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Jax Daily Record Monday, Jan. 5, 201512:00 PM EST

Graham & Co. pays $21 million for Interstate South Commerce Center

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Graham & Co. bought the Interstate South Commerce Center for $21 million in a sale that closed Tuesday and was recorded Friday with the Duval County Clerk of Court.

Birmingham, Ala-based Graham & Co. bought the 9440-9456 Philips Highway business park through GCP-Interstate South LLC. Colonial Life & Accident Insurance Co. issued a $15 million mortgage.

The six-building park occupies 25 acres and carries a $17.55 million assessed value, according to Duval County property records. The structures, totaling more than 256,000 square feet, were built from 1987-89.

Five of the structures are flex-warehouse and one is an office building.

GCP-Interstate South bought the property from UNUM Group and United of Omaha Life Insurance Co.

UNUM and UM Holdings IV LLC took title to the property in 2011 from Windsor at Interstate South LLC, property records show. Windsor at Interstate

South paid $29.7 million for it in 2007.

Graham & Co. Managing Partner Gardner Lee signed the mortgage. He did not return a call or email Friday.

It’s the second big deal for Graham & Co. within a month.

Graham & Co., through BP Graham LLC, sold the 550 Water Street building Dec. 2 for $30 million to CSX Corp.

BP Graham LLC’s manager is H. Michael Graham of Graham & Co.

Mike Graham also is the manager of GCPM LLC, the manager of GCP-Interstate South LLC.

[email protected]

@MathisKb

(904) 356-2466

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