By Jeff Hamann
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