CCP Commercial Real Estate bought the 8800 Baymeadows Way W. building last week for $22.5 million.
CCP said in a release that the five-story, Class A building in Jacksonville’s Butler/Baymeadows submarket was built in 1993. It totals more than 191,000 square feet and is 81 percent occupied.
“The suburban Jacksonville office investment market has been very strong over the last two years, and we felt this was a great opportunity to purchase a quality asset at significant discount to replacement cost,” said Jeremy McLendon, president of CCP Commercial Real Estate, in a statement.
CCP Commercial Real Estate is based in Virginia Beach, Va. It owns and operates about 3 million square feet of property and focuses on the Mid-Atlantic and Southeastern U.S.
Deeds recorded with the Duval County Clerk of Courts on Monday show that CCP Baymeadows LLC bought the property from DRA Advisors LLC of New York, through CRT Baymeadows Owner LLC.
The deeds were executed Wednesday.
NXT Capital LLC of Chicago issued a $17.75 million mortgage to CCP Baymeadows.
Property records show that DRA Advisors also owns a parking garage on the property, although the CCP news release did not refer to it.
A major tenant has been mortgage services company PHH Corp., which announced in late 2015 it would move into the building.
It had downsized from a Gate Parkway structure that now accommodates Deutsche Bank.
However, PHH said in a February that Denver-based LenderLive Network LLC was assuming the lease at 8800 Baymeadows Way W. and will hire 250 to 300 PHH employees at the site.
LenderLive is taking over PHH’s private label solutions division.
PHH said in November it planned to shed that business and that it would impact the Jacksonville office, which had about 450 employees at the time.
New Jersey-based PHH had more than 1,000 employees four years ago.
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