The South Carolina group intends to “improve and reposition” the property for lease.
RealOp Investments of Greenville, South Carolina, bought Central Park Business Center for $10 million and said in a news release that it plans to improve and reposition the asset in the marketplace.
The deed was recorded Dec. 14 with the Duval County Clerk of Courts. JPMorgan Chase issued a $6.89 million mortgage.
RealOp bought the property through ROIB Central Park LLC from Taurus Investment Group Inc. of Maitland. Taurus sold the site through CD119 Central Park LLC.
RealOp described Central Park Business Center as “a value-add office/flex opportunity.”
It said the 217,900-square-foot, multitenant property comprises three single-story buildings at 3728 Philips Highway developed in 1989. The property was 50 percent leased when the deal closed.
Julian Nexsen, RealOp vice president of acquisitions, said in the release that the location offers central access throughout the Jacksonville region.
Nexsen said the company is optimistic about growth prospects in Jacksonville
“Jacksonville, like the rest of the state, has emerged as a much more dynamic employment market than in past cycles,” he said.
“We recognized the opportunity to acquire a well-located asset below replacement cost providing lake views, parking, various layouts and highway exposure,” he said.
Nexsen said RealOp “will provide the necessary capital improvements, competitive rental rates, and quality property management to lease-up vacant space and renew the existing tenants making Central Park a highly attractive office location for years to come.”
Taurus bought the property in 2006 for $17.7 million.
RealOp Investments says it is a commercial real estate investment company founded in 2009 specializing in value-add and opportunistic acquisitions.