Jacksonville-based F&L Corp.,

Local Group Trades 59-Acre Parcel for $5.6 Million

Lot To Be Used for Multifamily Development under the name of Picketville Partners Ltd., sold 59 acres to Boca Raton-based Falcon Commercial Development. The $5.6 million sale price ($95,220 per acre) included the 59-acre land parcel, as well as the site plans and permits. The parcel is at the southeast corner of Pritchard Road and Imeson Road in the Northwest Jacksonville submarket. The proposed usage for the undeveloped land is the development of an apartment complex with 500 to 550 units. Jack Allen of the Allen Land Group facilitated the transaction on behalf of both the buyer and seller. For further information, refer to CoStar COMPS #1361648.

Written by Mishka Parkins

RealEstate-JacksonvilleFlorida

Timothy G. Sparks of Jacksonville, FL,

Local Investor Pays $1M for Remsen Alloys Bldg.

New Owner To Occupy N. Canal Street Industrial Space acquired Remsen Alloys at 4130 N. Canal St. in Jacksonville from Alameda Pacific Inc. of Jacksonville for $1.15 million, or approximately $33 per square foot. The 35,000-square-foot industrial building is on 1.73 acres and was built in 1963. The building is in the North Side Industrial submarket. The buyer will occupy the space. Mark Wainwright of Pine Street/RPS represented the buyer. Charlie Caddell of Atlantic Commercial Properties represented the seller. Please refer to CoStar COMPS #1391948 for further information.

Written by Megan Meyer

RealEstate-JacksonvilleFlorida

Deerwood Park - Butler / Baymeadows Jacksonville Florida

Centurion Parkway Office Bldg. Trades for $6 Million First Coast Blood Alliance Acquires 50,000-SF Property

First Coast Blood Alliance bought the Carrier office buildingat 7595 Centurion Parkway in Jacksonville for $5.98 million, or about $119.50 per square foot. The property is in Deerwood Park in the Butler/Baymeadows submarket.

The one-story building was built in 1991 and is approximately 50,080 square feet. There was a 10,000-square-foot expansion of the building in 1994.

Heather Prediletto of Grubb & Ellis/ Phoenix Realty Group represented the buyer. Will Gibbs and Jim Sebasta, also of Grubb & Ellis/ Phoenix Realty, represented the seller.

Please refer to CoStar COMPS #1406884 for more information on this transaction.
Written by Mishka Parkins

RealEstate-JacksonvilleFlorida

Non-Earning Loans Mounting at BRT Realty Trust

Bad Debt Rises to 21% of Loan Portfolio

BRT Realty Trust in Great Neck, NY, has found itself saddled with more than $55 million in bad debt tied to the slow down in residential sales activity.

BRT plans to reclassify four first mortgage loans as non-earning at the end of the current quarter (Sept. 30), unless interest that remains unpaid for Aug. 1 and Sept. 1 is brought current. The loans total $66.35 million, on which there is presently $44.79 million outstanding.

Foreclosure actions are being or will be pursued with respect to each of the loans.

Each of these four first mortgage loans are secured by an existing multifamily residential or hotel property, or unsold condominium units in Florida, that have converted or are being converted to condominium ownership.

As a result of the widely reported weakness in the single-family and condominium sales market, and the difficulty potential purchasers of residential condominium units are having in obtaining mortgage loans, the pace of sales has slowed considerably, and many BRT borrowers engaged in condominium conversions are being adversely affected, the company said.

The four loans are in addition to $23.38 million of non-earning loans reported by BRT as of June 30. Those loans also represent four first mortgage loans. Two of the properties, which secured mortgage loans with an aggregate principal balance of $11.6 million, are in foreclosure and are categorized as real estate owned.

The combined non-earning loans represent about 21.6% of BRT's gross loan portfolio and 16.6% of its total assets.

"All of the loans which are non-earning are first mortgage loans and the properties which serve as collateral for all these loans are properties which we are capable of taking over and operating," said Jeffrey Gould, president and CEO of BRT.

Gould added that "since our organization has experience and capability in real estate operations and management, the key for us is taking control of properties collateralizing non-earning loans as quickly as possible and, accordingly, we are diligently pursuing foreclosure actions and all other remedies which may be available to us." Written by Mark Heschmeyer

http://www.realestate-jacksonvilleflorida.com/investment-business-information-articles.php