Westport Capital Partners pays $36.1 million for property at Butler and I-95.
Connecticut-based Westport Capital Partners LLC bought The Concourse office park in Southside for $36.1 million.
The real estate investment firm acquired the property from Rosemont Concourse Operating LLC, which paid $31.75 million for it in 2013.
The deed was executed July 31 and recorded Tuesday with the Duval County Clerk of Courts.
“The buyer and seller were both pleased with the transaction and it was refreshing to see that we had institutional money,” said Michael Harrell, senior vice president of CBRE Inc. in Jacksonville.
The CBRE team of Harrell and Will Yowell, vice chairman with CBRE’s Capital Markets Institutional Properties in Atlanta, represented Rosemont in the deal.
Harrell said Westport represented itself.
Harrell said institutional investors typically invest in large properties, such as Flagler Center, but not always in smaller office properties.
“This is all good news for Jacksonville,” Harrell said.
The Concourse I, II and III buildings were developed between 1998 and 2001, and comprises three four-story buildings that total more than 305,000 square feet of space on almost 20 acres at 5200, 5210 and 5220 Belfort Road.
Harrell said the buildings were 96 percent occupied. “It’s a stabilized asset,” he said.
He said one of the largest tenant at The Concourse is Healogics.
Westport Capital Partners was founded in 2005. It bought The Concourse through Jax Concourse Property LLC.
The limited liability company assumed a $20.9 million mortgage with Wells Fargo Bank. The bank also issued a $2.7 million security agreement.
Westport Capital Partners LLC says that through its funds it invests in opportunistic, distressed and core plus real estate assets.
Westport says on westportcp.com that it and its affiliates have about $2 billion of assets under management as of Sept. 30, representing pension funds, endowments and foundations, insurance companies, family offices, and other institutional and qualified individual investors. It has offices in Los Angeles; Wilton, Connecticut; Bozeman, Montana; and London.
Rosemont is part of Gemini Rosemont, which is based in Santa Fe, New Mexico.
James Warshawski, senior vice president of asset management for Gemini Rosemont, said the property was about 92 percent occupied when it was sold.
He said the company bought it in 2013 and the investment horizon was five years.
“We hit our target, thanks to strengthening market and finding the right opportunity to sell,” he said.
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