Asking Price Contact for pricing
NOI Net Operating Income
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income
Cap Rate N/A

Documents

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Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Key facts

Year Built 1990
Building Area

Property description

Jones Lang LaSalle Americas, Inc. (JLL) is pleased to exclusively offer the opportunity to acquire 8787 Baypine (the property or building), a 231,021 square foot office building located in Jacksonville, Florida’s highly sought-after suburban office submarket, Butler/Baymeadows. Featuring water views and an extensive lakefront boardwalk, the asset includes a connected, seven-story parking garage with 6.5/1,000 parking. The property is currently 63.1% occupied providing a rare value-add opportunity in a well-performing office submarket priced well below replacement cost.

Investment highlights

  • Well-Maintained with Recent Renovations - Recent completion of over $2.8 million in capex and tenant improvements (e.g. lobby renovations, roof upgrades, restriping parking garage, landscaping, resealed windows).
  • High Barriers to Entry - Rising construction costs and the lack of available sites will limit new multi-tenant/speculative development
  • Attractive Cost Basis - Expected sale at below replacement cost (+/- $275 PSF) providing an excellent basis and a competitive future economic advantage
  • Institutional Quality - Located in Deerwood Center Office Park with a beautiful lakefront setting surrounded by walking trails with highly efficient floor plates
  • Integrated Parking Garage - Integrated parking garage in addition to surface parking. Robust 6.5 spaces per 1,000 RSF - one of the submarket’s strongest parking ratios
  • Robust Business Hub - Fifth  fastest-growing market in America and a top city for Millenials with a current working population exceeding 837,000 people.
Last Updated Date: 11 May 2021
Robbie McEwan
Robbie McEwan, CCIM, SIOR
Senior Director, Capital Markets
Broker Licenses
FL-SL3207356

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Last Updated Date: 11 May 2021

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