New York City-based Jack Sitt Real Estate LLC is the buyer who invested in The Concourse office park along Belfort Road at Butler Boulevard and Interstate 95.
Through Jax Concourse Owners Corp., Jack Sitt Real Estate paid $43 million on June 10 for the 303,648-square-foot office park on 19.48 acres at 5200-5210-5220 Belfort Road. It comprises three four-story buildings.
The company bought the property, built in 1998-2001, from Jax Concourse Property LLC, which is Westport Capital Partners of Stamford, Connecticut. Westport paid almost $36.1 million for the property in 2018.
NAI Hallmark Managing Partner Christian Harden said July 14 his commercial real estate group assisted the seller in the June 2021 transaction.
“It was essentially an off-market acquisition. NAI Hallmark will continue to lease and manage the property on behalf of the new owner,” he said.
NAI Hallmark Brokerage Principal Patrick Thornton said the buildings “continue to be one of the premium addresses in the suburban office market.”
JackSitt.com says Jack Sitt is the founder and CEO and previously was an executive at Sitt Asset Management. Over 15 years he has been involved with the purchase and management of a $2 billion portfolio of more than 20 office, retail and residential properties exceeding 2 million square feet of space throughout New York City and other gateway cities.
“His investment strategy utilizes a traditional approach to real estate transactions, implementing value-add initiatives, creatively repositioning assets, and unlocking their potential,” the site says.
It says the acquisition criteria typically involves “underperforming, cash flowing, mixed-use assets believed to have tremendous intrinsic upside potential.”
The site says the company focuses on properties in established, high-growth regions of New York City.
The company has not responded to requests for comment about investing in Jacksonville.