Since Acquiring the Class A Office and Flex Campus in October, Savlan Capital Has Pushed Occupancy Nearly 20 Percent
This recent leasing activity brings Exchange South Business Park’s occupancy to 89.6 percent, an 18.1 percent increase since Savlan Capital acquired the five-building office and flex campus in October 2018.
Savlan Capital has secured three new leases totaling 13,351 square feet with SurgCenter of Jacksonville, IDEXX Laboratories Inc., and Integrated Home Care Services; a 13,458-square-foot lease expansion with Ovation Credit (LendingTree); and lease extensions totaling 18,639 square feet with current tenants Konica Minolta, APTIM, and K12 Inc.
“We’re nine months ahead of our initial lease-up schedule,” said Savlan Capital Chief Executive Officer Zusha Tenenbaum. “This accelerated leasing velocity has been driven by the asset’s desirable location, the quality of space at Exchange South Business Park, outside-the-box approaches to tenant improvements and the tremendous efforts of our leasing partners.”
“We are firm believers in the Jacksonville market and will continue to invest in Exchange South Business Park in an effort to further enhance the property’s strong tenant roster,” added Tenenbaum.
Savlan Capital named NAI Hallmark’s Kevin Vaughn and Jason J. Purdy exclusive leasing advisors for Exchange South Business Park after purchasing the asset. Remaining availabilities at the park range from 2,445 to 8,757 square feet with a lease rate of $13 per square foot per year (NNN).
Ovation Credit (LendingTree)
Ovation Credit, a division of Charlotte, NC-based LendingTree, expanded their existing space by 13,458 square feet. The credit repair, monitoring and education company now occupies a total of 31,452 square feet at Exchange South Business Park. Foundry Commercial’s Mark Scott represented Savlan Capital in the lease negotiations. Lou Nutter of CBRE represented Ovation Credit (LendingTree).
SurgCenter of Jacksonville
SurgCenter of Jacksonville leased 7,000 square feet at Exchange South Business Park and will be investing more than $2 million to renovate the space. SurgCenter is an outpatient surgery center operator headquartered in Towson, MD. The company partners with local surgeons to create physician-owned and physician-operated ambulatory surgical centers. This is SurgCenter’s second location in the Jacksonville market. Vaughn and Purdy of NAI Hallmark represented Savlan Capital in the lease negotiations. Newmark Knight Frank’s Brent Stamm represented SurgCenter of Jacksonville.
IDEXX Laboratories Inc.
Westbrook, ME-based IDEXX Laboratories Inc. (NASDAQ:IDXX) signed a 2,351-square-foot lease at Exchange South Business Park, where it will open its first North Florida Location. IDEXX provides practicing veterinarians around the world with a broad range of diagnostic and information technology-based products. The company will house laboratories in the new space. Foundry Commercial’s Scott negotiated the lease on behalf of Savlan Capital. Cord Butler of The Cordell Group represented IDEXX.
Integrated Home Care Services
Miramar, FL-based Integrated Home Care Services signed a 4,000-square-foot lease at Exchange South Business Park. The company services the health care industry with home care solutions and medical equipment. The lease marks Integrated Home Care Services’ entrance into the North Florida market. Foundry Commercial’s Scott represented Savlan Capital in the lease negotiations. Integrated Home Care Services was represented by JLL’s Ross Crabtree.
Multinational imaging company Konica Minolta, a tenant at Exchange South Business Park since 2007, renewed its lease of 5,891 square feet. The company houses sales and service operations at the park. NAI Hallmark’s Vaughn and Purdy negotiated the lease on behalf of Savlan Capital. David Hillegas of Cushman & Wakefield represented Konica Minolta.
Houston-based APTIM, a national engineering firm, renewed its 6,705-square-foot lease at Exchange South Business Park. Foundry Commercial’s Scott represented Savlan Capital in the lease negotiations. CBRE’s Pat Orman represented APTIM.
K12 Inc., a leading online learning provider serving K–12 online schools, renewed its 6,043-square-foot lease at Exchange South Business Park. NAI Hallmark’s Vaughn and Purdy negotiated the lease on behalf of Savlan Capital. JLL’s Michael Loftin represented K12 Inc.
Exchange South Business Park is a 194,400 square-foot, Class A campus built between 1990 and 1996. The buildings feature tilt-up concrete construction, 14’ to 18’ clear heights, 30’ by 40’ column spacing, and wet pipe fire protection systems. The property offers modern amenities including 16 dock-high doors, 35 drive-in doors, a 65’ by 130’ shared truck court and an above-market parking ratio of 3.4 spaces per 1,000 rentable square feet. This state-of-the-art facility includes attractive landscaping in a park-like setting, floor-to-ceiling glass and aluminum store fronts, and small bay sizes with various levels of office build-out.
Exchange South Business Park is located at 9143 Philips Highway. This location is highly accessible to Jacksonville’s workforce and proximate to Interstate 95, Interstate 295 and Interstate 10, the region’s major transportation and trade thoroughfares.
About Savlan Capital
Savlan Capital is a fully integrated real estate investment company with over 20 years of extensive real estate investment management, acquisition, property management, development, and redevelopment expertise. Headquartered in Hollywood, FL, Savlan Capital has a proven track record of successful investing in multifamily, office, industrial and business parks in primary markets throughout the Southeast and Texas. For more information, please visit www.savlancapital.com.