Franklin Street has brokered the sale of a high-end suburban office building in the Pablo Oaks Office Park on Jacksonville’s Southside. The seller is Triad Financial (whose real estate entity is Cardon Pablo Oaks, LLC) and the buyer is Loyalsock, LLC, DBA Capital Staffing Florida. The property sold for $1.78 million.
The Class A building, located at 4336 Pablo Oaks Court near the Mayo Clinic, is a two-story office with 10,000 square feet, internal elevator and second-story patio built in 1999. The building has 52 parking spaces and numerous upgrades, including floor-to-ceiling glass in most offices and a lush landscaping in the Pablo Oaks Park setting. It is intended to be used by Capital Staffing for office space and operations after the company rapidly grew, doubling its size. Triad Financial moved its operation in March of this year after doubling in size as well. Triad Financial had been at this location since 1999.
“This sale shows that companies are growing and suburban office space is very much in demand,” said Monte Merritt, senior director at Franklin Street, who brokered the deal. “Pablo Oaks Office Park is an excellent location on the Southside, which is reflected in the above-market sale price.”
The deal closed on September 1st and equated to a $177.50 price per square foot, which is significantly above the Jacksonville average of $78.50 per square foot for Class A office space. The property was listed by Franklin Street’s office and industrial division in January.
Local land prices have jumped from $5 per square foot to nearly $14 per square foot this year alone, driven by the growing demand for office space in South Jacksonville.
“Nearby Mayo Clinic, which is expanding and was recently named the top ranked hospital in the state of Florida, has helped increased values in this area,” said Merritt.