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Jax Daily Record Thursday, Oct. 25, 201811:45 AM EST

Exchange South sells for $18.3 million

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Five-building office-warehouse complex was 75 percent leased.
by: Scott Sailer Staff Writer

The five-building Exchange South office-warehouse complex at 9143 Philips Highway was sold Monday for $18.3 million to Hallendale-based Savlan Exchange South LLC.

The LLC is managed by real estate investment firm Savlan Capital. Savlan executed a mortgage from Bancorp Bank for $15.39 million.

Seller Exchange South Owners LLC bought the 18.15-acre property in September 2015 for $15.49 million. Three of the buildings were constructed in 1990 and two in 1996, according to the Duval County Property Appraiser.

Cushman & Wakefield announced Thursday that Karl Johnston, with its Capital Markets Group, represented the seller of the 194,400-square-foot office and small-bay light industrial complex.

The property was 75.1 percent leased at the time of the sale to 24 tenants that include Konica Minolta, Ovation Credit and Omnicare.

Cushman & Wakefield said Savlan will invest $2 million into interior and exterior upgrades.

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