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Real Estate
Jax Daily Record Wednesday, May 20, 202009:52 AM EST

Ally Bank pays $49 million for two Flagler Center buildings

The institution has been leasing the structures, Lakeside III and IV.

Crocker Partners sold the Lakeside III and Lakeside IV office buildings in Flagler Center to Ally Financial Inc. for $49 million.

Ally Financial spokesperson Cristianna Vazquez confirmed by email May 20 that the company completed the purchase of the Lakeside III and Lakeside IV buildings in  Flagler Center from Crocker Partners.

She said Ally is the sole occupant of both buildings, where it has 1,090 employees.

"This purchase will help Ally strengthen the common culture and collaboration across teams in a campus-like environment for its loyal and high performing workforce," Vazquez said. "The transaction will also help Ally control long-term occupancy costs."

Crocker, through two limited liability companies, bought the property in 2014 as part of a larger portfolio in Flagler Center, which is in South Jacksonville.

The deed was executed May 13 and posted to the Duval County Clerk of Courts website May 20.

Property records show Lakeside III, at 12808 Gran Bay Parkway W., is a four-story, 117,172-square-foot building developed in 2007 on 14.3 acres.

Lakeside IV, at 12850 Gran Bay Parkway W., is a five-story, 129,106-square-foot building developed in 1999 on 26.2 acres. previously leased Lakeside III before moving to the Town Center Two building near St. Johns Town Center.

Ally Bank moved into that space and already leased Lakeside IV.

It is the rebranded GMAC, a name change that took place a decade ago.

Ally bought the buildings through WGB Properties LLC.

Crocker Partners sold them through Lakeside III Associates LLC and Lakeside IV and V Associates LLC.

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