Investor buys Uptown Corners

August 29, 2010

FORT WALTON BEACH — A Louisiana investor now living in Destin continues to invest in Northwest Florida properties.

Ryan Jumonville, CEO of United Networks of America, recently purchased the Uptown Corners shopping center from local developer Jay Odom for $1.725 million. The purchase was the second time Jumonville, an entrepreneurial originally from Baton Rouge, La., who now lives in Destin, has purchased a development from Odom and his third land purchase in Okaloosa County this year.

"(Jumonville) feels as though Uptown Station is a leader in the office and retail market in Fort Walton Beach," said local real estate broker John Paul Somers, who sold the property to Jumonville. "With the investment that Jay Odom has made in Uptown Station, he felt it was a very solid investment and it also generates some great income.

"These days when I'm pitching properties to investors, where else can the investors earn the kind of return on their money that they can secure through these commercial properties?" Somers asked. "The answer is there's not that many other places can you get that kind of rate of return on your investment."

Jumonville has allocated more than $20 million to invest in Northwest Florida properties.

The sale of Uptown Corners was finalized about three weeks ago. Before that, he purchased the former Beach Community Bank building about three months ago from former state Sen. Charlie Clary and the Destin City Market from Odom's Crystal Beach Development in March.

"The market is good at the moment and there are people who are very keen to spend their money on good property," said Martin Owen, spokesperson for Crystal Beach Development.

Owen said there were not any other properties that Crystal Beach Development was actively trying to sell at this time.

Somers said Jumonville did have some additional land deals pending that were even larger than the Uptown Corners and Destin City Market purchases that should be finalized in the coming months.

"He's looking for extremely good quality buildings that generate some nice cash flow, a good return on his investment and he wants to be able to partake in some nice appreciation for what he deems the bottoming of the market," Somers said.

Uptown Corners is fully leased and its currently home to Lenny's Sub Shop, Citi Financial, Dennis & Company, Queens Nails, Sprint and Club Sun Tanning Salon. The deal also includes an option to purchase the building next to Uptown Corners that is the current home to GulfSouth Private Bank.