- November 20, 2024
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John C. Bills Properties, LLC, the new property management company at City Markeplace, is looking to make improvements to the property, which will include bringing in national tenants to benefit the local mom-and-pop shops with more foot traffic.
The $2.9 million sale of City Marketplace to Cypress Point 160 LLC closed in November, and permits are in the process of being acquired for necessary improvements.
With improvement will come negotiations of some leases, as the new property management group does not do month-to-month leases. Because of that, some tenants' rents will be raised, according to local representative, Jerry Masiello, of Landmark Commercial Realty.
”No one is getting forced out,” Masiello said. “Quite a few properties in Palm Coast have been below market rents for some time, but improvements and making things better — there is a cost with that.”
The goal, Masiello said, it to make the property into what it says: a marketplace.
“There are really great tenants, and it’s the desire of any landlord to make them happy – get traffic into the center,” Masiello said. “We have to be very careful with tenant mix. Hopefully we’ll be in a situation where there is a waiting list at some point.”
