January 21, 2020
San Francisco-base REIT TPG Real Estate has acquired Town Center One & Two, a 374,123-square-foot office property in Jacksonville. The sales price was $107.1 million.
The property is located on more than 25 acres at 5555 and 5335 Gate Parkway. Town Center One is a five-story, 155,423-square-foot property that was 94% leased at the time of sale to a tenant roster that included Availity, UBS Bank and Insight Global. Town Center Two is a six-story, 218,700-square-foot single-tenant building fully leased to Web.com.
Mike Davis, Rick Brugge, Karl Johnston, Rick Colon, Zachary Eicholtz and Steve Aiken of Cushman & Wakefield represented the seller, VanTrust, a Kansas City-based commercial real estate developer, in the transaction.
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