Monday, December 17, 2012

Cushman & Wakefield Brokers $27,825,000 Sale of Jacksonville Freedom Commerce Center



Jacksonville Freedom Commerce Center

JACKSONVILLE, FL -- The Capital Markets Group of Cushman & Wakefield of Florida, Inc. announced today that it has finalized the sale of the Jacksonville Freedom Commerce Center office park, a seven-building, 752,154-square foot suburban office park located at the southwest quadrant of Baymeadows Road and I-95 in Jacksonville, Florida.

Karl Johnston
 The property, previously owned by LNR Partners, Inc., was purchased by Crocker Partners, LLC, a private capital company based in Boca Raton, Florida. 

Karl Johnston, Senior Director, along with Mike Davis and Rick Brugge of Cushman & Wakefield’s Capital Markets Group handled the transaction for LNR Partners, Inc.

Mike Davis
"The Jacksonville Freedom Commerce Center is one of the premier suburban office parks in the Jacksonville area," said Johnston, Senior Director with Cushman & Wakefield's Jacksonville office.
Rick Brugge

"While the buildings were only 38% occupied, there was significant upside potential with the future lease-up of vacant space to create substantial value. This value-add upside potential was a key factor in driving investor interest in the deal."

Originally developed in by Koger Equities in 1988 to 1998, the Jacksonville Freedom Commerce Center is anchored by ING, J.P. Morgan, and the GSA.

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