By Timea Papp
CCP Commercial Real Estate acquired 8800 Baymeadows Way West, a Class A, 191,000-square-foot office building in Jacksonville, Fla. The five-story property changed hands in a $22.5 million deal.
The commercial real estate investment company purchased the building from CRT Baymeadows Owner LLC, an affiliate of New York-based DRA Advisors, while NXT Capital LLC provided $17.8 million in acquisition financing. The three-year loan is scheduled to mature in April 2020, according to public records. The property was 81 percent leased at the time of the sale.
Located directly off I-95 in Jacksonville’s Butler/Baymeadows submarket, 8800 Baymeadows Way West was completed in 1993. According to Yardi Matrix, the asset last traded in 2004, when DRA Advisors purchased it from Citigroup for $20.8 million.
“We are excited to expand our Southeast footprint with the acquisition of 8800 Baymeadows Way West. The suburban Jacksonville office investment market has been very strong over the last two years, and we felt this was a great opportunity to purchase a quality asset at a significant discount to replacement cost,” said Jeremy McLendon, president of CCP Commercial Real Estate, in prepared remarks.
Image courtesy of Yardi Matrix