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Savlan Spends $52M on 7 Jax Warehouses
A Hollywood-based industrial park investor has acquired a seven-warehouse Jacksonville portfolio for $52 million. The Jacksonville Business Journal reports that Savlan Capital is preparing for an aggressive leasing campaign to increase its vacancy rate, which is currently 57.2%. The seven buildings were constructed between 1997 and 2007.
The portfolio, on 71 acres, totals more than 765,000 square feet of space in Lakeside Center and Flagler Center. The buildings are two medical facilities, Baptist Medical Center South and Brooks Rehabilitation Hospital.
Savlan Capital’s existing national portfolio includes 22 medical centers. The group plans to convert portions of the newly acquired buildings into medical offices, aiming to capitalize on that experience and the portfolio’s proximity to major hospitals.
JLL represented the buyer and seller in the transaction. The JLL team includes Robbie McEwan and Hunter Smith.
NAI Hallmark will manage the buildings.
- ◦Sale/Acquisition
