Real estate investor David Gonzales added six Belfort area office and flex buildings to Jacksonville-based Acorn Property Holdings and intends to start a multimillion-dollar renovation to the properties to improve occupancy.
He also intends to rebrand what is now Belfort Park as Lakewood Center. Gonzales is president of Acorn Property.
Through Acorn Belfort Park LLC, Gonzales paid $10 million for the buildings, totaling more than 302,000 square feet of space, at 7751, 7800, 7900, 7950, 8000 and 8001 Belfort Parkway.
Branch Banking and Trust Co. issued a mortgage of $8 million. The deed and mortgage were executed Nov. 16.
Acorn bought the property from Suburban Owner LLC. The buildings were developed between 1988 and 1999. according to Duval County property records.
“My plan is to spend whatever it takes to make the property stabilized and more inviting to tenants,” he said, estimated that it will make several million dollars.
The properties are 70 to 75 percent occupied, he said.
“There is a lot to do. We have interior and exterior renovations and we hope we are hitting the ground running as soon as possible,” he said.
Gonzales said work will include HVAC replacement, roof recoating and resealing and other maintenance.
“We will be rebranding the park. We will do a better job of marketing and making the buildings more attractive and inviting,” he said.
That will attract new tenants and retain existing ones, he said.
Gonzales said the property was undermanaged. “We have a pretty steep hill to climb,” he said.
Acorn Property Holdings manages construction, space planning and other work in-house.
Gonzales said the acquisition boosts Acorn Property Holdings to 1.3 million square feet of space and 19 buildings that include two at World Golf Village and SouthPoint Self Storage.
Gonzales represented himself as the buyer in the Belfort Park deal and said Mike Harrell, senior vice president of CBRE Inc., represented the seller.
Acorn Property Holdings manages its property and NAI Hallmark is its leasing agent.