At 50% leased, the 36-year-old Prominence Office Park in Baymeadows is being offered for sale, according to real estate firm JLL.
Prominence is owned and managed by CP Group, previously known as Crocker Partners, with leasing handled by JLL Managing Directors Michael Loftin and Jesse Shimp.
The brokers handling the sale offering, which is labeled a “lender driven sale,” are JLL Senior Directors Matthew McCormack and Robbie McEwan, both in Capital Markets.
Invest.jll.com states that the “Prominence Office Portfolio 2023” at 8900 Prominence Parkway is under contract, but does not say with whom or at what price.
Records show Bank of America held a $59 million mortgage note as of August 2018. The bank amended its financing statement in February 2023.
CP Group and JLL representatives have declined comment.
JLL, short for Jones Lang LaSalle, says in the offering it is “pleased to exclusively offer the opportunity to acquire the Prominence Office Park Portfolio.”
It comprises seven buildings totaling 754,691 square feet of space on 68 acres. The offering says it is 50% leased.
The buildings range from 21,991 to 160,065 square feet of space and were built from 1988 to 1998.
Prominence has 5.1 parking spaces for each 1,000 square feet of space.
Tenants include local, national and government organizations “who have occupied the campus for many years and remain committed to the location.”
A drive through the park shows signs for tenants that include Southeastern Grocers, Olympus Insurance, Digital Risk, Solera and AutoPoint.
The site is at Baymeadows Road and Philips Highway, off of Interstate 95.
It is in the Butler/Baymeadows submarket, which JLL called “one of Jacksonville’s most sought after.”
The offering says that submarket has an average occupancy of 90% and has more than 5,000 new apartment units added the past five years.
“The Properties offer investors a rare, large-scale value-enhancement opportunity in one of America’s top growth markets,” it says.
Value enhancement means a buyer would have the opportunity to reposition or repurpose the property for a higher return on its investment.
The “business plan optionality” states the “ability to lease buildings to single-tenant users, partial redevelopment of the site, and sell-down of individual buildings or smaller portfolios.”
The property will sell for a “significant discount to replacement cost,” meaning it would cost much more to build that size project.
The offering said the property has been “well maintained by institutional ownership” with more than $10 million in recent capital upgrades, including new roofs, lobby renovations and restroom upgrades.
The offering says there is “durable” cash flow as well as the potential growth in net operating income.
In late 2012, Crocker Partners of Boca Raton bought the 54-acre, seven-building former Freedom Commerce Centre office park, initially developed from 1988-98 by Koger Equity Inc., and rebranded it as Prominence.
Crocker Partners V Freedom LLC paid $27.8 million for the property, buying it from LNR Partners LLC of Miami Beach.
Property records show it bought the balance of the 68 acres in 2014.
Crocker announced it was rebranding and upgrading the office park as the Prominence and intended to make a multimillion-dollar capital improvement to the property.
Crocker said the new name reflected its confidence in Jacksonville’s office market, its commitment to the property and its long-term investment.
Under Koger’s ownership, the office buildings had been known as the Osborn, Gunti, Jackson, Hamilton, DeSoto, Nassau and Suwannee buildings.
The seven buildings dropped those individual name and were numbered from 100 to 700.
CP Group, a commercial real estate and management firm, says it has been an owner-operator and developer of commercial real estate throughout the Sunbelt since 1986.
The company says on CPGCRE.com that it is the largest office landlord in Florida, the second-largest in Atlanta and in the top 25 in the United States.
“CP Group brings an extensive track record and unparalleled market insight to advance investors’ opportunities in the region’s most dynamic markets,” the site says.
Based in Boca Raton, the company has regional offices in Atlanta, Dallas, Denver, Jacksonville, Miami and Washington, D.C.
