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Grubb & Ellis|Phoenix Realty Group Brokers Deals on Behalf of First Citizens Bank

October 29th, 2012 · Leave a Comment

Grubb & Ellis|Phoenix Realty Group brokers Lee Stine and Rick Sutton recently brokered two deals on behalf of First Citizens Bank and Trust. Headquartered in Raleigh, NC, the financial institution has purchased two properties for expansion of its Northeast Florida presence. First Citizens currently operates more than 430 individual branches in 17 states and the District of Columbia.

First Citizens purchased three combined lots at the corner of San Marco Boulevard and Cedar Street in Jacksonville to construct a 2-story, 6,000-square-foot building that will house the company’s Jacksonville headquarters and the San Marco branch. The total purchase price for the 0.6 acre of land was $1.5 million.

First Citizens also purchased a 4,053-square-foot vacant building located at 13860 Old St. Augustine Rd in the Shoppes of Bartram Park. The building previously served as a banking branch of another financial institution and will be renovated for the Julington Creek branch. The building was purchased from the Federal Deposit Insurance Corporate (FDIC) for $2,258,000.

Grubb & Ellis|Phoenix Realty Group is a locally-owned commercial real estate company offering brokerage, development, asset management and property management services. For more information, visit www.phoenixrealty.net or call (904) 399-5222.

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