The seller was Southpark Corporate Center LLC, a partnershipbetween Chicago-based Concert Realty Partners and locally based theMeek Cos, which will continue to provide asset management servicesfor the office complex. "We were attracted to Metro Square by thequality of its tenancy, the quality of the interior finishes andthe opportunity to develop the two acres of vacant land," saysMichael Fischer, of Moteli Property Group.

The seller was represented by Trammell Crow Co. executive vicepresident and principal John Bell with principal Brad Chrischillesand senior vice president Peter Crolius, who are located in thecompany's Jacksonville office. "The property had been repositioned.It was previously a retail property that had been repositioned foroffice space," Bell tells GlobeSt.com. "The seller's plan was tosell the property once it had been leased up."

The office buildings were approximately 95% leased at the timeof the sale. The site has a 4.74 parking space per 1,000 sf ratioand includes a two-acre development parcel with direct exposure toInterstate 95. The parcel is suitable for a variety of uses,including office hotel and retail, but no definitive developmentplans have been announced, Bell says. "A very strong appeal of thisproperty is the perception of Jacksonville as a growth market," hesays. "It was a highly sought-after property."