A joint venture between Somerset Properties and Ten Capital Management acquired the three-building business park. CBRE assisted the seller in the transaction.
Starwood Property Trust, in partnership with Parmenter Realty Partners, has sold Capital Plaza, a three-building, 417,513-square-foot office campus in Jacksonville, Fla. A joint venture between Somerset Properties and Ten Capital Management acquired the asset for $51.5 million.
Located at 10301 and 10401 Deerwood Park Blvd. in the Butler/Baymeadows submarket, Capital Plaza is 11.4 miles from downtown Jacksonville, providing access to interstates 95 and 295. St. Johns Town Center, a 51-acre mall and lifestyle center, is less than 2 miles from the property, across the J. Turner Butler Boulevard. Jacksonville International Airport is within a 30-minute drive north.
The business park consists of Class A buildings developed in 1990 and 1999 on 42.7 acres, per Yardi Matrix data. The property provides a parking ratio of 6.2 spaces per 1,000 square feet. Capital Plaza also features a power redundancy system, which includes dual feeds from JEA in case of a failed power line, as well as five redundant generators. During their ownership, the sellers invested $3 million in common area improvements including restroom renovations, a roof replacement and major mechanical work.
CBRE’s Christian Lee, Michael Harrell, José Lobón, Tyler Ploshnick and Royce Rose represented the seller in the transaction. According to Yardi Matrix, the property last sold in 2016 for $24 million.
In June, another business park within the Butler/Baymeadows submarket traded approximately 5 miles west of Capital Plaza. Viking Partners acquired the 344,000-square-foot property for $35.8 million.