JACKSONVILLE – RealOp Investments recently purchased Central Park Business Center with plans to improve and reposition the asset in the market place.
Central Park Business Center is a value-add office/flex opportunity located at 3728 Phillips Highway, near Interstate 10 and Interstate 95. The location offers centralized access throughout the Jacksonville region, said Julian Nexsen, RealOp’s Vice President of Acquisitions.
The 217,900-square-foot, multi-tenant property consists of three, single-story buildings constructed in 1989. The property was 50 percent leased at the time RealOp closed on the deal.
“We are pleased to be closing a transaction with Taurus Investment Holdings and are very optimistic about the near-term growth prospects in Jacksonville. Jacksonville, like the rest of the state, has emerged as a much more dynamic employment market than in past cycles,” Nexsen said. “We recognized the opportunity to acquire a well located asset below replacement cost providing lake views, parking, various layouts and highway exposure. We will provide the necessary capital improvements, competitive rental rates, and quality property management to lease-up vacant space and renew the existing tenants making Central Park a highly attractive office location for years to come.”
About RealOp Investments:
RealOp Investments is a commercial real estate investment company founded in 2009 specializing in value-add and opportunistic acquisitions. With deep roots in the Southeast, our investment strategy spans all commercial asset classes and is based on a relationship-driven pursuit of value; not only in identifying off market opportunities, but in creating value through innovative capitalization structures, management expertise and the execution of unique strategies tailored to each asset. Learn more at www.realopinvestments.com.