Hines Sells North Florida Office for $42M

The newly constructed, 120,407-square-foot development in Jacksonville is McKesson Corp.’s headquarters. The company signed a full-building lease in 2018.
McKesson Headquarters
McKesson’s headquarters. Image courtesy of Real Capital Solutions

Hines has sold McKesson Corp.’s headquarters in Jacksonville, Fla. Real Capital Solutions acquired the Class AA, 120,407-square-foot office building for $42.3 million, according to Duval County records. Public records also show the sale was subject to a $32 million loan originated by Bank of America.

Located at 6651 Gate Parkway in the Intracoastal West submarket, the 7.7-acre property is roughly 13 miles southeast from downtown Jacksonville, easily accessible due to its proximity to Interstate 295 and J. Turner Butler Boulevard. St. Johns Town Center, with its wide array of shopping and dining options, is less than 4 miles north.

The recently completed, four-story, LEED Silver building features 31,000-square-foot floorplates, collaborative workspaces for nearly 800 employees and walkable amenities. McKesson is the sole tenant, having signed a 10-year lease in 2018. The property is part of Hines’ signature Southside Quarter, a 105-acre, live-work-play development that broke ground in 2017.

This is the fifth recent purchase of a Florida office building for Real Capital Solutions. According to Vice President of Acquisitions Adam Abeln, the company has invested nearly $100 million in single tenant net lease properties over the last five months.