BlueCrest Capital Advisors Acquires Jacksonville's Cypress Point Business Park for $28.15M in Value-Add Flex Deal
JACKSONVILLE, Fla. — Nashville-based BlueCrest Capital Advisors has acquired Cypress Point Business Park, a six-building flex portfolio totaling 226,500 square feet in Jacksonville's Butler/Baymeadows submarket, for $28.15 million. JLL Capital Markets represented the seller, Viking Partners Cypress LLC, in the transaction, which closed Aug. 18, 2026.
The JLL Capital Markets team was led by Managing Director Robbie McEwan and Analyst Jesse Jones.
Portfolio Composition and Physical Specs
Cypress Point Business Park sits on a 21-acre site surrounding a 10-acre lake near the interchange of Interstate 95 and Butler Boulevard, with a core address at 8099 Nations Way. The portfolio comprises four traditional office buildings totaling 146,500 square feet and two industrial flex buildings totaling 80,000 square feet. The overall portfolio was 62% occupied at the time of sale, leaving approximately 85,000 square feet of available space across three buildings.
The two industrial flex buildings are fully occupied and feature 20-foot clear heights, nine dock-high roll-up doors, and seven glassed-in dock-high bays that can be converted to roll-up doors. The four office buildings offer ceiling heights ranging from 13 to 14 feet and flexible floor plates. The campus includes lakefront pavilions and a walking and jogging trail. The property was developed between 1999 and 2004 and carries a parking ratio of 6.8 spaces per 1,000 square feet.
At the $28.15 million sale price across 226,500 square feet, the transaction implies a price of approximately $124 per square foot.
Tenant Base and Value-Add Opportunity
The property's tenant roster spans multiple industries, including insurance, home construction, facilities management, marketing, and security. The weighted average lease term stands at 4.6 years, with a weighted average tenant tenure of 7.8 years. With the industrial flex component fully leased and vacancy concentrated in the office buildings, the acquisition presents a lease-up and repositioning opportunity across the remaining available space.
BlueCrest Capital Advisors is led by Scott Porter and John Colucci. The firm is targeting an assembled portfolio of more than one million square feet of small-bay light industrial assets throughout the Southeast over the next four years. The combined leadership of Porter and Colucci brings 50 years of experience and a track record of transacting $6.7 billion of commercial real estate and developing and managing more than three million square feet of assets.
Location and Submarket Context
Cypress Point Business Park offers direct access to Interstate 95 and U.S. Route 1, placing tenants within a 10-minute drive of St. Johns Town Center. The Butler/Baymeadows submarket is proximate to affluent residential communities, retail destinations including The Pavilion at Durbin Park and Shoppes at Bartram Park, and major employment hubs.
The broader campus from which this portfolio is drawn previously traded in 2019 as an eight-building, 344,000-square-foot configuration for $35.8 million at 88% occupancy, with tenants that included Fanatics, U.S. Assure, Crowley Maritime, ADT, and Selene Finance. The current transaction covers a six-building, 226,500-square-foot subset of that campus, now positioned as a flex and light industrial asset.
Broker Commentary
"Viking Partners Cypress recognized this was an optimal time to bring this asset to market given the strength of Jacksonville's investment sales environment and the property's compelling story of location, quality and upside potential," McEwan said. "Buyer interest was driven by the combination of an attractive cost basis, existing tenant quality and the opportunity to capture meaningful net operating income growth through lease-up in a market experiencing strong population and employment growth."
About the Firms
Viking Partners, founded in 2008 and based in Cincinnati, is a private real estate investment firm focused on value-add acquisitions across industrial, retail, and office sectors. The firm has acquired more than $1.5 billion in assets and raised more than $415 million in equity.
JLL (NYSE: JLL) is a global commercial real estate services and investment management company with annual revenue of $26.1 billion and operations in over 80 countries. Its Capital Markets group includes more than 3,000 specialists in nearly 50 countries.
BlueCrest Capital Advisors is a Nashville-based real estate investment firm focused on assembling a Southeast portfolio of small-bay light industrial properties.
Sources: JLL Newsroom