Drayton-Parker Companies LLC of Savannah, Georgia, paid $5.3 million for about 10 acres at Faye Road and Alta Drive for a retail and commercial project in North Jacksonville.
Dames Point Signature LLC is the land seller. The LLC is led by manager Stephen Leggett.
Shaun Mayberry, senior director at the Franklin Street commercial real estate company, said the development is in a pivotal location.
“This will be the front door of that area,” he said.
He said buyer has not disclosed plans but indicates a mix of hotels, self-storage, retail and a possible convenience store.
He represented Leggett in the deal. He said Colliers Senior Vice President Gary Montour represented the buyer.
Mayberry said the Publix Super Markets Inc. development north of the site “was the catalyst of this part of the Northside growing.”
He refers to the area as Dames Point North.
“Retail is definitely one of the stronger sectors out of all of our land sectors that are still transacting for high values,” Mayberry said.
He said that while rising interest rates and the overall construction market are lowering other land values, such as for residential and multifamily developments, retail land has stabilized.
“Retail did not see that impact. Retail is still very strong,” Mayberry said.
“It’s because of the influx of population came in so aggressively and the rents increased with that demand. So even though interest rates increased and construction costs increased, the rents increased simultaneously so land value stayed the same.”
He said with residential and multifamily land, rents came down while interest rates rose, so the impact on land value was in the other direction.
Mayberry said the Franklin Street Land Team has multiple land deals underway in the North Jacksonville area off Alta Drive, North Main Street and Max Leggett Parkway.
“The growth on the Northside has been tremendous given the expansion and dredging of the JaxPort nearby and the JAX International Airport’s new concourse,” he said.
Those factors are “bringing new commercial, residential, and jobs to the immediate area.”