One of the largest single-user buildings in Baymeadows sold this week when JDM Partners of Arizona bought the State Farm Operations Center.
JDM, through JDM SF National LLC, paid $46 million for the property at 8001 Baymeadows Way, buying it from Hudson Advisors LLC of Dallas.
A Hudson company, LSREF2 Tractor REO (Direct) LLC, bought the center Nov. 8 from State Farm for almost $43.8 million.
The 284,000-square-foot building was built in 1976 and it sits on 35 acres. Its 2014 market value is $16.9 million, according to the Duval County Property Appraiser.
A JDM representative said the company is not commenting.
The Hudson entity sold the property to JDM in a deed made Tuesday and recorded today with the Duval County Clerk of Court.
UBS Real Estate Securities Inc. and Morgan Stanley Mortgage Capital Holdings LLC made a $46 million mortgage to JDM.
JDM posted on its website that its JDM Partners Opportunity Fund II LLC is managed by JDM Partners LLC, whose principals are Jerry Colangelo, David Eaton and Mel Shultz.
“As Fund managers, JDM’s fundamental investment strategy for Fund II will be to continue to acquire real estate that the manager believes is undervalued or, given the applicable circumstances, is likely to generate a superior return on investment,” says its website, jdmpartnersllc.com.
It’s not the first State Farm Center the fund bought.
The fund purchased the State Farm Tempe Operations Center in May 2013. The property is a 372,408-square-foot, five-building corporate campus in Tempe, Ariz., comprising four Class A office buildings, one inspection and storage facility, along with two parking structures, all on almost 21 acres. State Farm Mutual Insurance has been the sole tenant since the building was constructed in 1997.
@MathisKb
(904) 356-2466