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The Aetna Building on the Downtown Southbank is expected to be sold by the end of the year.

IP Capital Partners speculated as Aetna tower buyer

By Karen Brune Mathis, Managing Editor

A group led by Boca Raton-based IP Capital Partners LLC is speculated as the buyer that has contracted to acquire the Aetna Building on Jacksonville's Downtown Southbank.

The sale for an undisclosed price is expected to be completed by the end of the year.

Jason Isaacson, founding partner and president of IP Capital Partners, said he could not comment.

IP Capital Partners is a private real estate investment and asset management firm that also owns One Imeson Center in North Jacksonville.

IP Capital Partners was formed in January 2012 to focus exclusively on co-investing with institutional and high net worth joint venture partners in office, retail and industrial real estate in the major growth areas of Florida.

CBRE Inc. has been marketing the 20-story Southbank tower, often heralded as the tallest building in Florida when it was developed in 1955.

The Daily Record reported Sept. 24 that CBRE was the agent for the owner, Southshore Group Partners Inc., in listing the almost 495,000-square-foot office building at 841 Prudential Drive.

No listing price was given in an opportunity statement. The building's 2013 certified taxable value was almost $31.5 million and its 2014 market value in progress is $36.5 million.

Southshore bought the property for $39 million in 2004 from OAIC Jax LLC, which bought the building in 1998 for $36 million from Prudential Insurance Co. of America, according to Duval County property records.

The riverfront building was developed for Prudential Insurance Co., which now occupies a nearby structure built in 1985.

Aetna Inc. bought the Prudential HealthCare business from Prudential in 1999 and consolidated operations at the tower. The building is 22 floors high but counts 20 for leasing purposes.

The offering statement, dated 2013, says the Aetna building is 98 percent leased to 13 tenants, including four major health care related tenants that take up more than 85 percent of the property.

Major tenants include Aetna, Baptist Health System, University of Florida Health Jacksonville and Medical Services Co.

IP Capital says on its ipcappartners.com website that it will pursue Class A and B office, retail and industrial commercial real estate investments in Florida growth markets — Jacksonville, Orlando, Tampa and South Florida.

It says it seeks to identify "value-add" and "opportunistic" properties in the $10 million to $100 million range that have significant potential for appreciation.

It says it identifies a strategy for improving a property long before it is acquired. After acquisition, IP Capital implements operational changes and capital enhancements "to get the most notice with existing and potential new tenants and will implement new operating standards and hire a new leasing company to implement its marketing program and strategy."

It holds the investments for three to seven years.

IP Capital primarily invests through IPCP Florida Realty Value Fund I, which was formed to capitalize on the increasing number of opportunities available in the Florida commercial real estate markets

The opportunity statement, listed under CBRE's capital markets-investment properties, lists Jacksonville brokers Michael Harrell and Louis Nutter, both senior vice presidents, and William Moylan Jr., an executive vice president and partner in Boston.

Moylan heads the CBRE capital markets team in New England.

The opportunity statement calls the property a "Class A landmark office and medical office building in Downtown Jacksonville."

"Excellent amenities, low vacancy and strong fundamentals make the Aetna Building an outstanding source of both immediate and long term cash flow," with a year-one net operating income of $5 million.

"Rarely does a single Class A investment combine a protected Downtown waterfront location, demographic trends that outpace the nation in multiples, and unparalleled industry froth for its tenants," it says.

AutoMatch USA hiring for new center

AutoMatch USA, an affiliate of Camping World, intends to open a dealership at 9012 Beach Blvd., a former site for Camping World before the RV operation moved to a larger facility in North Jacksonville near Jacksonville International Airport.

State corporate records show that AutoMatch USA is owned by Emerald Coast RV Center LLC of Lincolnshire, Ill. AutoMatch and Camping World share an address in Lincolnshire, which is near Chicago.

Emerald Coast is headed by Marcus Lemonis, the chairman and CEO of Camping World.

AutoMatch has scheduled a

job fair from 9 a.m.-5 p.m. Dec. 16 at the Hyatt Downtown to staff the center.

AutoMatch will fill positions that include general manager, finance manager, sales manager, sales associates, service writers, parts coordinator, service manager, technicians and receptionist, according to an ad in Sunday's Times-Union.

The hiring number for information is listed as 866-968-7046. A woman answering the number said this would be the first AutoMatch and that 19 positions would be filled.

State records provide a Gulf Breeze mailing address in Florida for Emerald Coast RV Center LLC.

Camping World says at its campingworld.com site that it is the nation's largest retailer of recreational vehicle supplies, accessories, services and new and used RVs.

Camping World moved from Beach Boulevard to a former car dealership site at 10101 Interstate Center Drive in North Jacksonville.

The 40,000-square-foot building comprises an 8,000-square-foot showroom, a 12,000-square-foot office area and 20,000 square feet for RV repair. The project is on a 13.4-acre site.

City property records show the 9012 Beach Blvd. site is about 4.1 acres with 17,700 square feet for office, storage and space under canopies.

Kite pays $19M for Lakewood Promenade

The Kite Realty Group real estate investment trust of Indianapolis paid almost $19.2 million for the Lakewood Promenade shopping center in Jacksonville as part of Kite's $307 million acquisition of 10 properties from Och-Ziff Real Estate of New York.

The deed was made Nov. 26 by OZ/CLP Lakewood LLC to KRG Lakewood LLC and was recorded Monday with the Duval County Clerk of Court.

Lakewood Promenade is a 195,339-square-foot center at 1500-1670 University Blvd. W., anchored by Winn-Dixie and Stein Mart. It was one of four Florida properties in the deal and brings Kite's Florida portfolio to 25 properties.

The CBRE real estate company said Wednesday it arranged the sale of the 2.1 million-square-foot retail portfolio.

kmathis@baileypub.com

@MathisKb

(904) 356-2466

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