Savlan Capital's $52M Jacksonville Office and Flex Portfolio Acquisition Signals Confidence in Northeast Florida Market
Savlan Capital's acquisition of a seven-building, ±765,190 square-foot commercial portfolio in Jacksonville for $52 million highlights a strong vote of confidence in the Northeast Florida office market, with plans to address vacancies and convert portions into medical offices.
Savlan Capital has made a significant investment in the Northeast Florida office market with the acquisition of a seven-building, ±765,190 square-foot, Class A commercial portfolio in Jacksonville for $52 million. The portfolio, located in the Lakeside and Flagler Center business parks, includes a mix of office and flex buildings currently 57.2 percent occupied, presenting a unique opportunity for revitalization and growth in a burgeoning part of town.
The transaction, executed in just 30 days, was facilitated by the JLL team of Robbie McEwan and Hunter Smith, with Savlan Capital representing itself. The portfolio's buildings, including Lakeside I, II, V, and Flagler 100, 200, 300, and 400, are situated on 71.5 acres, offering access to Jacksonville's dynamic market and St. Johns County's highly-educated workforce. The area's appeal is further enhanced by the St. Johns County School district's academic excellence and the proximity to Nocatee, one of the Southeast's fastest-growing master-planned communities, as well as major healthcare facilities like Baptist Medical Center South and Brooks Rehabilitation Hospital.
Savlan Capital's strategy includes addressing current vacancies and converting portions of the buildings into medical offices, leveraging its experience with 22 medical centers in its national portfolio. The company has allocated significant reserves for tenant improvements and upgrades, aiming to attract both general office and medical office users. The CBRE team of Oliver Barakat, Billy Kuntz, and IV Stucker has been retained to market the portfolio, bringing extensive leasing experience in the immediate market.
This acquisition stands out as one of Jacksonville's rare office transactions over the past year, signaling a strong vote of confidence in the Northeast Florida office market. With its strategic location, nearby amenities, and Savlan Capital's expertise, the portfolio is poised for significant upside, marking another success story in the making for the company.