FRIDAY January 3, 2020
Public legal notices begin on page 3
jaxdailyrecord.com • 35 cents
Daily Record JACKSONVILLE
Acosta is out of bankruptcy
Daily Record JACKSONVILLE
The new ownership is a group of fund management companies led by New York-based Elliott Management.
BY MARK BASCH
CONTRIBUTING WRITER
Acosta Inc. said it emerged from Chapter 11 bankruptcy Jan. 2 with a new ownership group comprising several fund management companies.
The Jacksonville-based sales and marketing company filed a prepackaged reorganization plan Dec. 1 in U.S. Bankruptcy Court for the District of Delaware. The plan, which was approved by its major creditors in advance of the filing, called for Acosta to
issue equity in exchange for about $3 billion in debt. Acosta said Jan. 2 its new shareholders include funds associated with Elliott Management, Oaktree Capital Management L.P., SEE ACOSTA, PAGE 2
File image
Wells Fargo Center at 1 Independent Drive was built in 1975.
Daily Record Final building is about to come down Daily Record JACKSONVILLE
Buy a slice of Wells Fargo Center
THE JACKSONVILLE LANDING
JACKSONVILLE
The owners of the Downtown tower are selling equity in the property with a minimum investment of $25,000. BY MARK BASCH CONTRIBUTING WRITER
Photo by Katie Garwood
The Northbank Riverwalk will be shut down Jan. 6 for the demolition of the remaining buildings at The Jacksonville Landing.
Northbank Riverwalk to close Jan. 6 for the demolition. BY KATIE GARWOOD STAFF WRITER
The last large piece of The Jacksonville Landing will begin to come down Jan. 6.
James Croft, city assistant director of public affairs, said the section of the Northbank Riverwalk in front of the Landing will be closed starting Jan. 6 until further notice. All that stands is the eastern end of the building along the Riverwalk, as well as the outer wall and awning on the north side of the property. The western part of the build-
ing, which previously housed Hooters restaurant, was demolished by Dec. 30. Demolition began in October, and D.H. Griffin Wrecking Co. needs to be finished by May 28 to meet the city’s deadline. The work to take down the Landing won’t just be Downtown. The 16 interstate and road signs throughout Jacksonville guiding drivers to the former shop-
ping center will be updated in the spring, according to Florida Department of Transportation spokesman Hampton Ray. It’s part of the I-10/1-95 Operational Improvement project that is underway. KGARWOOD@ JAXDAILYRECORD.COM (904) 356-2466
The partnership that owns the 37-story Wells Fargo Center is seeking smaller investors to buy nearly a third of its interest in the Downtown Jacksonville tower. According to a listing on commercial real estate investment site CrowdStreet, the partnership led by Miami-based Banyan Street Capital is selling $20 million in common equity, representing a 32.8% interest in the property. The partners are seeking offers by Jan. 21, with a minimum investment of $25,000. The partnership bought the building at 1 Independent Drive for about $75 million in June 2014. The listing says the Wells Fargo Center has 653,917 square feet of leasable space that is about 84% leased. The largest tenants are Wells Fargo Bank, with SEE WELLS FARGO, PAGE 2
JEA board to meet Jan. 7 on Zahn The JEA board of directors will discuss the status of severance negotiations with former Managing Director and CEO Aaron Zahn at a special meeting Jan. 7. The Office of General Counsel said Jan. 2 that negotiations with Zahn are ongoing. The board voted 5-1 Dec. 17 to fire Zahn without cause. Zahn is on paid administrative leave until an agreement can be reached. Zahn earns $520,000 a year. His employment contract calls for $842,925 in payments in the event of a termination without cause, an amount the board wants reduced. The meeting is 1 p.m. at JEA headquarters at 21 W. Church St. It’s open to the public.
VOLUME 107, NO. 33 • ONE SECTION