Crocker Partners announced that it boosted its Jacksonville holdings recently in a joint venture with Investcorp as the two paid $133.2 million for 12 buildings in the Flagler Center business park.
The purchase added almost 1.4 million square feet of office and industrial space to Crocker’s Florida portfolio, which includes the Prominence business park, formerly Freedom Commerce Centre, in the Baymeadows area of Jacksonville.
Crocker Partners, a private real estate investment company based in Boca Raton, now owns 2.1 million square feet of space in Jacksonville.
The Flagler Center purchase comprises 601,168 square feet of Class A office space; 399,618 square feet of two-story professional office space; and 357,642 square feet of industrial space
Crocker Partners said the buildings are 81 percent occupied. Lead tenants include Web.com, Ally Financial and Kemper Insurance.
“This was a rare opportunity to acquire a dozen buildings across three product types at a significant discount to replacement cost,” said Managing Partner Tom Crocker in a news release.
“Jacksonville is a very attractive market, and Flagler Center has the potential for significant return as we apply our asset and property management expertise,” he said.
Crocker said Jacksonville is one of the nation’s fastest-growing metropolitan areas and ranks second in the southeastern U.S. for growth in office-using employment since 2009.
It said the Baymeadows/Butler submarket’s strength reflects
the area’s draw as a back-office location to attract companies in the finance and insurance industries.
Crocker Partners now owns and manages 8.4 million square feet in the southeastern U.S. and Texas, representing $1.4 billion in transactions.
Duval County Clerk of Court records show Investcorp International Realty Inc., through IVC Flagler LL LLC, bought the property Aug. 15 from FDG Flagler Center I LLC and FDG Flagler Center II LLC, based in Coral Gables.
The purchase comprises the five Lakeside buildings, the seven Flagler Center buildings and the Flagler and Lakeside easements.