Viking Partners, LLC Acquired the 344,000-SF, Suburban, Class A Office Asset from GBR Properties, Inc.
JACKSONVILLE, FL, JUNE 17, 2019 – Cushman & Wakefield has arranged the sale of Cypress Point Business Park, an eight-building, 344,000-square-foot office asset in Jacksonville. The suburban, Class A office park traded for $35.8 million.
Karl Johnston, Senior Director with Cushman & Wakefield’s Capital Markets Group, arranged the transaction in conjunction with Mark Scott of Foundry Commercial on behalf of the seller, Tulsa, Oklahoma-based GBR Properties, Inc. The buyer is Viking Partners, LLC, based in Cincinnati, Ohio.
Cypress Point Business Park is situated within at the southeast quadrant of J. Turner Butler Boulevard and Philips Highway (U.S.1). The location is considered part of the Butler/Baymeadows office submarket, which is the largest suburban office submarket in Jacksonville with 10.7 million square feet of office space. With high barriers to entry the submarket is poised for significant future rent growth, according to Cushman & Wakefield research.
Cypress Point Business Park consists of eight, single-story office buildings that were developed between 1999 and 2004. The property is currently 88% leased to seven diversified tenants, inlcuding Fanatics, U.S. Assure, Crowley Marinetime, ADT and Selene Finance. Several expansions and renewals were in process at the time of closing.
“Today’s more sophisticated single-story office tenants are looking for highly functional office capability, ease of access, higher parking ratios, and outstanding retail and restaurant support facilities,” said Johnston. “This changing dynamic has made assets like Cypress Point Business Park a high-demand product type.”
“While the offering received tremendous interest from the investment community given its strategic location, high functionality and credit tenancy, Viking Partners, LLC was the ideal purchaser with their immediate commitment to the to the property and the overall Jacksonville community,” Johnston added.
The addresses for the business park are: 8100 Nations Way, 8120 Nations Way (Building 100), 8120 Nations Way (Building 200), 8200 Nations Way, 8230 Nations Way, 8201 Cypress Plaza Drive, 8211 Cypress Plaza Drive and 7215 Financial Way.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Communications Specialist, Florida