Glenfield Capital purchased 420,000 square feet in Gramercy Woods, located at 9000 Southside Boulevard in Jacksonville, Florida, for $53 million from Gramercy Property Trust, part of the Blackstone Group.
The portfolio comprises two office buildings (100 and 700), two parking garages, a Bright Horizons childcare and preschool center, and a vacant school building. The buildings are located south of Butler Boulevard, east of Interstate 95 and north of The Avenues mall.
“We believe strongly in the fundamentals of the Southside of Jacksonville,” said James Cate, Managing Principal of Glenfield Capital. He cited a dynamic market and further noted “the fundamentals are sound—strong job growth, a balance of supply and demand for office space and growing employers.”
Aetna Inc., Oracle Corp. and SS&C Technologies are some of the larger tenants. The day after closing, SS&C signed a lease to expand by approximately 30,000 square feet.
The 420,000 square feet is 92 percent leased. Cate said that his group will explore uses for the vacant school, which is about 20,000 square feet, and will invest in enhancing the remaining properties.
Cate said the Gramercy Woods property is Glenfield Capital’s first Jacksonville acquisition. “We bought a great asset in a vibrant submarket.”
SunTrust Bank financed the acquisition. Colliers International will continue to handle leasing, and JLL will continue to manage the property.
ABOUT GLENFIELD CAPITAL
Glenfield Capital is a private real estate investment company based in Atlanta, Georgia. Its principals have decades of real estate investment experience, including more than $1 billion in advisory and principal activities. Glenfield’s current portfolio includes over 900,000 square feet in the southeastern United States. The company evaluates numerous investment opportunities throughout the Southeast on an ongoing basis, including office and industrial opportunities. For more information, please visit www.glenfieldcapital.com.