Savlan Capital paid $18.3m for an office-warehouse complex in Jacksonville, Florida. Exchange South offers 194,400 sq ft of office and small-bay light industrial space in five buildings. The property is currently 75 percent leased to 24 tenants, including Konica Minolta, Ovation Credit and Omnicare. Savlan Capital has announced plans to upgrade Exchange South through the implementation of a $2m interior and exterior capital expenditure program. The deal was completed with a $15.39m mortgage provided by Bancorp Bank. Cushman & Wakefield negotiated the sale of the 18-acre asset on behalf of the seller, Exchange South Owners LLC, which bought the property in 2015 for $15.49m.
“Today’s more sophisticated single-story office and small-bay industrial tenants are looking for highly functional office and warehousing space, ease-of-access and multi-purpose capability,” said Karl Johnston of Cushman & Wakefield. “This changing dynamic has made high-quality office and small-bay industrial buildings, such as Exchange South, a high-demand product type.”
