Savlan Capital has acquired a seven-building, ±765,190 square-foot, Class A commercial portfolio in Jacksonville, FL. The collection of office and flex buildings located in the Lakeside and Flagler Center business parks was purchased for $52 million from a financial institution.

The JLL team of Robbie McEwan and Hunter Smith represented the buyer in the transaction. Savlan Capital represented itself in the acquisition. The transaction, from signed contract to closing, was executed in just 30 days.

The portfolio includes Lakeside I, Lakeside II, and Lakeside V in Lakeside Center, and Flagler 100, Flagler 200, Flagler 300, and Flagler 400 in Flagler Center.

Lakeside I is a ±112,314 square-foot, four-story office building built in 2007 at 12724 Gran Bay Parkway West. Lakeside II is a ±112,306 square-foot, four-story office building constructed in 2005 at 12740 Gran Bay Parkway West. Lakeside V is a five-story, ±140,952 square-foot office building developed in 2008 at 12926 Gran Bay Parkway.

Flagler 100 is a ±106,439 square-foot, single-story flex building built in 1997 at 12735 Gran Bay Parkway West. Its sister building at the same address, Flagler 200, is a ±61,837 square-foot, single-story flex facility constructed in 1997. Flagler 300 is a two-story, ±134,159 square-foot flex building built in 1998 at 7159 Corklan Road. Flagler 400 is ±97,183 square-foot, two-story flex building built in 1999 at 12854 Kenan Drive.

The portfolio’s diversified rent roll includes high profile tenants such as HTS Logistics’ corporate headquarters, Kimley-Horn, Ernst & Young (EY), Pulte Home Company, Siemens Mobility, United Healthcare Service, and Total Quality Logistics.

The portfolio has battled COVID-era vacancies in recent years and is currently 57.2 percent occupied. Savlan Capital is well-positioned and eager to address the current availabilities immediately.

“We are fully capitalized and ready to do deals,” said Savlan Capital founder and Chief Executive Officer Zusha Tenenbaum. “We have allocated significant reserves for future TI packages and upgrades and are willing to execute creative, tenant-driven leases.”

Savlan Capital has retained the CBRE team of Oliver Barakat, Billy Kuntz, and IV Stucker to market the portfolio. This team has extensive leasing experience in the immediate market, including Quadrant I & II, Gran Park at the Avenues, 6651 Gate Parkway, and Gramercy Woods. NAI Hallmark will manage the buildings.

“This acquisition stands out as one of Jacksonville’s rare office transactions over the past year,” said Kuntz, First Vice President with CBRE. “This portfolio is driven by investment, which in turn is signaling a strong vote of confidence in the Northeast Florida office market.”

The buildings are situated on 71.5 acres within two adjacent business parks – Flagler Center and Lakeside Center. This location just north of the Duval-St. Johns County border offers access to both the dynamic Jacksonville market and St. Johns County’s highly-educated workforce.

The St. Johns County School district ranks second in Florida’s academic accountability reporting and is one of only two districts in the state to receive an “A” grade every year since reporting began in 2004. This has helped attract new residents to the area and drive the construction of more than 5,000 new multifamily units in the market over the past five years.

The buildings are also proximate to Nocatee, one of the most successful and fastest-growing master-planned communities in the Southeast, as well as the recently-expanded Baptist Medical Center South and the newly-constructed Brooks Rehabilitation Hospital.

Savlan Capital’s existing national portfolio includes 22 medical centers and the new owner plans to capitalize on that experience by converting portions of the newly acquired buildings into medical offices, tapping into demand from health care users that prefer proximity to major hospitals.

“This portfolio presents a unique opportunity for businesses seeking a well-connected and competitive office solution in a burgeoning part of town,” said Barakat, Senior Vice President at CBRE. “We are excited to work with Savlan Capital to attract both general office and medical office users to this revitalized project.”

“This location – combined with nearby amenities, demographics, and our expertise – positions this property for significant upside,” added Tenenbaum. “With our proven track record of transforming good assets into great ones, this should be another success story in the making.”

About Savlan Capital

Savlan Capital is a fully integrated real estate investment company with over 20 years of extensive real estate investment management, acquisition, property management, development, and redevelopment expertise. Headquartered in Hollywood, Florida, Savlan Capital has a proven track record of successful investing in sustainable business parks, light industrial flex, medical, and office in markets exhibiting diversified economies and strong population growth throughout the United States. For more information, please visit www.savlancapital.com.

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