Fairlead's Big Jacksonville Buy
Fairlead Commercial Real Estate wants to place up to $600M over the next two years in Southeastern cities with good demographics and strong job growth. (So be on your best behavior, cities.) And it's already snapped up a 23-acre, Class-A office park in Jacksonville, Fla.
Fairlead's Jeff Shaw tells us that it was able to buy Gran Park at the Avenues—a three-building, 242k SF office park—with the help of equity from Bridge Investment Group Partners. It was purchased for a reported $23M from Flagler Development Group, according to local press. Transwestern's John Bell brokered the sale.
The biggest anchor of this office is Florida East Coast Railway. (Are they a competitor of any of the Monopoly railroads?) While a core play, Jeff says Gran Park is seeing rents rise as the economy recovers, so there's a value-add component as well.
