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| 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.
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| 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.
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| 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.
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| 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.
Contact: david.meyer@cushwake.com
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