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Jax Daily Record Friday, Apr. 29, 201612:00 PM EST

Cypress Point Business Park sold for $23M

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HGL Properties sold Cypress Point Business Park on Friday to a new entity led by a Tulsa, Okla., property company.

Cypress Point is a 344,000-square-foot, eight-building property on 40 acres in Southside.

Its anchor tenants include Fanatics Inc., US Assure and City Refrigeration, which is a Scotland-based company that established its North American headquarters at Cypress Point.

HGL Properties L.P. Ltd. sold the park for $22.73 million to 2016 Cypress Point FL L.L.L.P., an Oklahoma partnership led by GBR Properties Inc., according to the deed recorded Friday with the Duval County Clerk of Court.

HGL Vice President Will Stout said the park was sold to the new entity and that HGL is a partner in it with GBR.

“We brought in a new partner,” he said. “It’s a restructuring.”

Stout said he continues to manage the park and Graham & Co. will continue as the leasing agent.

Cypress Point comprises 344,000 square feet, which is 72.8 percent occupied, Stout said. The business park is at Cypress Plaza Drive and Financial, Nations and Baymeadows ways.

Two previous tenants, EverBank and Citizens Property Insurance Corp., have relocated Downtown.

“This brings together two very experienced real estate partners with proven track records and will strengthen our position in the market.” he said.

Stout said HGL developed the park in 1999.

GBR is a private equity company focused on real estate investment, development and syndication. It was formed in 1987.

Its gbrproperties.com website says the company owns 1.7 million square feet of real estate. It has 25 operating partnerships, capitalized with $48.1 million of limited partner capital in addition to its own capital.

GBR has ownership interests in six states. The site shows nine Florida properties, including Westwood Village in Sanford.

 

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@MathisKb

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