Cushman & Wakefield reported Monday that it arranged the sale of Cypress Point Business Park, an eight-building, 344,000-square-foot office property in Southside for $35.8 million.
GBR Properties Inc. of Tulsa, Oklahoma, sold the property to Viking Partners LLC, based in Cincinnati.
Karl Johnston, senior director with Cushman & Wakefield’s Capital Markets Group, arranged the sale in conjunction with the property's leasing representative, Mark Scott of Foundry Commercial, on behalf of the seller.
Cushman & Wakefield said Cypress Point Business Park was developed between 1999 and 2004 and is 88 percent leased to seven tenants that include Fanatics, U.S. Assure, Crowley Maritime, ADT and Selene Finance.
The addresses for the business park are 8100 Nations Way, 8120 Nations Way (Building 100), 8120 Nations Way (Building 200), 8200 Nations Way, 8230 Nations Way, 8201 Cypress Plaza Drive, 8211 Cypress Plaza Drive and 7215 Financial Way.
Cypress Point Business Park, at southeast Butler Boulevard and Philips Highway, is considered part of the Butler-Baymeadows office submarket.
That is the largest suburban office submarket in Jacksonville with 10.7 million square feet of office space, according to Cushman & Wakefield research.
Cushman & Wakefield said the submarket is poised for significant future rent growth.
“While the offering received tremendous interest from the investment community given its strategic location, high functionality and credit tenancy, Viking Partners LLC was the ideal purchaser with their immediate commitment to the property and the overall Jacksonville community,” Johnston said in the news release.
