Cushman & Wakefield Brokers $36M Business Park Sale in Jacksonville
- Jun 19, 2019
GBR Properties Inc. has sold Cypress Point Business Park, an eight-building, 344,000-square-foot office asset in Jacksonville, Fla. Viking Partners acquired the property for $35.8 million. Senior Director Karl Johnston of Cushman & Wakefield’s Capital Markets Group, working together with leasing representative Senior Vice President Mark Scott of Foundry Commercial, brokered the deal on behalf of the seller. According to Yardi Matrix data, the property last traded in 2016, commanding $22.7 million.
Located at 8100, 8120, 8200 and 8230 Nations Way as well as 8201 and 8211 Cypress Plaza Drive and 7215 Financial Way, Cypress Point Business Park is between Philips Highway and Interstate 95. The property is in the Butler/Baymeadows office submarket, the largest Jacksonville suburban office submarket, encompassing 10.7 million square feet. Downtown Jacksonville is approximately 8.5 miles north, while the Jacksonville International Airport is within a 30-minute drive.
The business park consists of single-story buildings completed between 1999 and 2004. Four of the structures have above standard ceiling height, with the property offering a parking ratio of six spaces per 1,000 square feet, per Yardi Matrix. Currently, the asset is 88 percent leased, with the tenant roster including Fanatics, U.S. Assure, Crowley Marinetime, ADT and Selene Finance. Several expansions and renewals were underway at the property at the time of the sale.
In May, a 1.3 million-square-foot office portfolio traded 5 miles east of Cypress Point Business Park. The buyers payed about $231 million in an off-market transaction.
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