Prominence Office Portfolio 2023_Property for Sale

8900 Prominence Pkwy, Jacksonville, FL, 32256, US

Prominence Office Portfolio 2023

Asset description

Jones Lang LaSalle (“JLL”) is pleased to exclusively offer the opportunity to acquire the Prominence Office Park Portfolio (the “Portfolio, Properties or Buildings”), a collection of seven prominent buildings located within Jacksonville’s thriving Butler submarket. Situated on 68 acres, the Portfolio comprises an impressive 754,691 square feet, conveniently located with direct access to Interstate 95 and Phillips Highway (U.S. Highway 1). The park is currently 50.0% leased to a diverse mix of local and national tenants including multiple government agencies who have occupied the campus for many years and remain committed to the location. One of Jacksonville’s most sought after submarkets, the Butler/Baymeadows submarket showcases an average occupancy of 90% and the introduction of more than 5,000 new multi-family units over the past five years.

The Properties offer investors a rare, large-scale value-enhancement opportunity in one of America’s top growth markets.

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Attributes

Building area Net

754,691 sf

Occupancy

50.00%

Year built

Various

Media

Investment highlights

CRITICAL MASS OFFICE PARK WITH ABUNDANT PARKING

Expansive seven building portfolio totaling 754,691 square feet with a 5.1 / 1,000 SF parking ratio situated on 68 acres.

BUSINESS PLAN OPTIONALITY

Ability to lease buildings to single tenant users, partial redevelopment of the site, and sell-down of individual buildings or smaller portfolios.

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.

QUALITY, DIVERSIFIED TENANCY

High quality tenancy including regional and global businesses, as well as local and national government agencies.

INSTITUTIONAL QUALITY

Well maintained by institutional ownership with more than $10 Million in recent capital upgrades including new roofs, lobby renovations, and restroom upgrades.

IMMEDIATE HIGHWAY ACCESS AND EXCELLENT CONNECTIVITY AND VISIBILITY

The Property offers exceptional access to I-95 via Baymeadows Road and located less than 15 minutes from the San Marco and Nocatee neighborhoods as well as St. John Towns Center.

SIGNIFICANT NOI GROWTH

Durable in-place cash flow with NOI growth potential north of 250% over the next five years via the lease-up of over 300,000 square feet.

ROBUST BUSINESS HUB

Americas 5th fastest growing market and a top city for millennials with a current working population of 850,000.