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Mathis Report: Commercial real estate leaders urge patience, perspective
March 19-25, 2020
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JACKSONVILLE
Record & Observer CORONAVIRUS PANDEMIC JACKSONVILLE
‘One day a time’ Record &at Observer DAVID VUKICH CHIEF MEDICAL OFFICER UF HEALTH
TESTING AT TIAA BANK FIELD
JACKSONVILLE
Record & Observer Tents for a drive-thru coronavirus testing site were set up March 18 in Lot J at TIAA Bank Field. Mayor Lenny Curry announced March 16 that the facility could be operating by the weekend.
Hospital prepares and doctor takes own precautions
JACKSONVILLE
UF Health Jacksonville’s Chief Medical Officer David Vukich said working in a hospital during the coronavirus outbreak is unlike anything he’s experienced in his 36 years at the institution. “I think it’s fair to say that nobody in this country, unless they’ve worked with Doctors Without Borders, has experienced anything Vukich like this,” Vukich said. UF Health Jacksonville started making operational changes about four weeks ago, preparing the hospital to treat and contain the virus. It hasn’t seen any positive cases as of the morning of March 18, but Vukich said that could change. He and other hospital leaders meet three times a day to update each other. The hospital is limiting access to visitors, conserving its personal protective equipment like masks and gloves so it doesn’t run out, and setting up a screening area at UF Health North. It also sent medical students home. Vukich, 69, is “concerned for myself and my wife,” and is taking his own precautions to avoid contracting the virus. Older adults are more likely to become seriously sick. But that fear isn’t keeping him or UF Health staff from coming into work. “I have absolutely no intention of stopping or backing out,” he said. “I think it’s the same at the other hospitals. Everybody is showing up for work, despite perhaps having a little bit of fear.”
Record & Observer
A
new seafood restaurant faces
home. The business impact on Northeast
a crisis as sales suddenly
Florida and the U.S. was immediate as
plummet. A grocery store
state and federal officials moved to slow
owner must deal with the
the spread of the coronavirus pandemic.
sudden demand for toilet paper, rice and
Business leaders share their stories as they
other staples. A commercial real estate
face the uncertainty of a shutdown with an
broker has visits canceled and must work at
unknown timeframe.
READ THEIR STORIES, PAGE 6
KATIE GARWOOD
Photo by Monty Zickuhr
Mendenhall Report: Concerns about an increase in city oversight PAGE 4 Basch Report: Weak fourth-quarter results at Stein Mart PAGE 8 The top 10 home sales of the week PAGE 10
THE SAILER REPORT
Apprehension, concern in residential real estate circles But there’s also a bit of optimism. PAGE 11 VOLUME 2, NO. 42 • ONE SECTION
JACKSONVILLE DAILY RECORD / J ACKSONVILLE RECORD & OBSERVER
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THURSDAY, MARCH 19, 2020
Big news doesn’t break just on Thursday. Here’s a look at some of the top stories published over the past week online at JaxDailyRecord.com and in the Jacksonville Daily Record that you may have missed.
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Shutting down the city, state, nation Closings, cancellations and business hour reductions swept the U.S. and Northeast Florida as leaders moved to slow the new coronavirus pandemic. Jacksonville Mayor Lenny Curry ordered a 50-person capacity cap at bars, restaurants and other establishments, then Gov. Ron DeSantis took it a step further announcing that bars and nightclubs must close for 30 days and Florida restaurants are limited to 50% of capacity.
Many restaurants are offering to-go and delivery services only. Groups larger than 10 also are banned at Florida beaches. City parks are closed. Meanwhile, businesses began closing, including large retailers and gyms. Simon closed St. Johns Town Center, The Avenues Mall at the St. Augustne Premium Outlets. Grocery stores, including Winn-Dixie, Harveys and Publix, reduced their hours to restock and clean their stores.
DEVELOPMENT Buc-ee’s wins permit for 104-pump gas station St. Johns County granted a building permit March 16 for Buc-ee’s Florida LLC, a Texas-based convenience store chain that wants to build a 104-pump station off Interstate 95. Buc-ee’s plans a 53,254-square-foot convenience store, a pump station and 392 parking spaces at 200 World Commerce Parkway, which is at the southwest I-95 and International Golf
Parkway interchange. J. Raymond Construction of Longwood is the general contractor for the $15.26 million project. Site grading and utility work started Nov. 1. Buc-ee’s General Counsel Jeff Nadalo said in November that store construction takes 13 to 14 months, depending on weather and soil conditions.
New York-based firm buys Mac Papers A New York-based private equity firm announced March 13 it acquired Jacksonville-based Mac Papers Inc. for an undisclosed price. Monomoy Capital Partners bought the distributor of paper and packaging products that generates more than
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CORPORATE SALES $600 million in annual sales. Frank and Tom McGehee founded Mac Papers in 1965. Their sons now run the company. Monomoy said Mac Papers COO Rick Mitchell will take over as president with Chief Financial Officer Greg Gay continuing in his position.
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THURSDAY, MARCH 19, 2020
‘It takes a village in bad times, too’
Kate Clifford, founder of the Strategic Sites commercial real estate firm, said it’s too soon to tell how COVID-19 will impact the market for the long term. “I think there is going to be this giant deep breath while everyone waits to see how it affects them,” she said. Clifford said some potential investors and tenants will wait it out, while others might make a move. “It’s possible you may see buyers with heavy resources that are stockpiled look and see maybe there’s an opportunity here,” said Clifford, whose company specializes in retail and office sales and leasing. She said March 16 she had not seen tenant requests about issues with paying rent, “but we know they’re coming.”
Impact depends on duration of virus JWB Real Estate Capital President Alex Sifakis said the impact on real estate depends on the duration of quarantines and closures until the virus is considered contained. He said his team expects that to take two to four months, creating more of a 9/11 impact than that of the 2008 Great
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Chris Morgan, co-CEO of the Cantrell & Morgan Inc. commercial real estate firm, acknowledges the serious immediate pain of the virus, but looks beyond it. “I think there is going to be some longterm benefit from it,” he said. “We will come out stronger and we will come out wiser.” Morgan Morgan predicts people will feel more confident after the “lockdown” as new cases slow and patients recover. He said Jacksonville and Florida leaders are following the actions of other states and cities in moving to contain the spread and, he believes, in the best interests of commerce. “If you look at the leadership in this state, these are all
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entrepreneurial private sector, pro-business leaders, so I take comfort in that.” Morgan said some businesses will suffer but others will do well. “Have you been to a grocery store? Those stores are doing just fine.” Morgan attributes some public fear to social media and some overreaction to an avoidance of liability. He said he is not minimizing the pain, but “we need to have some perspective. When real data gets communicated, then perspective starts to take hold.” He expects data in 60-90 day about the extent of the virus’s spread, and for warmer weather to dampen the outbreak. “The question is, how long is this going to be? If two or three weeks and everybody hunkers down, then I think the longterm effect will be minimal.” Longer, and it might be worse, but “our leadership is very cognizant of that.” One benefit will be the realization that the U.S. shouldn’t rely on foreign manufacturing of specialty pharmaceuticals and health care equipment, he said. “That is a great positive outcome.”
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JWB buys, builds, rents and manages housing and retail real estate on behalf of investors. It invests in Downtown and retail projects for its own portfolio. Stock market volatility could spur investment in real estate, he said. “Since our primary clients are individuals that want to passively invest in real estate, we are expecting to see an increase in volume over the next few months.”
331748-1
Commercial real estate leaders urge patience and perspective.
Recession. “Commercial real estate will likely be more affected,” he said. Sifakis predicts a housing slowdown in the next few months because people don’t want to “go outside to buy houses” and they don’t feel confident about the real estate market, although low interest rates will balance that somewhat. “Historically there is a high correlation between stock prices and the price of higherend real estate, so I would expect some softening and slowdown in higher-end homes than lower-end homes,” he said. Sifakis The stock market has plummeted. Sifakis expects renters could have a tough time making payments. “Landlords will need to be patient,” he said, and he hopes to see government and bank programs help defer mortgage payments. He also expects government assistance to supplement service workers, such as those at bars, restaurant and event venues, “who are going to drastically have their hours cut.” “However, people typically pay their rent before other bills, so we don’t expect to see a massive rash of nonpayments,” he said.
THE MATHIS REPORT
KAREN BRUNE MATHIS EDITOR
While some landlords might be able to relax their terms, some might have a tougher time because their mortgages on the property depend on the rental income stream. “These landlords still have to pay their mortgages,” she said. Clifford expects retail leasing to be “way off,” while Clifford office leasing might be better because some tenants need a place to work and if not this month, maybe next month. She also cited other considerations as people selfquarantine and companies cut back on services. For example, will technical and repair experts make office calls? “It takes a village in good times. It takes a village in bad times, too,” she said. “Everybody has to be flexible.”
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THURSDAY, MARCH 19, 2020
JaxDailyRecord.com
THE MENDENDHALL REPORT
Increase in city oversight is meeting resistance
MIKE MENDENHALL STAFF WRITER
Strengthening independent oversight of city agencies could dissuade private companies from doing business with the city. Some City Council members are pushing back on legislation that would increase the city ethics director’s oversight authority because they worry it could dissuade private companies from doing business with the city. Proponents say strengthening independent oversight of city agencies is necessary in light of JEA’s failed push to privatize the city-owned utility. Ordinance 2020-0103 would grant the ethics director the same unrestricted access to records and documents as Jacksonville’s Office of Inspector General from all city employees, elected officials and independent agencies and
authorities. That access extends to private companies and their subcontractors doing business with the city and companies receiving financial incentives through economic development agreements. “If an individual or company is going to receive taxpayer funds, their records would be open to our auditor, the Office of Inspector General and the Office of Ethics,” said Joe Rogan, Jacksonville Ethics Commission chair. The proposed language is a response to attempts by JEA’s private attorneys with Foley & Lardner LLP to keep Carla Miller, director of the City Office of Ethics, Compliance and Oversight, from attending confidential December negotiations in Atlanta with private companies seeking to buy the utility. According to Rogan, Miller was only allowed to attend and keep notes of the meetings after intervention from city General Counsel Jason Gabriel and City Council President Scott Wilson, who convinced Foley & Lardner attorneys and JEA officials to let the ethics director in the room. The JEA board canceled the utility’s invitation to negotiate and push toward privatization Dec. 24 after scrutiny from the public and Council. Minutes before the Council’s final vote March 10, the ordinance was re-referred to the Rules Committee after Coun-
File image
Carla Miller is director of the City Office of Ethics, Compliance and Oversight.
cil members LeAnna Cumber, Aaron Bowman and bill co-sponsor Ron Salem raised concerns about the possible impact on private industry doing business with the city. The public records requirements for private companies and subcontractors in mirrors language in the existing ethics code under the powers of the inspector general. While both positions provide independent oversight, the inspector general is focused on financial fraud, waste and abuse in city government while the ethics director targets process compliance with city laws, rules and regulations. Council member Matt Carlucci argues the bill elevates the ethics director even with
the inspector general. He said he’s not seen Miller or the Ethics Commission overreach in their duties, and ethics officials should not have to “fight to be in the room.” “When you do business with the city it is public record whether you like it or not,” Carlucci said. The Ethics Commission voted unanimously Feb. 3 to recommend Council approve the ethics code amendment. Wilson introduced the bill Feb. 11 and the Council Rules Committee approved it 6-0 three weeks later. The bill won’t be debated again until Council returns April 6 from an emergency recess ordered by Wilson to slow the spread of the new coronavirus. At the March 10 meeting, Bowman argued the bill could hurt the city’s ability to use taxpayer-backed incentives as a recruitment tool to bring private companies to Jacksonville. Bowman said companies might be concerned about being subject to additional disclosures of confidential corporate information to the public. He said he will not support the bill as written. “This would be companies like FIS, Wayfair, Amazon, JinkoSolar. Is that what this bill is really saying, that we have unlimited access to go in and request information from these companies because they signed an economic development
agreement with the city of Jacksonville?” Bowman asked. “I understand the JEA debacle and the need to make changes, but this seems to me like this is far overreaching of what we should allow an ethics commission to do,” Bowman said. Jacksonville Procurement Division Chief Gregory Pease said city procurement contracts, requests for proposals and invitations to bid include some of the bill’s language. He told Council members that additional public records requirements will increase the burden on the procurement process. “You’re placing more restrictions on those companies that are going to respond. We have a hard enough time getting folks to respond based on the more than 50 terms and conditions we have in our contracts as it is,” Pease said. “I think there could be unintended consequences.” Council member Rory Diamond, who chairs the Council’s Special Investigatory Committee into JEA Matters, said a Rules Committee amendment restricting Miller’s access to records “relevant to the duties of the Office” alleviates his concern about overreach. MMENDENHALL@ JAXDAILYRECORD.COM @MIMENDENHALL (904) 356-2466
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Economic Outlook & Overview of CRE Influences We are excited to feature Researcher and Economist K.C. Conway as our guest speaker at the first quarterly luncheon of 2020. K.C. will provide a macroeconomic overview with a focus on Florida and Jacksonville. He will also discuss the influences, trends and disrupters that CRE professionals need to be aware of and stay in front of for continued success in the industry. Mr. Conway has spoken to us in the past and has provided some very valuable information about our market and industry. We hope you will join us for this compelling presentation.
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THURSDAY, MARCH 19, 2020
BY SCOTT SAILER • STAFF WRITER
Here are the top 10 commercial real estate sales in Northeast Florida, comprising Baker, Clay, Duval and St. Johns counties. The sales were recorded March 9-15.
The Mandarin Central shopping center at 11018 Old St. Augustine Road sold for $9.4 million.
DUVAL
DUVAL
ST. JOHNS
DUVAL
ST. JOHNS
$9,400,000
$5,360,000
$3,150,000
$1,251,670
$1,050,000
11018 Old St. Augustine Road, Jacksonville
14055 Philips Highway, Jacksonville
Parkland Trail, St. Augustine
Kit Fox Parkway, Jacksonville
Parkland Trail, St. Augustine
Type: Mandarin Central shopping center Parcel size: 7.31 acres Building size: 63,346 square feet Buyer: Mandarin Central Plaza LLC Seller: MPI/Mandarin Central Inc. Previous sale: $4,650,000 in 1998
Type: Undeveloped multifamily Parcel size: 19.13 acres Buyer: Jax Philips Hwy Apts LLC Seller: Masterfit Golf Teaching and Fitting Academy Inc. Previous sale: $900,000 in 2003
Type: 45 residential lots at Parkland Preserve Phase 1 Parcel size: Not available Buyer: Forestar Real Estate Group Inc. Seller: NGMB Properties LLC
Type: 22 residential lots in Fox Creek Phase 3A Parcel size: Not available Buyer: D.R. Horton Inc.Jacksonville Seller: Forestar Real Estate Group Inc.
Type: 15 residential lots at Parkland Preserve Phase 1 Parcel size: Not available Buyer: D.R. Horton Inc.Jacksonville Seller: NGMB Properties LLC
ST. JOHNS
ST. JOHNS
DUVAL
DUVAL
DUVAL
$1,024,700
$1,000,000
$725,000
$612,750
$601,000
100 Front Nine Drive, St. Augustine
211 Florida 16, St. Augustine
13361 Atlantic Blvd., Jacksonville
Aralia Lane, Jacksonville
Wells Creek Parkway, Jacksonville
Type: Rental real estate Parcel size: Not available Buyer: Vacation Trust Inc. Seller: Bluegreen Vacations Unlimited Inc.
Type: Commercial Parcel size: 0.89 acres Buyer: Circle K Stores Inc. Seller: Julian B. and Theresa A. Coomes
Type: Office Parcel size: 1.03 acres Building size: 6,664 square feet Buyer: Yellowbird Birdhouse LLC Seller: IHA Buildings and Land LLC Previous sale: $582,000 in 2007
Type: 15 townhome lots at Aralia Place Parcel size: Not available Buyer: D.R. Horton Inc.Jacksonville Seller: CLDG Aralia LLC
Type: Undeveloped multifamily Parcel size: 0.01 acres Buyer: Jax Philips Hwy Apts LLC Seller: Wells Creek LLC
COMMERCIAL REAL ESTATE
Top commercial sales of the week
5
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THURSDAY, MARCH 19, 2020
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CORONAVIRUS PANDEMIC
‘It changes day by day’ Northeast Florida business leaders share their reactions, concerns to COVID-19 shutdown. JAKE GORDON
CEO DOWNTOWN VISION INC.
Fears for projects awaiting approvals, financing Downtown Vision Inc. CEO Jake Gordon said he’s usually positive, but he’s concerned about the impact of the new coronavirus. “Downtown was on a good upward trajectory. For that to continue, the economy has to stay strong. For investment to continue, there needs to be money available.” Projects under construction are unlikely to come to a halt, but he is worried about developments that haven’t obtained approvals and financing. Gordon said historic renovations and adaptive reuse projects pose more financial risk than new construction, and an economic downturn, sliding stock market and comparatively low rental rates could Gordon dissuade investors. Although Downtown Vision agrees with government-mandated business capacity restrictions and bar closures, Gordon realizes that lost revenue could force some businesses to close permanently. He is encouraged that Gov. Ron DeSantis activated the Florida Small Business Emergency Bridge Loan Program and Mayor Lenny Curry is considering city relief dollars. Results will depend on how quickly businesses receive the money. The nonprofit sent staff members home to work from there, but gave them stipends for lunch Downtown. “I highly encourage everyone to still patronize these smaller businesses via the internet and gift cards. If you really love these businesses, this is a time we need to support them.”
MIKE MENDENHALL
CARRIE SMITH MANAGING DIRECTOR FRANKLIN STREET JACKSONVILLE
Concern for the impact on small businesses Carrie Smith worries about the effect of COVID-19 on small businesses. “What I hope and pray for is this doesn’t have a lasting impact on the small business owner,” said Smith, who represents retail tenants and landlords for the Franklin Street commercial real estate firm. One of her clients is a formalwear and bridal store. “They are very concerned with proms not taking place and weddings being canceled,” she said. Such events are understandably of small concern to government and medical officials trying to contain the spread of the new coronavirus. But those events represent sales and a livelihood for small business owners who depend on the commerce, she said. Smith Sports bars first faced the impact of canceled sporting events and on March 16, Mayor Lenny Curry ordered bars, restaurants and other social gathering areas with an occupancy of more than 50 to limit patrons and employees to that number. On March 17, Gov. Ron DeSantis ordered bars and nightclubs closed for 30 days. Smith said her office was operating as usual last week. By midweek, clients were canceling visits. By March 17, she was working from home. “By the end of last week, there was concern in our industry that is going to have a pretty heavy and lasting impact on small businesses, including franchise concepts,” she said. “It changes day by day,” she said.
KAREN BRUNE MATHIS
File image
Rob Rowe’s Rowe’s IGA Supermarkets operates five stores in Northeast Florida.
ROB ROWE | OWNER | ROWE’S IGA SUPERMARKETS
Grocer deals with ‘stock-up mentality’ Rob Rowe can’t remember when toilet paper has been in such demand. “But when people buy two months’ worth in one shopping trip, there is going to be a ripple effect to supply,” he said. “If people think they will be without, they will buy whatever they see to ensure they have what they want.” Among other big sellers: Sanitizing products, rice and meat. Volume is up. Sales doubled over the weekend, and March 16 was triple the week before, straining supply. On March 18,Rowe cut operating hours by two hours to open at 9 a.m., rather than 7 a.m., and continue to close at 10 p.m., primarily to accom-
modate suppliers who can’t deliver goods fast enough because of shoppers’ “stock-up mentality.” “It has been very strenuous on staff, but so far we have been able to take care of our customers’ needs.” he said. Until the virus passes, he advocates: “One day at a time, stay safe, do the best you can for your friends and neighbors, be understanding to all in need in this crisis. Respect everyone, as we all have our fears, our needs, wants and difficulties. God bless all, we will overcome this if we all stick together.”
KAREN BRUNE MATHIS
MIKE BALANKY CEO CHASE PROPERTIES
MATT JOSEPH OWNER SOUTHERN COAST SEAFOOD
Real estate markets will slow down, bounce back
A new restaurant faces plummeting sales
Real estate developer and Chase Properties CEO Mike Balanky believes any slowdown in the residential and commercial real estate markets because of the new coronavirus will be temporary. “I think they’ll slow down then bounce back once we get a grip on the virus, much like the stock market,” he said. The 275-acre joint Chase Properties-D.R. Horton project in St. Johns County is under construction. Balanky expects projects Balanky that have broken ground could be impacted by virus-induced personnel shortages, but he hasn’t been notified of any. “It’s a force majeure issue here. It’s an act of God,” he said. “We need to come together and work in good faith.” Balanky anticipates contractors and crews might stay home with their children as area school districts remain closed. Some workers might want to avoid job sites because of exposure risks. “I’m going to let the contractors go at the pace they need to go. In my opinion, they need to do what they think is right for the safety of themselves and their families.” Developments subject to the government regulatory process are stalled. A proposed land swap between the city and Chase Properties at Goodbys Creek Preserve will sit idle until public meetings are scheduled to resume April 6.
Southern Coast Seafood had barely been open a month when the coronavirus arrived in Duval County. Now, its owners are seeing declines in business after a strong first month in business. Matt Joseph, one of the owners, said the restaurant was “firing on all cylinders” up until last weekend when sales dropped. “Honestly it kind of sucks, I was waiting to get to that one month point to start feeling out my operational costs and all that. Now all this Joseph happens. I have to start all over,” he said. Sales were down 50% on March 15, 35% March 14 and 20% on March 13. He said many of those who did come to the Monument Road restaurant had hand sanitizer on the table. He’s implemented more stringent, frequent sanitizing policies in the restaurant, and offered curbside pickup to continue to bring in business. Joseph said he’s also worried about paying his staff’s salaries. “I’m worried about this week,” Joseph said. “I don’t even know if it’s going to be worth it if we’re just breaking even … You have to keep people making money and my employees matter to me. If we are breaking even and I’m putting money in their pocket then it would be worth it to us.”
MIKE MENDENHALL
KATIE GARWOOD
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THE BASCH REPORT
Weak fourth-quarter results at Stein Mart
MARK BASCH CONTRIBUTING WRITER
The fashion retailer agreed to a buyout by a private equity firm in January. In what could be our last look at Stein Mart Inc.’s finances, the Jacksonvillebased fashion retailer last week reported a slow holiday season. Stein Mart, which has agreed to a buyout by a private equity firm, reported a net loss of $255,000, or 1 cent per share, for its fourth quarter ended Feb. 1. For its entire fiscal year, Stein Mart had a net loss of $10.5 million, or 22 cents a share. The company launched several programs to increase sales in the summer and fall last year but in the fourth quarter, comparable-store sales increased by just 0.1%. Comparable-store sales, or sales at stores open for more than one year, are considered a key indicator of a retailer’s performance. Total sales in the quarter fell 1.2% to $336.6 million, because the company closed four stores in fiscal 2019. Stein Mart operated 283 stores across the country at the end of the fiscal year
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Stein Mart reported a net loss of $255,000 in the fourth quarter that ended Feb. 1.
and said it closed two more in February this year. Like other retailers, Stein Mart on March 18 announced it is temporarily closing all stores through at least March 31 because of COVID-19. For the full year, total sales fell 3% to $1.22 billion and comparable-store sales decreased 1.4%. One positive for the company was online sales rose 11% in 2019.
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Because of the pending buyout by Kingswood Capital Management, Stein Mart officials did not have a conference call to discuss quarterly results. An affiliate of Kingswood agreed in January to buy all shares not owned by Stein Mart Chairman Jay Stein for 90 cents a share. Stein will continue to own about onethird of the company after the buyout. The deal is expected to be completed
by mid-2020, so Stein Mart may not be issuing any more quarterly financial updates. However, the impact of the coronavirus could change the timing. Stein Mart needs shareholder approval of the buyout offer. While the company in February filed a preliminary proxy statement, it has not scheduled a shareholders meeting and the new coronavirus could make it
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difficult to hold one. Stein Mart’s stock was trading at 65 cents before the deal was announced Jan. 31 and the stock was trading mainly between 88 and 89 cents for most of February. However, the stock dropped sharply with the rest of the market during the coronavirus-related sell-off, falling to a low of 35 cents March 18. The company’s Securities and Exchange Commission filings related to the merger do not say if the purchase price can be revised if market conditions change.
The Wrench Group buys Donovan Heat and Air
THURSDAY, MARCH 19, 2020
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International Baler sales fall in first quarter International Baler Corp. reported a net loss of 184,481, or 4 cents a share, in the first quarter ended Jan. 31. The Jacksonville-based maker of balers used for recycling and waste disposal said sales in the quarter fell 19% to $2.01 million. International Baler’s quarterly report filed with the SEC said the sales drop resulted from “market conditions.”
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Coach seeks new CEO after Shulman leaves Tapestry Inc. last week said it is searching for a new CEO for its Coach fashion accessories brand. The company, which also owns the Kate Spade and Stuart Weitzman brands, said Joshua Schulman will leave as head of Coach after a transition period, while the company looks for a successor. Tapestry CEO Jide Zeitlin is staying with the company for three years, the company said. Coach, which handles all North American distribution from a warehouse at Jacksonville International Tradeport, grew sales in the second quarter ended Dec. 28 while the other two Tapestry brands reported declines. Total Coach sales rose 2% to $1.27 billion and comparable-store sales also increased 2%.
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The Wrench Group announced last week it acquired Donovan Heat and Air Inc., which serves the Jacksonville and St. Augustine markets. Bill and London Donovan founded Donovan Heat and Air in 1987. Their sons Kyle and Joel will continue to run the Jacksonville organization under its existing brand, Wrench said. Wrench is a home repair and maintenance company based in Marietta, Georgia. The company has expanded in Florida with recent acquisitions of air conditioning businesses in Tampa and Naples. “Part of Wrench’s strategy is to partner with market leaders, and Donovan has an outstanding reputation in the Jacksonville area, and has experienced very impressive organic growth over many years,” Wrench CEO Ken Haines said in a news release. Terms of the deal were not disclosed.
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PEOPLE ON THE MOVE Promotions,hirings and happenings for business people in Northeast Florida.Send items to ssailer@jaxdailyrecord.com Leadership Jacksonville will honor three communityleadersatits30thAnniversaryof YouthLeadershipJacksonvilleatCelebration 2020,tentativelyplannedfrom6-8p.m.June 11,rescheduled fromApril 7,at theJessie Ball duPont Center at 40 E. Adams St. Honored will be Cindy Edelman, LJ class of 1989; Coley Jones, LJ 2014 and YLJ 1994; and Linda Wilkinson, LJ 1998. Tickers are $150 per person. For information and registration,call 396-
6263, ext. 4, or visit leadershipjax.org. Marvin McLellan joined AmeriPro EMS as vice president, responsible for operations leadership of EMS in Florida. He was director of business development with Lacuna Health, a division of Kindred Healthcare.
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RESIDENTIAL REAL ESTATE
JACKSONVILLE DAILY RECORD / J ACKSONVILLE RECORD & OBSERVER
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THURSDAY, MARCH 19, 2020
Top 10 home sales of week BY SCOTT SAILER STAFF WRITER
Here are the top 10 single-family residentialrealestate sales in Northeast Florida, comprising Baker, Clay, Duval, NassauandSt.Johns counties. The sales wererecordedMarch 9-15.
NASSAU
$2,640,500 8148 Residence Court, Fernandina Beach About the property: Three-story, fivebedroom, 5½-bath home on Amelia Island features ocean views, terraces, fireplace, summer kitchen and elevator.
Type: Single-family Lot size: 0.31 acres House size: 4,658 square feet Buyer: Alcon Holdings LLC Seller: Anthony M. and Lori L. Landis Previous sale: $900,000 in 2005
DUVAL
CLAY
$1,722,500
$1,420,000
5062 Yacht Club Road, Jacksonville
2117 N. Lakeshore Drive, Fleming Island
Type: Single-family Lot size: 1.26 acres House size: 5,035 square feet Buyer: Edward D. and Cristine S. Tennant Seller: Sherri R. and Timothy J. Geddes Previous sale: $1,300,000 in 2004
Type: Single-family Lot size: 0.59 acres House size: 5,745 square feet Buyer: Ronald J. and Jessica L. Gosselin Seller: James W. and Lori A. Horne
ST. JOHNS
DUVAL
$1,699,000
$1,212,415
167 Grand Palm Court, Ponte Vedra Beach
429 S. Royal Tern Road, Jacksonville Beach
Type: Single-family Lot size: 0.34 acres House size: 3,872 square feet Buyer: Juan L. Perez-Vega and Abigail A. Damesyn-Vega Seller: Dream Finders Homes LLC
Type: Single-family Lot size: 0.56 acres House size: 5,655 square feet Buyer: Regions Bank Seller: Barbara A. and Carlton D. Jones Previous sale: $1,250,000 in 2002
DUVAL
$1,425,000
ST. JOHNS
ST. JOHNS
ST. JOHNS
$2,400,000
$2,200,000
$2,150,000
321 San Juan Drive, Ponte Vedra Beach
San Juan Drive, Ponte Vedra Beach
10 Ponte Vedra Circle, Ponte Vedra Beach
Type: Single-family lot Lot size: 0.66 acres House size: 1,903 square feet Buyer: Janet Strickland Seller: Edith L. M. Baldwin
Type: Single-family lot Lot size: 0.38 acres Buyer: James G. and Janice K. Pyle Seller: Eugene G. and Kathryn C. Peek
Type: Single-family Lot size: 0.36 acres House size: 3,668 square feet Buyer: Anthony V. and Valerie C. Laudicina Seller: Daniel J. and Kelly Flynn
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8514 Cathedral Oak Place N., Jacksonville Type: Single-family Lot size: 2.14 acres House size: 4,912 square feet Buyer: Bentley J. and Julie A. Bradley Seller: Zelda S. Gartner and the Zelda S. Gartner Revocable Trust Previous sale: $75,000 in 1972
DUVAL
$1,100,000 1031 First St. S., No. 204, Jacksonville Beach Type: Costa Verano condominium Condominium size: 2,605 square feet Buyer: Sharon Rowlands Seller: Karen S. Grodhaus and The Karen S. Grodhaus Living Trust Previous sale: $980,000 in 2007
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THURSDAY, MARCH 19, 2020
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THE SAILER REPORT
In real estate circles, canceled events – and apprehension
SCOTT SAILER STAFF WRITER
Realtors and lenders are working at home, reassuring clients and moving to electronic closings. Just like other businesses reflecting on the upended stock market and global economy, Northeast Florida residential real estate businesses are assessing what to do. The Northeast Florida Association of Realtors closed its doors and changed how it does business to reduce the risk of spreading the new coronavirus, said Communications Director Melanie Green. It canceled all in-person classes, events, tours and meetings until further notice at all the NEFAR offices. As of March 17, employees will be working at the offices, but all transactions will be done digitally and through a delivery service. She said it was too early to tell how the virus will affect the residential market because “we have no quantitative information.” The Northeast Florida Builders Association canceled events for the remainder of the month, following the guidelines set by the mayor’s office, said Executive Officer Bill Garrison. Michelle Mousin, Realtor with Engel & Volkers, said homebuyers are considering the uncertainty, watching their stock portfolios shrink and “hunkering down, Mousin putting things on hold.” People are “concerned because their portfolios are affected. It’s all tied together,” she said. Much of Mousin’s business is in the high-end market from St. Augustine to Atlantic Beach and over to Intracoastal West. Houses already listed are still for sale, and Mousin said her group is “trying to calm and reassure our clients.” “We are seeing more people searching online, watching virtual tours, virtual open houses and not going to open houses. Things are really shifting,” she said. Realtors are working from home. Mousin said financial advisers have told her the high-end residential market will be impacted the most by the sudden
economic changes and the volatility. Those buyers will wait for the uncertainty to pass, she said. Chip Lynn with Closing Bear LLC, a title insurance and closing company for residential and commercial real estate closings, said he already has seen an impact on the life cycle of real estate transactions. Lynn, Closing Bear CEO and managing attorney, heard from Realtors that a few listings have been canceled by people who don’t want potential homebuyers walking through their houses. Lynn Some created rules such as requiring buyers to walk around the outside of a house first to see if they are interested. If they want to view the inside, they must wear masks and not touch anything. Before the virus, the closing process usually was engaging, he said, with handshakes, high-fives and taking pictures, but now everyone keeps their distance. Electronic closings will increase, he said. Lynn said low interest rates make it a great time to buy and lenders are still full speed ahead as far as the deals go. Loan officer Andrew Cady with Fairway Independent Mortgage Corp. said he was not seeing a lot of issues locally yet. “What we are seeing locally more than anything is apprehen- Cady sion” from buyers, he said. Nationally, he is seeing where there is a “heavy concentration” of the virus, like in Washington state, that appraisers are rejecting orders “and not wanting to go into homes.” He heard that a national title company in New York is “not doing any more closings until this passes.” That adds implications when there are interest rate locks and expiring borrower documents. Cady said most people in a transaction are moving ahead with business as usual. There is some softening in loan applications from people who want to see what will happens before buying. He said there’s a fear that people may lose their jobs due to shutdowns and that workers in industries like the airlines, cruise lines, restaurants and bars will loose the “approve” ability of their home loan. At the same time, Cady remains optimistic and sees opportunity with low interest rates for homeowners to refinance and consolidate debt with the equity they have in their homes. SSAILER@JAXDAILYRECORD.COM (904) 356-2466
“ Difference We Make a
“It’s always a great feeling when you help someone overcome a challenge. I thrive on that. “One of our clients was running a small weekly campaign for his flooring store for about a year. If he was going to move his sales needle, I felt he needed to invest more. “So we did some homework and found he was eligible for co-op advertising dollars through one of his vendors. “With help from the vendor we created new ads that paid 50% of the cost. “The client was able to double the size of his ad and increase his frequency for a six-month period. “The bigger ads paid off. His revenues grew — and his trust in us grew. “I love problem solving. This was all about building a relationship and creating solutions.” Jaclyn Centofanti Advertising Manager Palm Coast Observer
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“We are seeing more people searching online, watching virtual tours, virtual open houses and not going to open houses. Things are really shifting. Realtors are working from home.” 328894-1
MICHELLE MOUSIN, REALTOR WITH ENGEL & VOLKERS
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JACKSONVILLE DAILY RECORD / J ACKSONVILLE RECORD & OBSERVER
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THURSDAY, MARCH 19, 2020
JaxDailyRecord.com
THE MARBUT REPORT
Local candidates on The Florida Bar ballot
MAX MARBUT ASSOCIATE EDITOR
Online and vote-bymail polls close March 23. The 2020 Florida presidential primary election went into the books this week, but there’s another election, exclusive to the legal community, that’s just halfway through the voting period. Local candidates for offices in The Florida Bar are campaigning for president-elect and seats on two boards of governors. At the top of the ballot is Michael Tanner, a partner in Gunster’s Jacksonville office, who wants to be president of The Florida Bar. If elected, he will become in 2021 the first president of The Florida Bar from Jacksonville since Hank Coxe led the state organization in 2006-07. Tanner, 66, graduated from the University of Florida Levin College of Law and was admitted to the Bar in 1978. He practices business litigation, appellate law, professional liability defense and
File image
Michael Tanner is running for president of The Florida Bar.
election law. The other candidate on the ballot for president-elect is Renee Thompson, a civil litigator and mediator at Upchurch Watson White & Max in the firm’s Ocala office. Thompson is chair of the Bar’s Technology Committee and has represented the 5th Circuit on the board of governors since 2013.
Gillam, Phillips seek seats on board of governors When Michael Tanner resigned from The Florida Bar board of governors to mount his statewide campaign for president-elect, that created a vacancy on one of the 4th Judicial Circuit’s two seats on the board. Two candidates qualified for election to the term that
expires June 25, 2021. W. Braxton Gillam IV is a partner at Milam Howard Nicandri Gillam & Renner. He served on the Jacksonville Bar Association board of govGillam ernors from 2004 to 2014 and is a former president of the association. In 2008, Gillam was appointed to the Jacksonville Ethics Commission and was chair in 2011 and 2012. He has served on the city Downtown Investment Authority’s board of directors since 2017. Gillam is board-certified by The Florida Bar in business litigation and civil trial and is a member of the Trial Lawyers Section Executive Council.
John Phillips is founding partner of Phillips & Hunt. He was selected “Best Lawyer,” “Righteous Crusader” and “One of the 29 Most Influential People in JacksonPhillips ville” by the readers of Folio Weekly magazine; “#1 Lawyer” by the readers of Void magazine and “Face of Justice in the 904,” “Top Lawyer” and “Company with a Heart” by 904 Magazine. Phillips served on the Jacksonville Human Rights Commission from 2015 to 2017. He is board-certified by The Florida Bar in civil trial.
Three seek seats on the YLD board of governors
Three candidates are seeking election to represent the 4th Circuit on The Florida Bar Young Lawyers Division board of governors. Valeen Arena is a 2015 graduate of the University of Florida Levin College of Law and a Arena law clerk for U.S. District Judge Brian Davis. She has been a member of the Jacksonville Bar Association Young Lawyers Section
board of governors for the past three years. Arena served as chair of the Social Committee and co-chair of the Judicial Relations Committee. Angela Huston Miller is a tax attorney at Fletcher & Phillips. While attending Miller law school at Florida State University (Class of 2012), Miller was a member of the YLD Law School Division board of governors. Sarah Morris is a 2015 graduate of Florida Coastal School of Law. She joined the public defender’s office in the 7th Judicial Circuit, where she was co-chair of Morris the St. Johns County Bar Association YLS Committee. In 2018, Morris joined the state Office of Criminal Conflict & Civil Regional Counsel in Jacksonville. Ballots must be cast online or paper ballots returned by mail by March 23. Results of the election are scheduled to be published March 24. Visit floridabar.org to view each candidate’s platform statement. MMARBUT@ JAXDAILYRECORD.COM (904) 356-2466
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