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JLL Capital Markets (“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. The property is currently 20% occupied providing a unique opportunity for an owner-user or investor to acquire a recently renovated, class A office building at well below replacement cost.
WELL-MAINTAINED WITH RECENT RENOVATIONS - Recent completion of $3.1 million in capex and tenant improvements (e.g. lobby renovations, roof upgrades, restriping parking garage, landscaping, resealed windows, elevator modifications and upgrades).
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 millennials with a current working population exceeding 837,000 people