SRS Real Estate Partners announced June 13 it brokered the sale of the Deutsche Bank office building south of Town Center in Jacksonville for $38 million.
The building is at 5201 Gate Parkway west of the Dun & Bradstreet headquarters.
AJC Investment Group bought the property June 10 for $31.225 million through AJC Jacksonville Office LLC, according to the deed recorded June 13 with the Duval County Clerk of Court.
The seller was Strategic Office Partners of Phoenix through SOP 5201 Gate Pkwy LLC. Strategic Office Partners bought the office in 2019 for $27.6 million. Strategic Office Partners continues to show the Deutsche Bank building on its website.
AJC took out a $28.5 million mortgage with Amerant Bank of Coral Gables.
AJC Investment Group is headquartered in Bloomfield Hills, Michigan. It says it is a family office real estate investment firm with more than $2.5 billion in transactions over the past 12 years. It also has an office in New York City.
AJC plans to hold the property as a long-term, cash-flowing investment, SRS said in a news release.
Deutsche Bank is the tenant on a long-term, corporate-guaranteed lease.
Deutsche Bank moved into the three-story, 156,000-square-foot Gate Parkway building on 13.04 acres in April 2016.
The structure was built in 2006. PHH Mortgage leased it before Deutsche Bank moved in.
SRS Capital Markets Senior Vice President Jeff Gates, out of the firm’s San Francisco office, represented the seller.
“This asset’s combination of a prestigious tenant and favorable lease structure made it an attractive opportunity for the buyer, who recognized the value of a stable, income-generating property in the coveted Jacksonville market,” Gates said in a news release. “The transaction aligns with the seller’s goal of reinvesting capital into new investment opportunities after achieving their ownership targets.”
He said the property was highly sought after due to its prime location, stable tenant and annual rental increases.
Dallas-based SRS Capital Markets said in 2024 it completed about $2.5 billion in deal volume comprising more than 600 transactions in 45 states.
SRS has more than 740 properties actively on the market with a market value surpassing $3.5 billion.
This story has been updated with information from the Duval County Clerk of Court.