Jones Lang LaSalle Americas, Inc. (JLL) is pleased to exclusively offer the opportunity to acquire 8787 Baypine (the property or building), a 231,021 square foot office building located in Jacksonville, Florida’s highly sought-after suburban office submarket, Butler/Baymeadows. Featuring water views and an extensive lakefront boardwalk, the asset includes a connected, seven-story parking garage with 6.5/1,000 parking. The property is currently 63.1% occupied providing a rare value-add opportunity in a well-performing office submarket priced well below replacement cost.
- Well-Maintained with Recent Renovations - Recent completion of over $2.8 million in capex and tenant improvements (e.g. lobby renovations, roof upgrades, restriping parking garage, landscaping, resealed windows).
- High Barriers to Entry - Rising construction costs and the lack of available sites will limit new multi-tenant/speculative development
- Attractive Cost Basis - Expected sale at below replacement cost (+/- $275 PSF) providing an excellent basis and a competitive future economic advantage
- Institutional Quality - Located in Deerwood Center Office Park with a beautiful lakefront setting surrounded by walking trails with highly efficient floor plates
- Integrated Parking Garage - Integrated parking garage in addition to surface parking. Robust 6.5 spaces per 1,000 RSF - one of the submarket’s strongest parking ratios
- Robust Business Hub - Fifth fastest-growing market in America and a top city for Millenials with a current working population exceeding 837,000 people.