Savlan Capital’s $52 million purchase of seven office and flex buildings in South Jacksonville was 100% financed, according to property records showing details of the deal.
Savlan announced the purchase of the buildings in the Lakeside and Flagler Center business parks in an Aug. 8 news release.
The real estate investment company bought the properties from TD Bank through TD Bank NA.
TD Bank acquired the properties in a foreclosure in 2024, holding a lien of $86.77 million.
Here are the four LLCs Savlan used in the purchase, as shown in Duval County Clerk of Court records recorded Aug. 14. All are based at the company’s headquarters in Hollywood, Florida.
• LFC DMS Property LLC; 35.92% interest.
• Savlan Flagler Center LLC, 30% interest.
• DMS Jax Property LLC, 24.34% interest.
• LFC Tammuz Property LLC, 9.74% interest.
Records show Savlan also took out five mortgages totaling $52 million from Chicago-based Obra Capital.
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.
Building tenants include HTS Logistics’ corporate headquarters, Kimley-Horn, Ernst & Young, Pulte Homes, 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 said in the Aug. 8 release.
Robbie McEwan and Hunter Smith of JLL represented the buyer and the seller in the transaction. The sale, 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.
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 W.
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.