Miami Beach-based LNR Partners, a firm that specializes in defaulted commercial real estate loans, completed the sale of Freedom Commerce Center in Jacksonville, FL for $27.8 million this week. Crocker Partners, a real estate investment firm headquartered in Boca Raton, purchased the Baymeadows office park in a deal with seller representation by Cushman & Wakefield. According to a Jacksonville Business Journal article, LNR had taken title to the property in March 2011 after the previous owner, New York-based DRA Advisors, defaulted on its commercial mortgage-backed security loan.
Freedom Commerce Center is a a seven-building Southside office park south of Baymeadows Road and adjacent to Interstate 95. The nearly 752,000 square feet of space at Freedom Commerce Center was about 50% vacant at the time of sale, with major tenants including ING, the Social Security Administration's office of Hearings and Appeals, JP Morgan Chase and Strayer University. Freedom Commerce Center features include restaurant on-site and numerous other restaurants and stores in the immediate vicinity along Baymeadows Road.
"I think initially we'll be offering some very advantageous market deals, or better-than-market deals, to get the momentum going," said Louis Nutter, a senior vice president with CBRE in Jacksonville. Nutter is listing the property for Crocker Partners.. "[The owners are] going to spend some money on the common areas, upgrading the buildings themselves."
For more news and information visit Blumberg Capital Partners.
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