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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
PARKWAY PL ACE | JACKSONVILLE, FLORIDA4
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
THE MARKETS AT TOWN CENTER
DOWNTOWN JACKSONVILLE
THE MARKETS AT TOWN CENTER
DOWNTOWN JACKSONVILLE
THE MARKETS AT TOWN CENTER
DOWNTOWN JACKSONVILLE
THE MARKETS AT TOWN CENTER
DOWNTOWN JACKSONVILLE
THE MARKETS AT TOWN CENTER
DOWNTOWN JACKSONVILLE
THE MARKETS AT TOWN CENTER
DOWNTOWN JACKSONVILLE
THE MARKETS AT TOWN CENTER
DOWNTOWN JACKSONVILLE
THE MARKETS AT TOWN CENTER
DOWNTOWN JACKSONVILLE
THE MARKETS AT TOWN CENTER
DOWNTOWN JACKSONVILLE
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.
PARKWAY PL ACE | JACKSONVILLE, FLORIDA6
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
THE MARKETS AT TOWN CENTER
DOWNTOWN JACKSONVILLE
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.
PARKWAY PL ACE | JACKSONVILLE, FLORIDA8
EXECUTIVE SUMMARY 9
SITE PLANS6680, 6700 SOUTHPOINT PARKWAY & PARCEL C
6680SOuTHPOiNT
PARKWAY6700
SOuTHPOiNT PARKWAY
PARCEL
C
PARKWAY PL ACE | JACKSONVILLE, FLORIDA14
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: