News Summary
Alakai Capital, a real estate investment firm based in Orlando, has purchased a prime downtown Jacksonville block for $1.5 million. The nearly 1.6-acre site, formerly a Burger King, includes a 4,089-square-foot building in a growing area of the city. This acquisition reflects Alakai’s strategy to revitalize underutilized properties. The company has been expanding its presence in Central Florida, managing a portfolio of over 850,000 square feet. This marks the second Burger King property acquired by Alakai in less than a year, demonstrating their commitment to urban development.
Jacksonville – Alakai Capital, an Orlando-based real estate investment firm, has acquired a prime downtown block formerly occupied by a Burger King restaurant for $1.5 million. The purchase, finalized on June 2, includes nearly 1.6 acres of land situated at 210 E. State St., and features a 4,089-square-foot building constructed in 1985.
This site has been a notable presence in Jacksonville, housing a Burger King for over 38 years until its closure in October 2023. The property is bordered by State, Market, Union, and Newnan streets, a vibrant area experiencing considerable growth and development.
The transaction was conducted through a subsidiary known as State Outparcel LLC, with the seller being the Miami-based Burger King Company LLC. To facilitate this acquisition, Alakai Capital secured a mortgage of $1.875 million from Climate First Bank of Winter Park.
Nick Jones, the Principal at Alakai Capital, expressed enthusiasm regarding his company’s involvement in the ongoing urban development of Jacksonville. On June 5, he highlighted the significance of this investment within the context of major regional developments, such as the Four Seasons Resort and enhancements to the Jaguars stadium.
In a broader context, Alakai Capital has established itself as a significant player in the real estate landscape of Central Florida, managing a portfolio of 30 properties totaling over 850,000 square feet. The company, formerly known as Red Bell Partners, has been actively acquiring real estate and expanding its holdings in the area.
This latest acquisition marks the second former Burger King location purchased by Alakai Capital in Jacksonville in less than a year. In December 2022, the firm acquired a 1.4-acre restaurant site located at 10142 Philips Highway for $1.65 million, which also belonged to the Burger King Company LLC. The establishment on Philips Highway, constructed in 1991, reflects Alakai’s ongoing strategy of revitalizing underutilized properties in prime locations.
Further demonstrating its growth strategy, Alakai Capital made additional investments in March 2023, acquiring properties at 2665 Park St. and 1269 King St. for a collective total of $4.6 million. These properties, built in 1942 and 1967 respectively, added to Alakai’s diverse portfolio and commitment to rejuvenating aging sites.
The company’s portfolio also includes notable past properties like the Affordable Dentures and Implants building located at 800 Dunn Ave. and the MÜV Dispensary at 463128 Florida 200 in Yulee, showcasing its wide-ranging interests in various sectors of the real estate market.
In conclusion, Alakai Capital’s recent acquisition of the downtown Jacksonville block enhances its footprint in the thriving Urban Core and highlights the company’s aggressive growth trajectory in the Central Florida region. As Jacksonville continues to undergo significant revitalization efforts, Alakai’s investments reflect a strategic focus on reinvigorating urban spaces and seizing opportunities in a rapidly evolving market.
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Additional Resources
- Jacksonville Daily Record: Orlando firm buys closed Burger King in downtown Jacksonville
- Wikipedia: Jacksonville, Florida
- Jacksonville Daily Record: Orlando firm buys closed Burger King in downtown Jacksonville
- Google Search: Jacksonville urban development
- Jacksonville Daily Record: Orlando firm buys closed Burger King in downtown Jacksonville
- Google Scholar: real estate investment in Florida
- Jacksonville Daily Record: Orlando firm buys closed Burger King in downtown Jacksonville
- Encyclopedia Britannica: urban revitalization
- Jacksonville Daily Record: Orlando firm buys closed Burger King in downtown Jacksonville
- Google News: Alakai Capital
