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.

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