JACKSONVILLE, FL-Limited supply and buyer demand for a prime 10.6-acre tract on booming Phillips Highway drove the selling price to $3.5 million or $330,189 per acre ($7.60 per sf), one of the highest tags in recent North Florida land transactions.

Nimnicht Pontiac GMC Inc. of Jacksonville, headed by Lee A. Nimnicht, bought the land from locally based Morrison Enterprises Inc. and will use the site at 3919 Phillips Hwy. to sell Pontiac and Hummer models.

“This property was able to generate a higher price per sf than most areas of town due to the limited supply and the abundance of buyers for this kind of land,” Trammell Crow Co. vice president Stanton Hudmon tells GlobeSt.com. “We feel we could have sold this site a few times over at similar prices.”

The site is north of the one-million-sf Avenues Mall and State Road 9A. New development is under way north and south of the dealership site. “We were able to sell the land based on the fact that it is not only a busy trade area, but (the land) will only get more valuable with future developments,” Hudmon says.

The broker says comparable land prices are surfacing at the nearby Baymeadows and SR 9A areas and the hub east of Regency on Atlantic Boulevard.

Travis Moore of Gerald Dake and Associates represented Nimnicht.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.