Bank of America Buys Pricey Outparcel

JACKSONVILLE, FL-Bank of America has spotted a potentially strategic operational site at the under-construction Johns Creek Shopping Center here and paid a premium $1.4 million for a 1.5-acre outparcel. The price equates to $918,367 per acre or $21.08 per sf, one of the highest per-square-foot prices paid for a comparable commercial location in years, area land brokers tell GlobeSt.com. The 75,040-sf shopping center on 15.3 acres will be anchored by a 44,840-sf Publix Supermarket. The center is scheduled for completion by December. Regency officials expect County Road 210—the center’s locaton–to develop into a main commercial corridor with the addition of two new golf course communities in the area. County Road 210 is an east-west thoroughfare and intersects with Interstate 95, two miles east of the shopping center.Regency officials are counting on the shopping center to draw from a three-mile trade area that has about 4,500 residents with an estimated average income of $107,643, according to the company’s projections outlined to area brokers.