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Fairlead's Big Jacksonville Buy

Atlanta Office

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 Big Jacksonville Buy

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.

Fairlead's Big Jacksonville Buy

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.