Four-Building Class A Office Portfolio Up for Grabs

Summit at Southpoint sits in a campus-like setting that fronts Interstate 95.

ORLANDO—The Summit at Southpoint, a four-building, class A office portfolio in Jacksonville, FL, is up for grabs. The value of the office asset: $35.25 million. Bluerock Real Estate named Transwestern as the exclusive sales agent. Transwestern managing director John Bell is marketing the 260,664-square-foot property at 6410 – 6440 Southpoint Parkway in Jacksonville’s Southpoint submarket. “Jacksonville has grown as a business hub in recent years, capitalizing on the uptick in industrial trade at its port and solidifying itself as a destination for corporate headquarters,” Bell tells GlobeSt.com. “The timing for the sale of Summit at Southpoint is reflective of this, having stabilized at 92% occupancy to credit tenants.” Summit at Southpoint sits in a campus-like setting that fronts Interstate 95. The building offers lake views and on-site amenities such as a gym and recreational gazebo and is surrounded by  restaurants, bakeries, cafes and hotels. “The lack of comparable vacant space in the submarket creates an opportunity to supplement the existing cash-flow through the lease-up of the asset’s remaining space in the landlord-favorable market,” says Bell. “The buyer of this rare institutional-quality asset will benefit from the lease-up of the remaining space at asking rates that have increased in Jacksonville’s suburban markets by 5.4% year-over-year.” Tenants can access The Summit at Southpoint via both the J. Turner Butler and Bowden Road exits from Interstate 95. The property’s central location in Jacksonville helps tenants draw from the area’s strong demographics for its workforce. In place with credit tenants include BB&T, U.S. Bank, Chicago Title and SP Fiber Technologies. “ An asset of this size, stature, location, financial stability and upside potential rarely comes to market,” Bell says. “As such, we anticipate brisk activity from savvy investors seeking to bolster their long-term portfolio. Summit at Southpoint will continue to attract a diversified mix of local medium to large businesses, and the area’s high-quality, low cost of living will attract new tenants from outside the market.”