Sembler paid a premium for the 7.1-acre tract purchased for the Ponte Vedra project, area brokers familiar with Jacksonville area land prices tell GlobeSt.com. The developer paid Frank Winberry and Son Co. $4.5 million, or $627,629 per acre, for the tract at Palm Valley and Mickler roads where Village Shops at Palm Valley is planned. The price equates to $14.40 per sf, considered "on the high side" for a neighborhood retail center, area brokers tell GlobeSt.com.
Ronald McVay of Colliers Dickinson in Jacksonville represented Sembler. Phillip Parsons, also of Colliers Dickinson, negotiated for the seller.
The deal took 2.5 years to complete, McVay tells GlobeSt.com. He says upcoming infrastructure improvements at the site are expected to increase the value of the projects and two outparcels which also have been sold to separate buyers. Sembler's center will be anchored by a 28,000-sf Publix Supermarket.
"St. Johns County plans to four-lane County Road 210, also known as Palm Valley Road, from US 1 and Phillips Highway all the way to Mickler Road," McVay says. "The intersection will feature a new roundabout traffic facility to expedite traffic flow safely without a traffic light.
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