Wells Fargo unloads MDI Holdings building in Nocatee

Taken in foreclosure by Wells Fargo, the 71,000-square-foot high-tech, high-security office building at 90 Fort Wade Road in Nocatee that was built to house MDI Holdings, has been sold for $10 million, according to a deed recorded with the St Johns County Clerk of Court.

Stimulated by economic development ambassadors from St Johns County who hoped to return much needed employment to the area, Advanced Disposal was influenced to relocate its corporate headquarters from Jacksonville in late 2012; leasing 56,000 square feet in the previously vacant building.

With the majority of the building under lease, Wells Fargo Bank was finally able to persuade the Jacksonville-based commercial real estate firm, International Management Company LLC, to purchase the property in a deal that closed on December 30, 2013. The deed was not recorded until January 8th.

Historic City News announced yesterday that Richard R. Willich, former MDI Holdings Chief Executive, sold 17 acres of vacant residential land in the Julington Creek area in a land sale valued at $1.1 million. The buyers, Grace Farms Investments LLC, purchased the site with plans to rezone the land for 40 to 50 single family homes.