Nick Chop Commercial Appraisals

Commercial real estate valuation throughout North Florida.

Tijuana Flats restaurant Fleming Island

Tijuana Flats Restaurant Fleming Island

Tijuana Flats

Tijuana Flats restaurant Fleming Island

A much needed and welcome addition to Fleming Island is coming November 19, 2012.  Tex-Mex Tijuana Flats restaurant Fleming Island will open at 1647 CR 220 near the existing Chili’s restaurant to the west and Island Walk Dentistry to the east  Tijuana Flats is well known for their hot sauce bar, although many of them are actually sweet.

The building is 2,046 square feet and has seating for 106 guests.  This includes outdoor seating.  Welcome Tijuana Flats Restaurant Fleming Island!


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Tijuana Flats will be having a week long Grand Opening with the following happenings:

Monday, November 19 — Opening Day
– $2 Coronas (21+)

– Canned foods are being collected to donate to the Salvation Army

Tuesday, November 20 — Taco Tuesdaze
– Two tacos, chips and a drink for $4.99 (Excludes specialty tacos; $1 additional for steak or carnitas)
– Canned foods are being collected to donate to the Salvation Army
– $2 Coronas (21+)

Wednesday, November 21 — Give Back Day
– 20 percent of the day’s sales will be donated to the Salvation Army and canned food are also being collected for donation
– $2 Coronas (21+)

Thursday,  November 22 — Thanksgiving
– TIJUANA FLATS IS CLOSED

Friday, November 23 — Rock Out Party!
– Live music from 6 to 9 p.m., giveaways and $2 Coronas all night (21+)

Saturday, November 24 — Local Hero Day
– 50 percent off an entrée for all public servants (EMT, police, military, teachers, firefighters with proper I.D.)
– $2 Coronas (21+)

Sunday, November 25 — Kids Eat Free
– Kids eat free with the purchase of an adult entrée
– $2 Coronas (21+)

JTA Clay County Park-N-Ride to provide bus routes to Jacksonville (UPDATE 10/31/2012)

JTA Clay County

JTA Logo

JTA Park-N-Ride Coming to Clay County

Some of this is a re-hash of a previous post.  I spoke with JTA today on the status of the long awaited JTA (Jacksonville Transit Authority) Clay County Park-N-Ride service (link to JTA Park-N-Ride page).  This will offer bus service from the Fleming Island – Middleburg area of Clay County to Jacksonville.  In addition, Clay Transit will utilize the Clay County Park-N-Ride facility (link to Clay Transit).

Construction on the site is nearly done and expected completion is approximately one month out.  At first Clay Transit will be begin using the facility.  JTA will begin their bus routes in January (approximately).  JTA is looking for suggestions for routes.  Typical Park-N-Ride routes will terminate at the downtown transit hub.  There may be limited amount of stops between the Clay County Park-N-Ride facility and the downtown Jacksonville hub.  An additional stop may be Kent Campus – Florida State College.

 

 

Park and Ride Clay County

Click for location of Clay County JTA Park-N-Ride Location

The location is at the southwest quadrant of CR 220 and Sleepy Hollow Road (adjacent to railroad tracks). The routes have not been determined and won’t be until JTA conducts a destination study. Jacksonville Transportation Authority’s Park-N-Ride Bus program has nine locations throughout Duval County/Jacksonville.

 

 

 

 

Below shows Phase 1 of the Clay County Multi-Modal Center. A total of 50 parking spaces fronting CR 220 directly across the street from Green South (John Deere products) and nearby Food Lion in Village Shoppes at Doctors Inlet. Future plans for the nearly 30 acre tract include a train station and possibly a county health department building.

JTA Clay County Plans
Contact Nick Chop, MAI Appraiser

Florida real estate appraiser with commercial appraisal services including the valuation and consultation of retail, office, restaurants, industrial, convenience stores, vacant land, other uses and eminent domain appraisal.

Appraisal Institute Candidate for Designation Program Cost

Candidate for Designation Program Cost
Appraisal Institute

MAI Designation

I have posted about Candidate for Designation Program by the Appraisal Institute here.  I still get questions on why, what is it and what is the Candidate for Designation Program cost and what if I do nothing?  In a nutshell it replaces the current Associate Member program.  However, the main ‘what is it’ is a way to have a bit more structure to a future MAI member to stay the course and get it completed.

Are you a Candidate for the ‘Candidate for Designation Program’?

If you want your MAI designation, then yes you should really sign up.  Beginning January 1, 2013 you will have the following options.  Also what is the cost for the Candidate for Designation program?  What is the cost as a Practicing Affiliate?

  1. Candidate for Designation – must be on track to earning the MAI designation. Cost is $450, discounted $55 or $395 if enrolled by August 31, 2012 for the Candidate for Designation program.
  2. Practicing Affiliate – not pursuing the MAI designation.  Cost is $330 for the Practicing Affiliate, which is the same as 2012 Associate Member dues. Affiliates will receive discounts on qualifying education and continuing education only.
  3. Affiliate – you are not practicing.  Cost is $210 for the Affiliate, which is the same as 2012 dues.
  4. Do nothing – you risk more stringent requirements to obtain the MAI if you decide to become a candidate at a later date.  By signing up for the Candidate for Designation Program, you ‘lock-in’ the current requirements.

I’d be happy to discuss the Candidate for Designation Program.  Please note, if you sign up prior to August 31, 2012 you will receive the discount of $55, and the $395 will not be due until January 1, 2013.  If you know for certain you will continue to pursue your MAI designation, then sign-up now for the Candidate for Designation Program.

See my post on what the MAI designation is and what qualifications you currently need.

Intuition Ale Works Going to Downtown Jacksonville?

Intuition Ale WorksIntuition Ale Works – Downtown Jacksonville

As a proud original Mug Club member, I enjoy my visits to Intuition Ale Works in Riverside area of Jacksonville (720 King Street).  I had heard of the possibility of Intuition opening in Springfield area of Jacksonville.  Although this would be wonderful for Springfield, I was thinking, ‘why not Downtown Jacksonville?’.  After the absolute failure of the original Shipyards proposed development next to EverBank Field along the St. Johns River, why not a local, successful business.

Jacksonville’s reputation has always been that everything is so spread out.  Travel to the beaches from the west side of Jacksonville and it is a 40 – 50 minute drive.  Downtown Jacksonville is a microcosm of this.  Consider at the extreme west portion of Downtown Jacksonville is the Convention Center, further east is the Landing and the Times-Union Center for the Performing Arts, further east is the Florida Theatre and much further is the Sports Complex with EverBank Field, Veterans Memorial Arena and the Baseball Grounds.  There are also many bars and restaurants, but again spread out.  Seems East Bay Street is the closest (100 block through 300 block) to creating the synergy needed for success.  Why not create something special, somewhere you can actually walk to a baseball/football game or go to a concert after having dinner?  The Shipyards location is ideal.

Downtown Jacksonville – creating synergy with multiple businesses

This isn’t only about Intuition Ale Works. Brewery row along with restaurants could make up this area.  Make Downtown Jacksonville fun, and people will come.  Put some savvy, successful business owners at the old site of the Shipyards and it will be a success.  Certainly this success will pour over into selling some Jaguar seats.  I shiver at the cost of taxpayer money that went into the original Shipyards development, but what’s worse is doing nothing.  The current use as a grass parking lot is creating no tax base – here is a golden opportunity Jacksonville, take it.

Jacksonville Shipyards Location Map


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Contact Nick Chop, MAI Appraiser

Jacksonville real estate appraiser with commercial appraisal services including the valuation and consultation of retail, office, restaurants, industrial, convenience stores, vacant land, other uses and eminent domain appraisal.

Food Lion Closes in Middleburg

Food Lion Closes


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I’m late to announce this as it looks to have been closed for a bit.  The Middleburg location (sort of South Orange Park at corner of CR 220 and College Drive) has closed.  Food Lion, 2570 County Rd 220, Middleburg.  Can’t say I’m surprised, but unfortunate for the employees and the nearby residents that will have to travel either to Blanding Boulevard or Fleming Island to shop.

Village Shoppes at Doctors Inlet

This shopping center has struggled keeping their second tier anchor occupied (it has been a number of restaurants) containing 4,800 square feet.  This along with the 38,000 square feet of ex-Food Lion space.  The asking lease rate is $10.00 PSF for the restaurant space and $13.50 PSF for the ex-Food Lion Middleburg space.

Jacksonville Restaurants

The “too large” empty restaurant space is becoming a norm in the Northeast Florida area.  I see many spaces too large for their location/demographics.  New restaurants have a tough enough time surviving (in this case) without nearly $50,000+ annual lease payment.

What to do with closed grocery stores?

Regarding the empty Food Lion space and the 11 other locations that closed in the Northeast Florida area.  When a Steinmart (37,000 square feet) closed nearby my house, I thought with this economy why not an indoor flea market.  Seems the demographics and spending habits have significantly changed since say 2007 to support it.  I’ve proved I’m not going to move on that idea alone, so I suggest it to all.  Some large vacant spaces here in Northeast Florida would be prime spots for this use.  I have a few suggestions.  The Steinmart that closed in Fleming Island Shopping Center (aka Eagle Harbor Publix shopping center) is opening back up as a pet store, at least a portion of it is – about half.  Anyone interested in joint venturing with this flea market idea, let me know.

 
Contact Nick Chop, MAI Appraiser

Florida real estate appraiser with commercial appraisal services including the valuation and consultation of retail, office, restaurants, industrial, convenience stores, vacant land, other uses and eminent domain appraisal.

JTA Clay County Park-N-Ride to provide bus routes to Jacksonville

JTA Clay County

JTA Logo

JTA Park-N-Ride Coming to Clay County

A long awaited JTA Clay County Park-N-Ride service via bus will be offered from the Fleming Island – Middleburg area of Clay County to Jacksonville. The original suggestion was announced March 2010 as part of a $9 million federal stimulus money to JTA (Jacksonville Transit Authority). Glad this is happening, it is needed. Clay County residents that are flexible will enjoy the reduced stress of not driving through the morning traffic.  Certainly this will also be utilized by nearby Orange Park residents.

 

 

 

 

Park and Ride Clay County

Click for location of Clay County JTA Park-N-Ride Location

The location is at the southwest quadrant of CR 220 and Sleepy Hollow Road (adjacent to railroad tracks). The routes have not been determined and won’t be until JTA conducts a destination study. Jacksonville Transportation Authority’s Park-N-Ride Bus program has nine locations throughout Duval County/Jacksonville.

 

 

 

 

Below shows Phase 1 of the Clay County Multi-Modal Center.  A total of 50 parking spaces fronting CR 220 directly across the street from Green South (John Deere products) and nearby Food Lion in Village Shoppes at Doctors Inlet.  Future plans for the nearly 30 acre tract include a train station and possibly a county health department building.

JTA Clay County Plans
Contact Nick Chop, MAI Appraiser

Florida real estate appraiser with commercial appraisal services including the valuation and consultation of retail, office, restaurants, industrial, convenience stores, vacant land, other uses and eminent domain appraisal.

Shops at Julington Creek – Fresh Market Jacksonville

Fresh Market Jacksonville

The Fresh Market at Shops at Julington Creek

The Shops at Julington Creek (SEC of San Jose Blvd and Julington Creek Rd) is anchored by Fresh Market Jacksonville (12795 San Jose Boulevard, Jacksonville, FL) sold this month for $8,700,000.  It is located in South Jacksonville along busy San Jose Boulevard, near Julington Creek Plantation – a large, very successful residential DRI community in Northwest St. Johns County.  Other  tenants at the property  include Metro Diner, Sprint and Hurricane Grill & Wings.


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Contact Nick Chop, MAI Appraiser

Florida commercial appraiser with commercial appraisal services including retail, office, restaurants, industrial, convenience stores, vacant land, other uses and eminent domain appraisal.

Location

Bergstrom Survey of Emerging Market Conditions

florida appraisalBergstrom Survey

Seems the tide may finally be turning.  When on inspections speaking with property owners and real estate professionals, I often ask what they think of the market and the recent responses are favorable.  That certainly isn’t a study, but a small sample of observations.  The University of Florida’s Kelley A. Bergstrom Center for Real Estate Studies have been conducting a quarterly survey of Florida’s markets since 2006.  The most recent results for the Bergstrom Survey, 1st Quarter 2012 indicate positive reactions.

According to the Emerging Market Conditions Survey published by Bergstrom Center for Real Estate Studies (website), highlights include:

  •  The UF Commercial Real Estate Sentiment Index increased to its highest level in almost five years.
  • The outlook for occupancy and rents increased across all property types.
  • Cap rates remained stable across most property types. Expectations are for continued stabilization at current levels over the next year.
  • Yields decreased slightly across most property types with expectations that they will remain stable over the next year.
  • The outlook for investment increased across most property types.
  • Respondents’ outlook for capital availability improved this quarter to survey highs as respondents continue to believe that the availability of capital will increase.

The unemployment rate dropped nearly 1% from December 2011 (9.9%) to March 2012 (9.0%).  This occurred despite losing 21,000 jobs due to gaining 66,000 jobs.

What do you think?  Is the worse behind us?  Are we seeing the long awaited return of the Florida real estate market?

Contact Nick Chop, MAI Appraiser

Florida real estate appraiser with commercial appraisal services including retail, office, restaurants, industrial, convenience stores, vacant land, other uses and eminent domain appraisal.

Bubba Burger Fleming Island Closes

Fleming Island Real Estate

Location of former restaurant

After six months Bubba Burger Fleming Island closes (located at 1811 Town Center Boulevard, Orange Park aka Fleming Island).  This has been a tough location to remain occupied.  Not sure if it is direct location.  i.e. across the street from some synergy of Carmike Theater and ‘restaurant row’.  I have now lost track on how many restaurants.  Maybe three or four in its short life (Blue Grotto, Times Grill, Bubba Burger).  I wish Bubba Burger operations the best, I wished it had worked out.

It is a larger space containing 4,800 square feet.  A more optimal restaurant size for a burger style restaurant would be 1,500 square feet to 2,000 square feet.  Although a smaller can work for that product or a bar themed use.  Could the unit be split?  This would allow two restaurants and/or bars that could create the synergy that Mellow Mushroom, Hurricanes and Mojos Barbeque have created across the street.  I’m not certain of the negotiated rate, but other available units (although smaller) in this retail center are listed for $25 PSF, triple-net.  Here’s hoping for a more evening oriented restaurant/bar to open.

EverBank, Jacksonville based bank debuts on NYSE

EverBank Center

Jacksonville EverBank Building (rendered)

EverBank on NYSE

EverBank debuts on New York Stock Exchange on May 3, 2012.  Yet another accomplishment for Jacksonville’s own EverBank.  EverBank is the largest Florida lender by assets per data from FDIC.  Assets are over $13 billion.  Shares (NYSE : EVER) opened at $10 Thursday and ended up 6% at $10.60 per share.  It is the largest bank IPO to date for 2012. NYSE press release for EVER.

Nick Chop, MAI is a Jacksonville commercial real estate appraiser. He has 20 years of Florida commercial appraisal experience. Click for more information on Nick or contact information.