Parkway Place (Jacksonville, FL)

Jacksonville, FL, US, Americas

Portfolio description

JLL Capital Markets (“JLL”), is pleased to exclusively offer the opportunity to acquire Parkway Place (the “asset” or “collection”), two flex/office buildings totalling 102,960 square feet located in Jacksonville, Florida. The property is currently 34% occupied providing a unique opportunity for an owner-user or investor to acquire the collection at well below replacement cost. The offering sits on three separately parceled lots totaling 14.5 acres including the 4.3 acre lot across the street providing additional parking and a potential development opportunity. There are 699 parking spots total, yielding an impressive 6.8 / 1,000 SF parking ratio.

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Attributes

Building area gross

102,960 sf

Year built

1987

Land area gross

14.5 acres

WALT

5 years

Parkway Place (Jacksonville, FL) (2 Properties)

Media

Investment highlights

BUSINESS PLAN OPTIONALITY
Ability for extensive lease-up of buildings, industrial repositioning with pre-existing roll-up doors, and sell down of one asset individually to an investor or owner-user.
ATTRACTIVE COST BASIS
The Property will trade at a significant discount to replacement cost, which will only increase as construction costs continue to rise at record pace, providing an attractive basis to a future owner.
ABUNDANT PARKING
699 parking spaces including an additional 4.3 acres parcel across the street for a 6.8 / 1,000 SF parking ratio.
IMMEDIATE HIGHWAY ACCESS AND EXCELLENT CONNECTIVITY AND VISIBILITY
The Property offers exceptional access to I-95 via Southpoint Pky and located less than 15 minutes from Downtown Jacksonville as well as St. John Towns Center.
SIGNIFICANT NOI GROWTH
NOI growth potential through the lease-up of over 80,000 square feet.
ROBUST BUSINESS HUB
Americas 5th fastest growing market and a top city for millennials with a current working population of 850,000.