By Jeff Hamann
Hines has sold a 6,351-square-foot office building in St. Augustine, Fla., for $1 million. The buyer, DLP Capital Partners, plans to use the structure as its new southeastern headquarters. DLP funded the acquisition with a five-year, $800,000 mortgage held by Ameris Bank, according to St. Johns county records.
Located at 605 Palencia Club Drive, the two-story building sits inside Palencia, a 1,450-acre master-planned residential community. U.S. Highway 1 runs approximately one mile west of the building, providing access to downtown St. Augustine and north into Jacksonville. Hines previously used the asset as a residential sales office and will now relocate its team near the firm’s latest project in Jacksonville, southwest of Butler Boulevard and Interstate 295.
Chuck Diebel, Lisa McLatchey and Wade Powers of Colliers International represented Hines in the transaction.
“The Palencia community is made up of a mix of two-story units, which offer a combination of office and retail space. What makes this sale unique is its special zoning, which allows real estate occupants,” Diebel, executive vice president of Colliers’ Northeast Florida office, told Commercial Property Executive. “The buyer, a local real estate business, seized a great opportunity. The transaction reflects the success of Hines’ development efforts for Palencia and the desirability of Palencia’s Village Center.”
Image courtesy of Colliers International