Midtown Centre Office Park, originally the Koger Center between Beach Boulevard and the Hart Bridge Expressway, sold Tuesday for $31.5 million.
The seller, Midtown Centre LLC, a subsidiary of D Group Equity Holding Inc. led by the Dubon family, paid $31 million for the property in December 2004. The property sold for $38.5 million in 1999, according to Duval County property records.
North Carolina-based Nova Capital Partners LLC, led by principals Jason Tuttle and Andy English, purchased the property through Midtown Centre Office LLC with a $25.55 million mortgage from Branch Banking and Trust.
Nova is a real estate investment firm focusing on undervalued real estate. It created a real estate investment fund to make purchases as they are presented without the need for constant fundraising.
Ira Koger, who died 14 years ago at age 91, was a pioneer of the suburban office park market and started in 1957 what became Midtown Centre. Many of the mostly low-rise buildings comprising approximately 738,000 square feet were built in the 1960s and 1970s. Midtown Centre, approximately 49 acres along Boulevard Center Drive south of the St. Nicholas area, comprises 34 buildings and 35 parcels, according to the deed.