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Jax Daily Record Friday, Sep. 14, 201805:20 AM EST

Summit at Southpoint office park sells for $29.5 million

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New York real estate investment firm plans to keep tenants and property management.
by: Jay Schlichter Staff Writer

A New York City-based real estate investment and management firm purchased Summit at Southpoint, an office complex in Jacksonville, for $29.5 million Sept. 6.

Rose & Berg Realty Group, based in Manhattan, acquired the property with $25 million in financing through Berkadia, which arranged a three-year loan with an extended interest-only period. 

The seller was Bluerock Summit S LLC, a subsidiary of Bluerock Real Estate, also headquartered in Manhattan.

The property, at 6410 Southpoint Parkway off Bowden Road and adjacent to Interstate 95, comprises more than 260,000 square feet of office space in four three-story buildings on 23.4 acres. 

The complex was 82 percent occupied at the time of the sale, with tenants including U.S. Bank/FSV, Chicago Title Insurance Co., BB&T, Windstream, Ocenture and Keiser University.

Shelby Rosenberg, a member of the family-owned Rose & Berg firm, said the deal is the company’s first investment in North Florida.

The group also has investments in New York, New Jersey, Ohio and South Florida.

Rosenberg said the firm saw the complex as an investment opportunity because of its location off I-95, the “good” tenants leasing there and the increased demand for office space in Northeast Florida.

Rose & Berg plans to retain the tenants and the property management company, Foundry Commercial of Jacksonville.

It will make minor upgrades and renovations as needed.

“We are pretty comfortable with how the building currently shows, so we will stick with the status quo,” Rosenberg said.

Summit at Southpoint was built in phases in 1988, 1991 and 1998.

It was last sold in four deeds in 2017 for $3.8 million, $13.1 million, $10.4 million and $7.2 million, totaling $34.5 million.

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