Five-building office-warehouse complex was 75 percent leased.
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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