FAQ: Savlan Capital's Acquisition of Jacksonville Office and Flex Portfolio

What did Savlan Capital acquire in Jacksonville?

Savlan Capital acquired a seven-building, ±765,190 square-foot, Class A commercial portfolio in Jacksonville, FL, consisting of office and flex buildings in the Lakeside and Flagler Center business parks.

How much did Savlan Capital pay for the Jacksonville portfolio?

The portfolio was purchased for $52 million from a financial institution.

Who represented Savlan Capital in the transaction?

The JLL team of Robbie McEwan and Hunter Smith represented the buyer, while Savlan Capital represented itself in the acquisition.

How quickly was the transaction completed?

The transaction, from signed contract to closing, was executed in just 30 days.

What buildings are included in the portfolio?

The portfolio includes Lakeside I, II, and V in Lakeside Center, and Flagler 100, 200, 300, and 400 in Flagler Center.

What is the current occupancy rate of the portfolio?

The portfolio is currently 57.2 percent occupied, with Savlan Capital eager to address the current vacancies.

Who are some of the high-profile tenants in the portfolio?

Tenants include HTS Logistics’ corporate headquarters, Kimley-Horn, Ernst & Young (EY), Pulte Home Company, Siemens Mobility, United Healthcare Service, and Total Quality Logistics.

What are Savlan Capital’s plans for the portfolio?

Savlan Capital plans to allocate significant reserves for future TI packages and upgrades, and is willing to execute creative, tenant-driven leases to revitalize the portfolio.

Who has Savlan Capital retained to market the portfolio?

Savlan Capital has retained the CBRE team of Oliver Barakat, Billy Kuntz, and IV Stucker to market the portfolio, leveraging their extensive leasing experience in the immediate market.