RealOp Purchases Business Center In Jacksonville
Dec 18, 2018 12:01PM
By Kathleen Maris
Greenville-based RealOp Investments recently purchased Central Park Business Center in Jacksonville, Fla. with plans to improve and reposition the asset in the market place.
Central Park Business Center is a value-add office/flex opportunity located at 3728 Phillips Highway, near Interstate 10 and Interstate 95. The location offers centralized access throughout the Jacksonville region, said Julian Nexsen, RealOp’s vice president of acquisitions.
The 217,900-square-foot, multi-tenant property consists of three, single-story buildings constructed in 1989. The property was 50 percent leased at the time RealOp closed on the deal.
“We are pleased to be closing a transaction with Taurus Investment Holdings and are very optimistic about the near-term growth prospects in Jacksonville. Jacksonville, like the rest of the state, has emerged as a much more dynamic employment market than in past cycles,” Nexsen said. “We recognized the opportunity to acquire a well-located asset below replacement cost providing lake views, parking, various layouts, and highway exposure. We will provide the necessary capital improvements, competitive rental rates, and quality property management to lease-up vacant space and renew the existing tenants making Central Park a highly attractive office location for years to come.”