Boyd Watterson Asset Management LLC bought the former Florida Coastal School of Law building in Baymeadows for $13.5 million.
A deed recorded Aug. 31 with the Duval County Clerk of Clerks shows the investment adviser, with an address in Chicago, bought the property from Angelo, Gordon & Co. L.P. of New York City.
Angelo, Gordon paid $27 million for the structure Feb. 10, 2011. It is in the Deerwood Center business park.
The building was developed on the 9.7-acre site in 1990.
Florida Coastal, which closed, previously anchored the five-story, 231,867-square-foot structure at 8787 Baypine Road. The school had downsized at the building and occupied it in a sales-leaseback.
The school is operating under a teach-out. It lists its address as a virtual office in Deerwood Park.
Boyd Watterson bought the property through Jacksonville FL IV FCG LLC.
It bought it from AGNL FCSL L.L.C., an Angelo, Gordon entity.
Boyd Watterson says its real estate strategy is investing in commercial properties including office, warehouse and flex space leased predominantly to high credit-quality tenants.
Freedom Mortgage leases the top floor of the building.
Foundry Commercial has been representing the landlord.
Foundry Commercial’s brochure for the Class A office building, which fronts a lake in Deerwood Center, shows that 20,000 to almost 186,000 square feet is available immediately in the building on the first through fourth floors.
The first floor has 37,358 square feet available and the second through fourth floors are more than 49,000 square feet each.
The space offers 6.5 parking spaces in an adjacent parking garage per 1,000 square feet of space leased, a factor that tenants with large workforces look for in renting a location.
Amenities include a fitness center, café, outside seating, lakeside boardwalk and “abundant restaurants/retail/hotels within 5 minutes.”
Liberty Property Trust developed the building in 1990 for AT&T Universal Card Services Corp., whose functions were bought by Citicorp in 1997 and moved to a new campus in Flagler Center in 2005.
A Florida Coastal affiliate bought the building in 2005 and sold it in 2011 to Angelo Gordon & Co.
The BoydWatterson.com site says the Real Estate Group of Boyd Watterson was formed in 2009.
Boyd Watterson serves as the asset manager for institutional investors and says it has $17.4 billion in assets under management.
Boyd Watterson also offers transactional, advisory and sourcing services.
The website shows Boyd Watterson is based in Cleveland, Ohio, with offices in Chicago, Denver, Washington, D.C., and Bloomfield Hills, Michigan.
