Dream Finders Homes group buys Prominence Office Park for $22 million

DFH Prominence LP paid $22 million for the Baymeadows development that includes seven office buildings and additional land.


Prominence Office Park in Baymeadows The site is at Baymeadows Road and Philips Highway, off of Interstate 95.
Prominence Office Park in Baymeadows The site is at Baymeadows Road and Philips Highway, off of Interstate 95.
JLL
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A limited liability company led by Jacksonville-based Dream Finders Homes LLC paid $22 million for 15 parcels, including seven office buildings, in Prominence Office Park in Baymeadows.

DFH Prominence LP bought the property June 28, according to a deed recorded July 3 with the Duval County Clerk of Court.

It bought the property, totaling 68.055 acres, from Crocker Partners V Freedom LLC.

The Daily Record reported Feb. 14 that the 36-year-old Prominence Office Park in Baymeadows was being offered for sale, according to real estate firm JLL.

Prominence has been owned and managed by CP Group, previously known as Crocker Partners, with leasing handled by JLL Managing Directors Michael Loftin and Jesse Shimp.

Prominence Office Park includes lakes and a sculpture. The center comprises seven buildings totaling 754,691 square feet of space on 68 acres.
Photo by Karen Brune Mathis


The brokers handling the sale offering, which is labeled a “lender driven sale,” were JLL Senior Directors Matthew McCormack and Robbie McEwan, both in Capital Markets.

Invest.jll.com stated that the “Prominence Office Portfolio 2023” at 8900 Prominence Parkway was under contract, but did not say with whom or at what price.

Records show Bank of America held a $59 million mortgage note as of August 2018. The bank amended its financing statement in February 2023.

CP Group and JLL representatives declined comment.

NAI Hallmark posted on LinkedIn that co-CEO Keith Goldfaden represented Dream Finders Homes in the acquisition.

JLL, short for Jones Lang LaSalle, says in the offering it was “pleased to exclusively offer the opportunity to acquire the Prominence Office Park Portfolio.”

It comprises seven buildings totaling 754,691 square feet of space on 68.055 acres. The offering says it is 50% leased.

The buildings, from 21,991 to 160,065 square feet of space, were built from 1988 to 1998.

Signs for AutoPoint, Olympus Insurance and ClearChoice inside Prominence Office Park.
Photo by Karen Brune Mathis

Prominence has 5.1 parking spaces for each 1,000 square feet of space.

Tenants include local, national and government organizations “who have occupied the campus for many years and remain committed to the location.”

The other parcels comprise additional land.

The deeds show that the buildings are on about 51.55 acres, while the remainder is 6.65 acres of vacant commercial land, 5.71 acres are parking lots, and 4.14 acres are wasteland and right of way.

A drive through the park shows signs for tenants that include Southeastern Grocers, Olympus Insurance, Digital Risk, Solera and AutoPoint.

The site is at Baymeadows Road and Philips Highway, off of Interstate 95.

It is in the Butler/Baymeadows submarket, which JLL called “one of Jacksonville’s most sought after.”

The offering says that submarket has an average occupancy of 90% and has more than 5,000 new apartment units added over the past five years.

“The Properties offer investors a rare, large-scale value-enhancement opportunity in one of America’s top growth markets,” it says.

Value enhancement means a buyer would have the opportunity to reposition or repurpose the property for a higher return on its investment.

The entrance to Prominence Office Park in Baymeadows.
Photo by Monty Zickuhr


 

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