Nashville-based Bluecrest Capital Advisors announced Aug. 14 it had purchased Cypress Point Business Park in Jacksonville for $28.15 million.
In a news release, Bluecrest Capital identified itself as a real estate investment company targeting growth markets across the Southeast and said the Jacksonville purchase was its largest to date. The purchase was the company’s first outside of Tennessee, it said.
Cypress Point is at 8099 Nations Way near the interchange of Interstate 95 and Butler Boulevard. The release defined the property as a 226,500-square-foot small bay light industrial (SBLI) infill development.
“From the start, we have focused on identifying markets and seeking light industrial and flex properties with significant value propositions realized through leasing and capital improvements,” said Scott Porter, founder and managing principal of Bluecrest Capital, in the release. “Based on population growth, rent growth and favorable supply-demand fundamentals, Jacksonville tops the list of Southeast SBLI markets with a population of less than two million. Cypress Point is a textbook example of the sort of asset that aligns with our investment criteria.”
According to Duval County court records, Bluecrest Capital purchased the property through BCA Cypress Point LLC. Viking Partners Cypress LLC was the seller.
The release said CBRE Senior Vice President Philip Rachels secured debt financing for the purchase from First Horizon Bank.
JLL Capital Market Managing Director Robbie McEwan and Analyst Jesse Jones represented the seller, the release said.
According to the release, the six-building Cypress Point Business Park comprises four office buildings totaling 146,500 square feet and two light industrial buildings totaling 80,000 square feet.
Bluecrest Capital says it plans to convert 85,000 square feet of vacant space in the park to SBLI on its way to converting 76% of the gross leasable area for that use within three years through lease rollovers and “strategic build-outs.” Plans also include converting the remaining space in future years.
US Assure Insurance and ADT are among tenants of the park, which is 62% leased.
“This market is hungry for more light industrial options,” Porter said in the release.
Bluecrest Capital lists its previous acquisitions as a 145,000-square-foot SBLI property near Nashville International Airport ($12.2 million) and a 61,250-square-foot flex infill property in southeast Nashville (nearly $8 million).
The firm says it seeks to amass 1 million square feet of SBLI real estate in the Southeast over the next four years.