This property is a 335,807 square foot office and warehouse facility that is ideally suited for a single corporate user for office, warehouse or production use. The building is in excellent condition with new roofs and tenant improvements.
Executive Summary
Address
8313 Baycenter Road
Jacksonville, FL
Description
This facility is ideally suited for a single corporate user for office, warehouse or production use. The market area is referred to as Bay Meadows and is part of the Southside Market Area, south of the CBD along I-95. The Bay Meadows submarket has a 7.5% industrial and warehouse vacancy compared to 9.3% for the Southside market.
Location
This location is in the heart of the premier business parks of Jacksonville, which is south of the CBD along I-95 and Route 1. The property has great visibility from Route 1.
Investment Rationale
Prospect and its partners are buying into an existing partnership solely owned by Don Fort of Perimeter Realty. The purchase price is well below replacement cost, and the location and condition are excellent. The Church of Jacksonville is currently the primary long-term tenant. The attraction to this space for the Church is its TV and staging capabilities, since it has 180,000 square feet of warehouse space.