PARKWAY PLACE - LoopNet · 2019. 8. 20. · Parkway Place offers one of the best vehicular access locations in the entire Jacksonville MSA with entrances to I-95, I-295, Route 202

PA R K W AY PLACE6680 & 6700 SOUTHPOINT PARKWAY

JACKSONVILLE, FLORIDA

C O N F I D E N T I A L O F F E R I N G M E M O R A N D U M

THE OFFERiNGNewmark Knight Frank, in conjunction with Newmark Phoenix Realty Group, is pleased to present the opportunity to acquire Parkway Place (the “Property”), two single-story office buildings comprising ±102,960 square feet located in the booming Southside submarket of Jacksonville, Florida.

The Property is currently 100% leased to four tenants with a combined weighted average lease term of five-and-a-half years. Parkway Place’s recent leasing success has led to an impressive, well-diversified tenant roster comprising companies operating across an array of industries, including rail transportation, automotive technology, education, and service.

Jacksonville’s Southside office submarket continues to benefit from extremely favorable fundamentals. The business-friendly environment, proximity to an abundant amenity base, excellent vehicular access to five of the most traversed thoroughfares in northeast Florida, and a high concentration of wealth and talent have combined to lead this submarket to experience 5.4% growth in average rental rates over the past twelve months.

Parkway Place offers investors the ability to benefit from stable in-place cash flow and an institutionally maintained asset, while enjoying years of above average cash-on-cash returns.

PONTE VEDRA

JACKSONVILLE BEACH

JACKSONVILLE

BAYMEADOWS

BLOUNTISLAND

FIVEPOINTS

OCEANWAY

SANMARCO

MANDARIN

ORANGEPARK

LAKESIDE

BALDWIN

BRYCEVILLE

CRAWFORD

295

295

295

295

295

295

295

295

1

1

1

1

17

17

17

17

90

90

90

90

301

23

23

301

10

10

95

95

95

95

95

228

228

23

23

21

21

134 134

10 10

A1A

A1A

A1A

115

116116

105

115

13

13 202

121

115

115

121

PA R K W AY PLACE

PARKWAY PL ACE | JACKSONVILLE, FLORIDA2

PROPERTY QuiCK FACTS

Address: 6680 & 6700 Southpoint ParkwayJacksonville, FL

Number of Buildings: Two, Single-Story

Rentable Square Footage:6680 Southpoint Pkwy – 56,460 SF6700 Southpoint Pkwy – 46,500 SFConsolidated – 102,960 SF

Land Area:

6680 Southpoint Pkwy – 4.938 Acres6700 Southpoint Pkwy – 5.127 AcresParcel C – 4.258 AcresConsolidated – 14.323 Acres

Occupancy: 100%

Major Tenants:

CSX Corporation – 56,460 SF – Exp. Jun-2025asTech – 22,923 SF – Exp. Jun-2024Mainspring Academy – 12,086 SF – Exp. Oct-2024DialAmerica – 11,491 SF – Exp. Dec-2023

Parking: 6.8/1,000 SF (676 spaces, 24 handicapped, 700 total)PONTE VEDRA

JACKSONVILLE BEACH

JACKSONVILLE

BAYMEADOWS

BLOUNTISLAND

FIVEPOINTS

OCEANWAY

SANMARCO

MANDARIN

ORANGEPARK

LAKESIDE

BALDWIN

BRYCEVILLE

CRAWFORD

295

295

295

295

295

295

295

295

1

1

1

1

17

17

17

17

90

90

90

90

301

23

23

301

10

10

95

95

95

95

95

228

228

23

23

21

21

134 134

10 10

A1A

A1A

A1A

115

116116

105

115

13

13 202

121

115

115

121

EXECUTIVE SUMMARY 3

iNvESTmENT HiGHLiGHTS INSTITUTIONALLY OWNED AND MAINTAINEDOwnership’s proactive maintenance and reinvestment program through the years results in minimal deferred maintenance capital expenses for subsequent ownership

STABLE IN-PLACE CASH FLOWPotential investors will benefit from years of above average cash-on-cash returns given the weighted average lease term of five-and-a-half years

WELL-DIVERSIFIED, HIGH QUALI-TY RENT ROLL


AMENITY-RICH SUBURBAN ENVIRONMENT

Unique amenity-rich environment with an abundance of retail amenities, residential

communities, and more only minutes from Parkway Place

SUPERIOR MARKET DYNAMICSFavorably located in one of Jacksonville’s highest performing submarkets, which consistently outpaces the broader market in rental rate growth

STRATEGICALLY LOCATED

95 295 202 1 90DISTANCE (Miles) 1.0 4.7 0.7 1.6 2.7DRIVE TIME (Minutes) 3 8 2 4 6

THE MARKETS AT TOWN CENTER

DOWNTOWN JACKSONVILLE





















EXECUTIVE SUMMARY 5

ORANGE PARK

PALM VALLEY

NEPTUNE BEACH

JACKSONVILLE BEACH

BAYMEADOWS

SOUTHSIDE

ARLINGTON

SANMARCO

FIVEPOINTS

JACKSONVILLE

1

23

1

1

17

17

90

90

90

90

13

13

21

21

13

115

115

113

295

295

295

295

95

10

95

202 202

10

INSTITUTIONALLY OWNED AND MAINTAINEDThe Property has been institutionally owned and maintained since being developed by Liberty Property Trust in 1986 & 1987. This gives a potential investor the ability to enjoy the stable in-place cash flow versus expenses towards maintenance and repairs.


ORANGE PARK

PALM VALLEY

NEPTUNE BEACH

JACKSONVILLE BEACH

BAYMEADOWS

SOUTHSIDE

ARLINGTON

SANMARCO

FIVEPOINTS

JACKSONVILLE

1

23

1

1

17

17

90

90

90

90

13

13

21

21

13

115

115

113

295

295

295

295

95

10

95

202 202

10



STRATEGICALLY LOCATEDParkway Place offers one of the best vehicular access locations in the entire Jacksonville MSA with entrances to I-95, I-295, Route 202 and other main regional thoroughfares all within a few minutes of the Property. These main thoroughfares provide tenants and visitors ease of access to the entire Jacksonville region including Downtown Jacksonville (15 minute drive) and the beaches to the east (15 minute drive).

Furthermore, the Jacksonville Transportation Authority and the Florida Department of Transportation are actively pursuing federal grants in order to push forward a monumental project that would restore passenger rail service around the region to Downtown Jacksonville.

AMENITY-RICH SUBURBAN ENVIRONMENTThe Southside of Jacksonville’s momentous growth, driven by its educated workforce and excellent vehicular access, has created a truly amenity-rich suburban environment that offers employees, residents and visitors with an abundance of high-end retail, entertainment and food amenities all within minutes of Parkway Place. St. Johns Town Center (4.6 miles) offers a diverse mix of over 150 stores, including Nordstrom, Louis Vuitton, Apple, Tiffany & Co., Dillard’s, Tesla and many more. Additionally, a wealth of cultural and recreational attractions in addition to prestigious colleges and universities can be found throughout Jacksonville’s Southside and its surrounding communities.

PA R K W AY PLACE

7

SUPERIOR MARKET DYNAMICSThe Southside submarket continues to prove itself to be one of the highest sought after submarkets by tenants in the Jacksonville area. As such, rental rates in the Southside office market have grown 5.4% over the past twelve months. Recent investments in road and infrastructure improvements have alleviated many of the traffic concerns in the area, which has increased the general perception of the Southside office market from a location standpoint. Jobs are being created, homes and apartments are sprouting up and demographics are flourishing with only more of these trends to be realized in the near future.


EXECUTIVE SUMMARY 9

SITE PLANS6680, 6700 SOUTHPOINT PARKWAY & PARCEL C

6680SOuTHPOiNT

PARKWAY6700

SOuTHPOiNT PARKWAY

PARCEL

C


Michael MargolisSenior Managing Director(610) [email protected]

Dave DolanSenior Managing Director(215) [email protected]

Dave GaronzikManaging Director(215) [email protected]

For further information, please contact:

PA R K W AY PLACE6680 & 6700 SOUTHPOINT PARKWAY

JACKSONVILLE, FLORIDA

Jim SebestaCEO | Principal(904) [email protected]

Bryan BartlettSenior Vice President | Principal(904) [email protected]

LOCAL MARKET EXPERTS:CAPITAL MARKETS:

PARKWAY PLACE - LoopNet · 2019. 8. 20. · Parkway Place offers one of the best vehicular access locations in the entire Jacksonville MSA with entrances to I-95, I-295, Route 202

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