The property was acquired from Florida Office Property Co., which was represented by Tom Beneville and Michael Carpenter, of Jones Lang LaSalle. Constructed in 1987, the four-story Quadrant I is located at 4651 Salisbury Rd. and is 58% leased. Constructed in 1987, the four-story Quadrant II is located at 4655 Salisbury Rd. and is 92% leased. Space rents for an average of $18.50 per sf in the buildings. Chuck White, of Commercial Jacksonville, will handle leasing for the property.

With the acquisition, Kaufman Realty enters the Jacksonville market. According to a Commercial Jacksonville third quarter 2006 market report, the Butler/Baymeadows submarket is experiencing an 89% occupancy level.

"We look for markets that are growing or have growth potential. Jacksonville fits that profile," Kaufman Realty Group president Craig Kaufman tells GlobeSt.com. "This property was acquired because it's a value-added property. The property's occupancy is in the mid-70% range, but we think it could be in the mid-90% range."

Kaufman Realty has been active in the Orlando market with the fourth-quarter sale of three office buildings that the company developed. Kaufman says the buildings had been stabilized and ready for disposition. However, the sales do not represent an exit of the Orlando market. "We'd like to buy more properties in Jacksonville and in Orlando," he says.