TPG Real Estate Acquires Jacksonville Town Center Office Campus for $107M
JACKSONVILLE, FLA. — TPG Real Estate, a San Francisco-based investment firm, has acquired Town Center One and Two, a 374,123-square-foot office campus in Jacksonville, for $107 million.
The property spans 25 acres. It is located in the Deerwood Park area and features proximity to the Southside Quarter mixed-use development and St. Johns Town Center, an open-air shopping and dining destination.
Town Center One is a five-story, 155,423-square-foot building that was 94 percent leased at time of sale to tenants including Availity, UBS Bank and Insight Global. Town Center Two is a six-story, 218,700-square-foot building that is fully leased to Web.com.
A state-of-the-art common area with a cafe and conference center is located in Town Center Two, while Town Center One features a tenant amenity hub on the first floor. Both buildings were constructed with above-code hurricane resistance.
Mike Davis, Rick Brugge, Karl Johnston, Rick Colon, Zachary Eicholtz and Steve Aiken of Cushman & Wakefield represented the seller, Kansas City, Mo.-based developer VanTrust, in the transaction.
“With an influx of new multifamily and mixed-use development, the Deerwood Park submarket is experiencing a rapid transformation from suburban to a more densely populated urban landscape,” says Johnston. “Town Center One and Two have played a significant role in this evolution and are in an excellent position to continue benefiting from the growth of the surrounding area.”
— Taylor Williams