Savlan Capital announced Aug. 8 it bought seven office and flex buildings in the Lakeside and Flagler Center business parks in South Jacksonville for $52 million.
The real estate investment company is headquartered in Hollywood, north of Miami.
Savlan said the portfolio, with more than 765,000 square feet of space, comprises Lakeside I, Lakeside II and Lakeside V in Lakeside Center and Flagler 100, Flagler 200, Flagler 300 and Flagler 400 in Flagler Center.
As of Aug. 10, the sales had not yet been recorded with the Duval County Clerk of Courts.
Savlan said the seller is a financial institution. According to property records, the owner is TD Bank through TD Bank NA.
TD Bank acquired the properties in a foreclosure in 2024, holding a lien of $86.77 million.
Building tenants include the HTS Logistics’ corporate headquarters, Kimley-Horn, Ernst & Young, Pulte Home Co. Siemens Mobility, United Healthcare Service and Total Quality Logistics.
Savlan said the portfolio “has battled COVID-era vacancies in recent years” and is 57.2% occupied.
The company said the property is “well-positioned and eager to address the current availabilities immediately.”
“We are fully capitalized and ready to do deals,” said Savlan Capital founder and CEO Zusha Tenenbaum in the release.
“We have allocated significant reserves for future TI packages and upgrades and are willing to execute creative, tenant-driven leases.”
Robbie McEwan and Hunter Smith of JLL represented TD Bank in the transaction. Savlan Capital represented itself. The transaction, from signed contract to closing, was executed in 30 days, the release said.
Savlan Capital said it retained the CBRE team of Oliver Barakat, Billy Kuntz, and IV Stucker to market the portfolio.
“This acquisition stands out as one of Jacksonville’s rare office transactions over the past year,” Kuntz said in the release.
“This portfolio is driven by investment, which in turn is signaling a strong vote of confidence in the Northeast Florida office market.”
Savlan Capital said its portfolio includes 22 medical centers and that it plans to capitalize on that experience by converting portions of the buildings into medical offices.
“This portfolio presents a unique opportunity for businesses seeking a well-connected and competitive office solution in a burgeoning part of town,” Barakat said.
“This location – combined with nearby amenities, demographics, and our expertise – positions this property for significant upside,” Tenenbaum said.
“With our proven track record of transforming good assets into great ones, this should be another success story in the making.”
The portfolio sits on 71.5 acres within two adjacent business parks – Flagler Center and Lakeside Center.
The properties comprise:
Lakeside I: A 112,314-square-foot, four-story office building built in 2007 at 12724 Gran Bay Parkway W.
Lakeside II: A 112,306-square-foot, four-story office building constructed in 2005 at 12740 Gran Bay Parkway W.
Lakeside V: A 140,952-square-foot, five-story, office building developed in 2008 at 12926 Gran Bay Parkway.
Flagler 100: A 106,439-square-foot, single-story flex building built in 1997 at 12735 Gran Bay Parkway W.
Flagler 200: A 61,837-square-foot, single-story flex facility constructed in 1997 also at 12735 Gran Bay Parkway W.
Flagler 300: A 134,159-square-foot, two-story flex building built in 1998 at 7159 Corklan Road.
Flagler 400: A 97,183-square-foot, two-story flex building built in 1999 at 12854 Kenan Drive.
The properties were part of a $136 million sale to San Francisco-based Farallon Capital Management LLC in 2018.
In 2020, two office buildings that were part of the portfolio at 12808 and 12850 Gran Bay Parkway W. were sold to Ally Financial for $49 million.
TD Bank said it stopped receiving mortgage payments in 2023, leading to the foreclosure.