Bluecrest Enters Jacksonville With $28M Deal
The buyer plans to convert several office buildings to light industrial uses.
Bluecrest Capital Advisors has acquired six buildings within Cypress Point Business Park, a small-bay industrial campus in Jacksonville, Fla., for $28.2 million. CBRE arranged a five-year loan from First Horizon Bank. JLL worked on behalf of the seller, Viking Partners.
The transaction marks Bluecrest Capital’s largest investment to date and its first outside Tennessee since the Nashville-based company launched 18 months ago. The deal also more than doubles the firm’s portfolio.
The six-property portfolio acquired by Bluecrest Capital comprises four office buildings totaling 146,500 square feet and two light industrial facilities totaling 80,000 square feet. At the time of the sale, the properties were 62 percent leased to five regional and national tenants, including US Assure Insurance and ADT.
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The new buyer plans a substantial repositioning of the portfolio, targeting small-bay and light industrial uses. Plans include the conversion of roughly 85,000 square feet of vacant space to light industrial, subdividing larger suites into smaller units and exterior upgrades.
Within three years, Bluecrest Capital expects to complete the conversion of 76 percent of the gross leasable area to small industrial use through lease rollovers and buildouts. After that, the company will also convert the remaining 24 percent of leasable space.
The six-property collection is at 8201 and 8211 Cypress Plaza Drive, as well as 8120, 8200 and 8230 Nations Way. These facilities occupy a 21-acre lot within the larger Cypress Point Business Park, a 44-acre property part of the Southside submarket.
Cypress Point is a landscaped campus with two lakes, lakefront pavilions and buildings with office and flex spaces that were developed between 1999 and 2004. The property has a parking ratio of roughly 6.3 spaces per 1,000 square feet.
The complex is close to Interstate 95 and State Route 1, in an area with easy access through the Jacksonville metro area. The city center is 9 miles away while the international airport is 24 miles northeast. JAXPORT is 20 miles away.
JLL Managing Director Robbie McEwan and Analyst Jesse Jones represented the seller. CBRE Senior Vice President Philip Rachels secured the financing for the borrower.
Industrial demand, investment holds firm in Jacksonville
The Jacksonville industrial sector recorded stronger tenant demand during the second quarter of 2026, according to a recent report by Cushman & Wakefield. Leasing activity jumped 53.3 percent year-over-year to more than 1.3 million square feet.
Meanwhile, elevated supply continued to add pressures, pushing the metro’s vacancy rate to 11.6 percent, up 290 basis points from the second quarter of 2025. Speculative industrial completions amounted to roughly 4.7 million square feet over the past 12 months, with 83 percent of that total being available for lease. However, the metro’s pipeline diminished and the first half of 2026 closed with 1.3 million square feet underway, down 68.1 percent over the year.
Conditions were tighter in Southside. In June, vacancy stood at 7.3 percent—the lowest rate among the top five Jacksonville submarkets. The report also shows there was no industrial space under construction there at the time.
One of the metro’s largest investments of the second quarter was EQT Real Estate’s $80.2 million acquisition of a 817,680-square-foot property. Brookfield Asset Management sold the asset at 10480 Yeager Road as part of a 2.4 million-square-foot portfolio disposition that also included assets in Lakeland, Fla., and Savannah, Ga.
Investment activity continued into the third quarter. In late July, Merritt Properties paid $89.8 million for a 537,800-square-foot, light-industrial campus. The deal represented the largest investment in the company’s history.
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