State Farm Mutual Automobile Insurance Co. sold its Jacksonville Operations Center in Baymeadows for almost $43.8 million in a sale recorded Monday in Duval County.
State Farm sold the 284,000-squuare-foot center at 8001 Baymeadows Way to a company that is part of Hudson Advisors LLC of Dallas.
Michal Brower, State Farm spokeswoman for Florida, said the company recently completed a sale and leaseback of several operations centers, including the Jacksonville location, as a package to a single buyer.
"We have immediately leased them back for a period of time, with options to renew these leases if we choose to do so," she said.
She said State Farm sold and leased back the Jacksonville Operations Center for 15 years with two five-year options to renew.
The Jacksonville Operations Center, developed in 1976, sits on 35 acres and carries a 2013 market and taxable value of $16.9 million, according to the Duval County Property Appraiser's Office.
Duval County Clerk of Court records show that State Farm, in Bloomington, Ill., executed the deed Nov. 8 to sell the property to LSREF2 Tractor REO (Direct) LLC.
Hudson Advisors organized the limited liability company in Florida in October and records were filed Nov. 4.
Also Monday, Royal Bank of Canada and Citibank issued a mortgage of up to $416.5 million to 10 Hudson limited liability companies, including the company that bought the State Farm building.
The mortgage on the State Farm building in Jacksonville is $30.7 million.