TPG Real Estate Partners pays almost $38 million for Butler Plaza

It was the third property sold by Greenfield Partners in December.

The three-building Butler Plaza was developed on almost 17 acres at 4875-4899 Belfort Road. (Google)
The three-building Butler Plaza was developed on almost 17 acres at 4875-4899 Belfort Road. (Google)
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Greenfield Partners LLC sold its third Jacksonville property in December as TPG Real Estate Partners Investments LLC paid $37.9 million for Butler Plaza along Belfort Road in a sale executed Dec. 20.

It is the TPG’s second Greenfield acquisition in Southside since Dec. 17.

Butler Plaza comprises three buildings totaling almost 262,000 square feet of space on 16.9 acres at 4875, 4887 and 4899 Belfort Road in South Jacksonville.

The property is east of Belfort Road between Butler Boulevard and AC Skinner Parkway.

Duval County property records show the property is assessed at $21.2 million. The structures were built in 1999, 2001 and 2008.

Greenfield Partners, based in Westport, Connecticut, owned the property through LSOP 3 FL 2 LLC.

TPG Real Estate  Partners, operating in San Francisco, bought the property through Jacksonville Butler PropCo LLC.

Greenfield Partners' other two sales were:

On Dec. 17, Greenfield, through LSOP 3C II LLC, sold the building leased by Deutsche Bank at 5201 Gate Parkway to TPG Real Estate Partners’ Strategic Office Partners of Phoenix for $27.6 million. The three-story, 156,000-square-foot building on 13.04 acres was built in 2006.

On Dec. 19, Greenfield, through LSOP 3 FL 4 LLC, sold the Parkway Place office park in South Jacksonville at 6680 and 6700 Southpoint Parkway to The Runnymede Corp. for $13 million. The two fully leased single-story buildings total 102,960 square feet on about 10 acres. They were built in 1986 and 1987.

Greenfield Partners bought Butler Plaza, the Deutsche Bank structure and Parkway Place in December 2013 when it bought Liberty Property Trust’s property portfolio for more than $197 million.




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