CROCKER PARTNERS, INVESTCORP BUY OFFICE-INDUSTRIAL PORTFOLIO FOR $133.2M
JACKSONVILLE, FLA. — A joint venture between Crocker Partners and New York-based Investcorp has acquired 12 buildings within the Flagler Center business park in Jacksonville for $133.2 million. With the acquisitions, the two companies have added nearly 1.4 million square feet to their Florida portfolio.
The transaction includes the newest Class A office and industrial space in Jacksonville’s Butler/Baymeadows submarket.
“This was a rare opportunity to acquire a dozen buildings across three product types at a significant discount to replacement cost,” says Tom Crocker, founder and managing partner at Crocker. “Jacksonville is a very attractive market, and Flagler Center has the potential for significant return as we apply our asset and property management expertise.”
Overall, Crocker Partners’ holdings at Flagler Center, which is located a mile from the I-95/I-295 interchange, includes 601,168 square feet of Class A office space; 399,618 square feet of two-story professional office space; and 357,642 square feet of industrial space. The buildings are 81 percent occupied. Lead tenants include Web.com, Ally Financial and Kemper Insurance.
Crocker Partners owns a total of 2.1 million square feet in Jacksonville. In total, the Boca Raton-based real estate investment firm now owns and manages 8.4 million square feet in the Southeastern U.S. and Texas, representing $1.4 billion in transactions.
— Danielle Everson