Molasky Group completes $4M purchase of Barnett Bank building

[thelakelander]

From Staff

In a big step toward redevelopment of central property Downtown, the deed was recorded last week for The Molasky Group of Cos.' $4 million purchase of the Barnett Bank building.
The Las Vegas-based company bought the building, at 112 W. Adams St., through PH LLC. The deed was made Thursday and recorded Friday.

Molasky bought the building from Stache Investments Corp., led by Jacksonville Jaguars owner Shad Khan. Stache had taken title to the property in September after foreclosing on it.

The 18-story, about 160,000-square-foot structure was built in 1923, property records show.

Full article: http://www.jaxdailyrecord.com/showstory.php?Story_id=549382

[johnnyliar]

It's finally happening!

[thelakelander]

[MusicMan]

So they're from Vegas. Guess they realize it's a gamble to do a building like this in Downtown Jax.

[jaxjaguar]

What are the odds work starts before the year is over?

[KenFSU]

What are the odds work starts before the year is over?

If the city approves the redevelopment grant, close to 100%.

[thelakelander]

What are the odds work starts before the year is over?

^Pretty high for the Barnett and the parking garage.  The Trio will start a few months after those two are underway.

[FlaBoy]

What are the odds work starts before the year is over?

^Pretty high for the Barnett and the parking garage.  The Trio will start a few months after those two are underway.

Is that due to the complexity of the Trio job since they are in worse physical shape?

[thelakelander]

I believe the Marriott addition to the Trio, the empty lot at Adams and Laura, is still being designed.

[JaxJersey-licious]

So they purchased only the Barnett Bank building only. The group planned to redeveloped that and the Trio so I'm curious why not do both transactions now?

[thelakelander]

Atkins already owns the Trio.

[remc86007]

This is all great and I don't mean to damper things, but is this similar to pre-Recession situation where condos were built but no one wanted to buy them? As in, I am truly thrilled these buildings are being purchased and re-developed, but when even the "prestige" towers have fairly high vacancy rates, are there tenants for these buildings??

I imagine that the very large Class A towers often "hold out" for large contiguous sq foot leases. I imagine the smaller office spaces available in the trio and Barnett building will have no trouble filling up with smaller tenants for the right price.

[Tacachale]

This is all great and I don't mean to damper things, but is this similar to pre-Recession situation where condos were built but no one wanted to buy them? As in, I am truly thrilled these buildings are being purchased and re-developed, but when even the "prestige" towers have fairly high vacancy rates, are there tenants for these buildings??

I imagine that the very large Class A towers often "hold out" for large contiguous sq foot leases. I imagine the smaller office spaces available in the trio and Barnett building will have no trouble filling up with smaller tenants for the right price.

I'd only really worry about office space, as that's what there's a glut of. The residential spaces, if they're really market rate (or close to it) will fill up quickly like the other downtown residential. There are a lot of hotels downtown, but nothing like what they're proposing with the Marriott in the Trio, and I imagine the retail space won't have much trouble there on Laura.

[thelakelander]

I wouldn't worry about any of it at this point. The lion's share of the space will be a boutique business hotel and market rate apartments.

[FlaBoy]

What is the mix of uses again in the Barnett Bank building?