The partnership paid Jacksonville University $31.5 million, or $508,065 per acre ($11.66 per sf), for the tract which will also house a 130-boat-slip marina, and nine-hole golf course along with a golf and yacht club. The Jacksonville University House, which is part of the transaction, will be incorporated into the overall site plan. The land deal closed Feb. 28.

James Citrano, managing director of CB Richard Ellis Inc.'s Jacksonville office, and CBRE executive vice president Dan Allen negotiated for Jacksonville University. Hudson principal Andrew Greenbaum and Michael C. Wachs, vice president of acquisitions for AMC Delancey, coordinated the transaction.

The university sold the land to increase its endowment fund, Allen tells GlobeSt.com. The property was on the market for five weeks. The deal took eight months to complete, from letter of intent to closing, because of the rezoning process involved, Allen says.