JACKSONVILLE, FL-State Farm has sold its operations center building on Baymeadows Way here for $43.8 million in a sale/leaseback transaction.
The buyer of the nearly 300,000-square-foot building is a New York City-based affiliate of Hudson Advisors LLC, which is headquartered in Dallas, according to the Jacksonville Business Journal. The purchase price was culled from property records.
State Farm will lease the property for 15 years with two five-year renewal options.
"State Farm continues to use a flexible real estate strategy to allow us to meet changing customer needs, and leasing rather than owning property provides State Farm the flexibility to make adjustments in our operations to better serve our customers," says Michal Brower, State Farm's Florida spokeswoman. The company has sold 23 properties in 18 locations in sale/leaseback deals recently. See story in the Jacksonville Business Journal.
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