"Although Midtown Center was once considered the premier suburban office park in Jacksonville, its occupancy suffered in recent years due to the tremendous amount of new development in the Butler/Baymeadows corridor in southern Duval County, which became the more sought-after location," says Harry Blyden, vice president of sales at Miami-based Continental Real Estate Cos. Blyden and Continental executive vice president David Moret negotiated for LNR.
The buyer beat out several bidders for the property. "By capitalizing on rising investor interest in Jacksonville's vibrant and growing economy, and focusing on the property's central location and close proximity to Jacksonville's burgeoning Downtown, we were able to generate a significant amount of interest in the property," Moret says.
Moret and Blyden were under a tight deadline to sell the asset. "CREC was able to identify a handful of buyers that had the ability to meet the targeted closing date and were able to negotiate a contract with no contingencies or due diligence period," Moret says. The transaction took 60 days to close.
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