{"id":1004227968,"date":"2018-05-07T08:04:26","date_gmt":"2018-05-07T16:04:26","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004227968"},"modified":"2022-12-08T07:36:27","modified_gmt":"2022-12-08T15:36:27","slug":"hines-trades-florida-office-property","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hines-trades-florida-office-property\/","title":{"rendered":"Hines Trades Florida Office Property"},"content":{"rendered":"<p>By Jeff Hamann<\/p>\n<div id=\"attachment_1004227974\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/605-Palencia-Club-Drive-in-St.-Augustine-Fla..jpeg\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004227974\" data-attachment-id=\"1004227974\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hines-trades-florida-office-property\/605-palencia-club-drive-in-st-augustine-fla\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/605-Palencia-Club-Drive-in-St.-Augustine-Fla..jpeg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"605 Palencia Club Drive in St. Augustine, Fla.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;605 Palencia Club Drive in St. Augustine, Fla.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/605-Palencia-Club-Drive-in-St.-Augustine-Fla..jpeg?w=800\" loading=\"lazy\" class=\"wp-image-1004227974 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/605-Palencia-Club-Drive-in-St.-Augustine-Fla..jpeg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/605-Palencia-Club-Drive-in-St.-Augustine-Fla..jpeg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/605-Palencia-Club-Drive-in-St.-Augustine-Fla..jpeg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/605-Palencia-Club-Drive-in-St.-Augustine-Fla..jpeg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004227974\" class=\"wp-caption-text\">605 Palencia Club Drive in St. Augustine, Fla.<\/p><\/div>\n<p>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.<\/p>\n<p>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 <a href=\"https:\/\/www.commercialsearch.com\/news\/tscg-closes-partial-sale-of-fl-retail-asset\/\">access to downtown St. Augustine<\/a> and north into Jacksonville. Hines previously used the asset as a residential sales office and will now relocate its team near the firm\u2019s latest project in Jacksonville, southwest of Butler Boulevard and Interstate 295.<\/p>\n<p>Chuck Diebel, Lisa McLatchey and Wade Powers of Colliers International represented Hines in the transaction.<\/p>\n<p><em>\u201cThe 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,\u201d<\/em> Diebel, executive vice president of Colliers\u2019 Northeast Florida office, told <em>Commercial Property Executive<\/em>. <em>\u201cThe buyer, a local real estate business, seized a great opportunity. The transaction reflects the success of Hines\u2019 development efforts for Palencia and the desirability of Palencia\u2019s Village Center.\u201d<\/em><\/p>\n<p><em>Image courtesy of Colliers International<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The new owner will use the office building, formerly a residential sales office for a 1,450-acre master-planned community, as its regional headquarters.<\/p>\n","protected":false},"author":861,"featured_media":1004227974,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,1591,21742,21747],"tags":[32763,32797],"class_list":["post-1004227968","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-jacksonville","category-latest","category-office","tag-colliers-international","tag-hines"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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