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Published on December 17, 2024
Duval County School Board Partners with Trinity Commercial Group for Strategic Real Estate ManagementSource: Duval County Public Schools

In a strategic move aiming at better fiscal management and potential property optimization, the Duval County School Board has affirmed a collaboration with Trinity Commercial Group (TCG). This five-year contract endorses TCG's role in guiding the school district through processes of acquiring and liquidating real estate as part of its Five-Year Capital Plan. Notably, this includes the potential disposition of the district administration building situated on the scenic St. Johns River.

Dr. Christopher Bernier, Superintendent of Schools, addressed the longstanding discussion surrounding the sale of the district administration property, emphasizing a more prudent fiscal approach. "Long before I joined the district, the possibility of selling this property has been a point of discussion in our community, and recent efforts were made toward this goal but did not come to fruition," said Bernier on Duval County Public Schools. He expressed confidence that the current strategy reflects a stronger sense of fiscal responsibility towards taxpayers and the community.

TCG's engagement is anticipated to aid in the careful evaluation and execution of real estate transactions, ensuring the district navigates its real estate assets efficiently. In the past, the district's efforts to sell the administration building involved hiring a consultant, a method which Bernier noted was costly due to consultant fees and potential high lease costs of a new location. The present approach, however, leverages TCG's expertise without incurring additional charges for advisory services or strategy consulting, as payment for TCG's services is commission-based, contingent on successful sales.

An ITN, or Intent to Negotiate, was initiated by the district in late September to secure a commercial real estate firm. Following October interviews, TCG clinched the contract with its substantial portfolio of experience with similar entities in Florida. According to a Duval County Public Schools announcement, TCG's "compensation would solely come from commissions tied to successful real estate transactions; TCG doesn’t charge for advisory services, site selection, transaction coordination, or strategic consulting."

While considering the future of the administration building, questions related to relocation and renovation remain. Dr. Bernier shared insights into these uncertainties: "There are still some unknowns to the process of selling the administration building. Where would we relocate? Would we need to remodel an existing location? Would it be better for us to lease?" he mused on Duval County Public Schools.