Just a few years after acquiring a mostly vacant flex warehouse property in Mandarin, an investor sold the now fully occupied building to a new buyer.
Birmingham, Alabama-based Graham & Co. recently sold the Gran Park at the Avenues building 500, located at 10255 Fortune Parkway, for $11.8 million.
Information from the company shows the group first purchased the building in 2018 when it was33% leased. It now boasts 100% occupancy.
Graham, through its affiliate Graham 10255 Fortune LLC, purchased the building for $5.5million in 2018, according to Duval County property records.
The building is 72,000 square feet of flex industrial/office space.
Mike Harrell and Gary Marcy with CBRE represented the seller, while Mike Bogle and BenS tewart with CBRE represented the buyer.
“Special thanks are owed to Gary Marcy with CBRE and Griffin Holtsinger of Holtsinger Construction for the countless hours both individuals worked to obtain a diverse and high-quality tenant base for Gran Park,” said Matthew Graham, vice president of acquisitions for Graham &Co. “Having been previously leased to a for-profit university, the property presented several challenges to meet today’s office and industrial use but represents a great investment for the buyer.”
The transaction is a good example of the demand in the local market for smaller flexible office and industrial spaces.