Offering Summary
On behalf of the Owner, CBRE, Inc. as exclusive agent, is pleased to offer for sale the Aetna Building (the “Property”), a 20-story, Class A landmark office and medical office building in Downtown Jacksonville. The Aetna Building consisting of approximately 494,437 square feet of rentable area is 98% leased to thirteen (13) tenants including four (4) major health care related tenants which in the aggregate is more than 85% of the property. The building is immediately adjacent to the Baptist Medical Center / Wolfson Children’s Hospital Campus. The major tenants include Baptist Health Systems, The University of Florida Health Care Jacksonville, MSC (Medical Services Company) and Aetna.
The Property provides a unique opportunity to acquire a Best in Class office building in one of Florida’s strongest Downtown submarkets, where the vacancy rate for Class A product is 13%. The offering also includes a 1,114 space parking garage that was built in 2002 and a shared surface parking lot that provides (by agreement with Baptist) an additional 966 spaces in perpetuity. There are an additional 462 spaces available to the building totaling 2,542 spaces. The building provides a parking ratio of 5.14 per 1,000 square feet. Excellent amenities, low vacancy and strong fundamentals make the Aetna Building an outstanding source of both immediate and long term cash flow with year one net operating income of $5.0 million.
Rarely does a single Class A investment combine a protected Downtown waterfront location, demographic trends that outpace the nation in multiples, and unparalleled industry growth for its tenants. The Aetna Building in Downtown Jacksonville provides just that.
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