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Jax Daily Record Tuesday, May 30, 201712:00 PM EST

Ladder buys Gramercy property for $115 million

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Gramercy Property Trust sold five buildings at the Gramercy Woods office park in south Jacksonville last week to Ladder Capital Corp. for $115 million.

Mortgages issued with the sale show that Ladder is financing the purchase of buildings 200, 300, 400, 500 and 600.

The buildings are part of the former Bank of America office park at 9000 Southside Blvd., which owner Gramercy rebranded as Gramercy Woods.

Bank of America remains the lead tenant and consolidated into the buildings that were sold.

Gramercy began marketing buildings 100 and 700 more than two years ago.

The 90-acre park was developed in 1989 for Barnett Banks Inc., which was acquired by Bank of America through mergers.

Gramercy has solely owned the Jacksonville campus since 2012.

The office park comprises about 1.2 million square feet of space.

Buildings 100 and 700 total about 382,000 square feet. Bank of America leases about 871,000 square feet, according to previously released Gramercy documents.

The entire park is assessed at $97.1 million for tax purposes, according to the Duval County Property Appraiser.

Ladder Capital Finance LLC, based in New York, bought the property Tuesday in two deeds for $73.15 million and $41.85 million.

It bought the property through LBA Tracts C and G Jacksonville FL LLC and LBA Tract E Jacksonville FL LLC.

Both were registered with the state May 11.

Gramercy sold it through GPT GIG BOA Portfolio Owner LLC.

Ladder Capital Finance LLC issued two mortgages totaling almost $82.3 million to the acquiring LLCs.

The deeds and mortgages were recorded Friday.

Ladder, founded in 2008, says it is an internally managed real estate investment trust that is a leader in commercial real estate finance.

It originates and invests in a diverse portfolio of commercial real estate and real estate-related assets.

Its investment activities include direct origination of commercial real estate first mortgage loans; investments in investment grade securities secured by first mortgage loans on commercial real estate; and investments in net leased and other commercial real estate equity.

It is based in New York City and has branches in Los Angeles and Boca Raton.

Gramercy Property Trust Inc. of New York is a global investor and asset manager of commercial real estate.

It says it specializes in acquiring and managing high quality, income-producing commercial real estate leased to high quality tenants in major markets in the United States and Europe.

[email protected]

@MathisKb

(904) 356-2466

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