220 Riverside in downtown Jacksonville
A developer of retail space in downtown Jacksonville transferred title to the property to Miami Lakes-based BankUnited.
BankUnited took ownership of about 18,000 square feet of ground-floor retail space in a complex called 220 Riverside, which has 294 apartments.
Developer Hallmark Partners transferred title to the downtown retail space, valued at $5.4 million, to BankUnited in lieu of foreclosure.
Restaurants Hobnob and Brixx Wood Fired Pizza occupy two of the four retail spaces at 220 Riverside. The other two spaces include a community meeting room and the vacated location of a restaurant called Sbraga & Company, which closed in July 2016.
Alex Coley, a principal of Hallmark Partners, told the Jacksonville Times-Union the retail space had not “developed as quickly as we hoped.”
Hallmark Partners also sold its share of the 294 apartments to Mid-American Apartments, which co-developed 220 Riverside. The Jacksonville Times-Union reported that 95.5 percent of the apartments are occupied. [Jacksonville Times-Union] – Mike Seemuth
from The Real Deal Miami https://therealdeal.com/miami/2017/12/23/bankunited-gets-troubled-retail-property-in-downtown-jacksonville/
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