{"id":1004416708,"date":"2020-04-14T02:07:13","date_gmt":"2020-04-14T10:07:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004416708"},"modified":"2020-04-14T02:07:13","modified_gmt":"2020-04-14T10:07:13","slug":"jacksonville-office-asset-lands-20m-refi","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jacksonville-office-asset-lands-20m-refi\/","title":{"rendered":"Jacksonville Office Asset Lands $20M Refi"},"content":{"rendered":"
\"\"<\/a>

10201 Centurion Parkway. Image courtesy of JLL Capital Markets<\/em><\/p><\/div>\n

Taurus Investment Holdings\u2019 One Deerwood office property in Jacksonville, Fla., has landed a $20.1 million refinancing. JLL Capital Markets arranged the three-year, floating-rate bridge loan with Prime Finance<\/a>.<\/p>\n

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READ ALSO<\/strong>: April Fool\u2019s Day 2020: No Joke for Borrowers, Loan Servicers<\/a><\/p>\n

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The six-story building offers 161,167 square feet of Class A office space in Jacksonville\u2019s Butler\/Baymeadows market. Taurus purchased the property for $24.8 million in 2007, according to public records, and the building was later renovated in 2017. Located at 10201 Centurion Parkway, the office space was 88 percent leased at the time of sale. The property is situated near the J Turner Butler Boulevard\/Route 202 and Southside Boulevard.<\/p>\n

JLL\u2019s Capital Markets team representing Taurus included Porter Terry and Tarik Bateh, senior directors. Bateh said in prepared remarks that the transaction was completed in an extremely challenging environment, but that both the borrower and lender were reliable companies.<\/p>\n

Elsewhere in Florida, Taurus also acquired a 246,941-square-foot office complex in Sarasota for $45 million<\/a>. More recently, the private equity firm was involved in one of Chicago\u2019s largest transactions of 2020 by purchasing a 28-property industrial portfolio in March for $153.5 million<\/a>.<\/p>\n

Strong start hampered by COVID-19<\/h2>\n

While the market is facing a challenging environment as Bateh said, Jacksonville\u2019s office market was showing a promising start to 2020, before the COVID-19 pandemic hit the U.S. According to JLL\u2019s first quarter report on Jacksonville\u2019s office market, tenant demand in suburban areas remained strong, while the downtown office market saw some decline.<\/p>\n

No new developments broke ground in the market, but the pricing throughout remained on an upward trajectory. Specifically, in the Butler\/Baymeadows market\u2014where One Deerwood is located\u2014average asking rents were $22.34 per square foot, while the vacancy rate was 15.6 percent.<\/p>\n

Despite the metro\u2019s solid fundamentals going into the first quarter of 2020, Jacksonville\u2019s office market will likely be affected by the COVID-19 pandemic for the remainder of the year, according to the report. There will likely be an increase in the number of subleases available, and the development pipeline will be put on pause for the next six months. The market could see even more volatility, depending on the recession\u2019s lasting impact after the pandemic.<\/p>\n","protected":false},"excerpt":{"rendered":"

JLL Capital Markets arranged the floating-rate bridge loan for the company\u2019s One Deerwood office building in the city\u2019s Butler\/Baymeadows submarket. <\/p>\n","protected":false},"author":883,"featured_media":1004416915,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,1591,21742,21747],"tags":[32796,44006,39251,36141],"class_list":["post-1004416708","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-jacksonville","category-latest","category-office","tag-jll","tag-jll-capital-markets","tag-prime-finance-partners","tag-taurus-investment-holdings"],"acf":[],"yoast_head":"\nJacksonville Office Asset Lands $20M Refi - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/jacksonville-office-asset-lands-20m-refi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jacksonville Office Asset Lands $20M Refi\" \/>\n<meta property=\"og:description\" content=\"JLL Capital Markets arranged the floating-rate bridge loan for the company\u2019s One Deerwood office building in the city\u2019s Butler\/Baymeadows submarket.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/jacksonville-office-asset-lands-20m-refi\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-14T10:07:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/10201-Centurion-Parkway.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jackson Chen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jacksonville-office-asset-lands-20m-refi\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jacksonville-office-asset-lands-20m-refi\\\/\"},\"author\":{\"name\":\"Jackson Chen\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/8d4607aca26f3427c49fe54ddc82ddf1\"},\"headline\":\"Jacksonville Office Asset Lands $20M Refi\",\"datePublished\":\"2020-04-14T10:07:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jacksonville-office-asset-lands-20m-refi\\\/\"},\"wordCount\":383,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jacksonville-office-asset-lands-20m-refi\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2020\\\/04\\\/10201-Centurion-Parkway.jpg\",\"keywords\":[\"JLL\",\"JLL Capital Markets\",\"Prime Finance Partners\",\"Taurus Investment Holdings\"],\"articleSection\":[\"Finance\",\"Jacksonville\",\"News\",\"Office\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jacksonville-office-asset-lands-20m-refi\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jacksonville-office-asset-lands-20m-refi\\\/\",\"name\":\"Jacksonville Office Asset Lands $20M Refi - 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