The Wideman Co. of Orlando announced Jan. 22 that it bought Citigroup’s Southside Jacksonville campus.
It did not disclose the purchase price of the 73.4-acre property at 14000 Citicards Way in Flagler Center, which is south of Old St. Augustine Road between Interstate 95 and Philips Highway.
The sale closed Jan. 17. The deed was not recorded with the Duval County Clerk of Court as of 2:30 p.m. Jan. 22. Property records show the current owner as Citigroup Technology Inc.
The news release said BayBridge Real Estate Capital arranged the financing from an independent, employee-owned financial services firm in Chicago, for the property purchase from Citigroup. Financial terms were not disclosed.
Jay Miller, AJ Felberbaum, Spencer Miller, Noah Rothman and Jonah Gentleman from BayBridge Real Estate Capital arranged the loan.
The campus, built in 2005, comprises four connected buildings that total more than 530,000 square feet of space.
The announcement said that three buildings, totaling 491,386 square feet, are used for offices, and a fourth is an amenity center with a food hall, outdoor dining and a conference facility.
The campus also has a separate 40,000-square-foot building and 2,652 parking spaces.
The announcement said Citigroup will continue occupying about 230,000 square feet of office space. The other 260,000 square feet of space is being offered to new tenants.
Citigroup has operated a major credit card operations center in Jacksonville since 1997, when it bought AT&T's Universal Card business.
In 2005, Citi Cards moved its operation from Deerwood Center to a new campus in Flagler Center.
Chuck Diebel at Colliers International is handling leasing for the property.
“We look forward to a long and fruitful relationship with Citigroup and its team in Jacksonville,” Wideman CEO Matthew Wideman said in the release.
“Citigroup was wonderful to work with through this acquisition and stood true to the high quality, honorable institution that they are.”
The announcement said the property is in Jacksonville’s largest employment district with more than 70,000 workers and more than 17.1 million square feet of office space.
“We look forward to stewarding the Citigroup Jacksonville campus, which was built and has been maintained to the highest standard of office real estate,” Wideman said.
“From a quality fitness center to a robust made-to-order food hall, the Citigroup campus exemplifies the characteristics of what tenants are looking for today.”
The Wideman Company, an affiliate of Susquehanna Holdings Ltd., is a real estate investment firm that focuses on Class A single-tenant office and industrial assets with large, high-profile, stable tenants.
With more than 50 years’ experience, the company oversees about $1.6 billion in commercial real estate assets, spanning 6.1 million square feet of interior space across the Southeast and Sunbelt regions.
New York City-based BayBridge Real Estate Capital is a capital markets advisory firm that specializes in structured finance transactions throughout the U.S.
The release said that as part of a larger Miami-based financial services company, BayBridge also retains an exclusive network of family offices and high-net-worth individuals who invest alongside their clients.
The Citigroup deal “represents BayBridge Real Estate Capital’s best-in-class capabilities to quickly and efficiently secure unique capital in a volatile capital markets environment.