Spring Lake Business Center sold for $13.8 million

Boca Raton-based investment group IP Capital Partners buys Southside property.

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IP Capital Partners bought the Spring Lake Business Center on Wednesday for $13.8 million.

The Boca Raton-based investment group paid $60 a square foot for the eight-building, 230,276-square-foot complex at 8647 to 8663 Baypine Road in Southside.

IP Capital Partners President Jason Isaacson said occupancy is in the upper 60 percent range. It was developed in the mid-1980s.

Equus Capital Partners Ltd. sold the property. Equus is a private equity real estate fund manager based in the Philadelphia area with regional offices in Atlanta and four other cities.

“Like we’ve done with a lot of our Jacksonville projects, we are going to improve the physical plant to increase its attractiveness to tenants,” Isaacson said.

“The goal is to bring new business and jobs into Jacksonville,” he said.

Isaacson said the sellers had begun renovations “and we plan to finish it.” That includes lobby upgrades and enhancing signage to increase visibility of the property.

He said the largest tenants are Modis and some administrative offices for the St. Johns County Sheriff’s Office.

IP Capital Partners bought the property through IPCP Spring Lake VI LLC, he said.

JLL, which is Jones Lang LaSalle, represented Equus in the deal, he said.

Marketing material for Spring Lake said it includes 24-hour security, a conference center, recently remodeled lobbies and responsive on-site property management.

Last week, IP Capital Partners sold the One Imeson center it bought in late 2011. It paid almost $16.3 million for the 1.7 million-square-foot North Jacksonville office and distribution center and sold it for $47.75 million to Arsenault Holdings LLC.

Tenants there now include Bacardi, General Dynamics Information Technology, Komyo America (Honda), Venus Swimwear, Maximus, the Supervisor of Elections Office and Samsonite. 

Isaacson’s group also bought what was then the Aetna Building on the Southbank in 2013. It paid $55.5 million in 2013. The structure, now called Eight Forty One, is anchored by One Call Care Management. He said 80,000 square feet of space remains to be leased in the building at 841 Prudential Drive.

IP Capital Partners also bought the former Comcast building at 6805 Southpoint Parkway in Southpoint for $3.6 million in 2015. It is being marketed for uses such as back-office operations.