Jacksonville Office and Industrial Complex Changes Hands
Savlan Capital paid $18.3 million for the asset, which contains nearly 195,000 square feet of flexible office and light industrial space across five buildings.
By Jeff Hamann
Exchange South
Highbrook Investors has sold Exchange South, a 194,400-square-foot office and industrial property in Jacksonville, Fla., for $18.3 million, according to public records. The buyer, Savlan Capital, took a $15.4 million acquisition loan from The Bancorp Bank.
Karl Johnson of Cushman & Wakefield and Mark Scott of Foundry Commercial represented the seller in the transaction.
Located at 9143 Philips Highway in the city’s Butler/Baymeadows office submarket, the property consists of five structures on 17.7 acres alongside U.S. Route 1, a mile and a half from Interstate 95. A number of small retail, flex office and industrial buildings operate in the immediate area. A Jacksonville Transportation Authority bus route operates a stop right next to the parcel.
At the time of the sale, the asset, constructed between 1990 and 1996, was 75.1 percent leased by a mix of 24 tenants, including Konica Minolta, Ovation Credit, ALS Environmental and Omnicare. The new owner plans to invest approximately $2 million into capital improvements for the buildings’ interiors and exteriors.
In August, Highbrook Investors offloaded a 560,000-square-foot office tower in Raleigh, N.C.
Image via Google Maps
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