2019 SouthEast Group and The Molasky Group are now focusing on the redevelopment of the Laura Street Trio Buildings Construction is scheduled to begin during 1Q 2021 and will include 145-room hotel, a restaurant, a rooftop bar, a 4K SF boutique grocery store, and 4K of retail space Previously planned as a Courtyard by Marriott, the project my qualify for Marriott’s Autograph Collection, a group of independent upper-upscale to luxury hotels
18 TRANSPORTATION & INFRASTRUCTURE
While the region is traditionally known as a sprawling, car-centric community, Downtown Jacksonville is in the midst of becoming a major multi-modal transportation hub. A $57M+ regional transportation center opened in Spring 2020 and a $350M innovation corridor is in the works. Outdated bridge ramps are coming down while road diets and one-way to two-way street conversions are in the works. Parking improvements are being implemented, along with the construction of biceped loops, Riverwalk enhancements and greenways, allowing the community to take better advantage of Downtown’s waterways and amenities.
JACKSONVILLE REGIONAL TRANSPORTATION CENTER (JRTC)
Opened during Spring 2020
$57M+ multimodal station for all public transit in the region
Integrates:
40K SF JTA bus transfer facility
Skyway/U2C*
First Coast Flyer Bus Rapid Transit (BRT)
Rideshare and bike share
10K SF Intercity bus terminal connected via pedestrian walkway to the main station
*Ultimate Urban Circulator autonomous vehicle program
19