JACKSONVILLE, FL-An affiliate of Montreal-based Moteli Property Group has acquired the 470,390-sf Metro Square 95 office park at 3563 Philips Rd. for $115 to $125 per sf. Metro Square 95 consists of eight one- and two-story office buildings and a McDonald’s restaurant.

The seller was Southpark Corporate Center LLC, a partnership between Chicago-based Concert Realty Partners and locally based the Meek Cos, which will continue to provide asset management services for the office complex. “We were attracted to Metro Square by the quality of its tenancy, the quality of the interior finishes and the opportunity to develop the two acres of vacant land,” says Michael Fischer, of Moteli Property Group.

The seller was represented by Trammell Crow Co. executive vice president and principal John Bell with principal Brad Chrischilles and senior vice president Peter Crolius, who are located in the company’s Jacksonville office. “The property had been repositioned. It was previously a retail property that had been repositioned for office space,” Bell tells GlobeSt.com. “The seller’s plan was to sell the property once it had been leased up.”

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

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