Transwestern Arranges $65M Sale of Southbank Medical Pavilion in Jacksonville to Baptist Health
JACKSONVILLE — Transwestern has arranged the $65 million sale of Southbank Medical Pavilion, a 493,012-square-foot medical outpatient tower in downtown Jacksonville, representing seller ShareMD in the disposition to Baptist Health, the firm announced Aug. 18, 2026.
The transaction gives Baptist Health ownership of a 22-story building situated directly adjacent to its flagship campus along the Southbank of the St. Johns River. The property at 841 Prudential Drive was 94% leased at the time of sale, with tenants including Baptist Health, UF Health of Jacksonville, Nemours Children's Health and One Call Care Management, among other physician practices.
Deal Details and Pricing
The recorded deed reflects a consideration of approximately $64.77 million, which Transwestern rounds to $65 million in its announcement. At 493,012 square feet, the transaction prices the asset at roughly $131 to $132 per square foot. The property sits on 7.9 acres and includes a six-story, 1,124-space parking garage totaling 324,212 square feet, as well as two development outparcels. The campus also includes a 0.85-acre pad site that has been separately marketed as an on-campus medical outparcel opportunity with approvals for a two-story, approximately 48,000-square-foot medical facility.
The buyer of record is Baptist Health Properties Inc., an entity affiliated with Baptist Health. The seller is 841 Prudential MOB LLC, an entity affiliated with ShareMD, the Atlanta-based medical office investor and operator.
Transwestern's Healthcare Capital Markets team led the marketing and sale process, generating offers from healthcare-focused investors, Jacksonville office investors and healthcare providers. The team was led by Steve Leathers, Senior Managing Director at Transwestern, alongside Bill Boyd, Seth Gilford, Jake Jordan, Angela Heidman and Max Hastings.
A Competitive Process for a Healthcare Hub Asset
"Southbank Medical Pavilion is a unique healthcare asset given its scale, location and position within one of the Southeast's most significant healthcare hubs," Leathers said. "The property attracted interest from a range of investor and healthcare groups, creating a competitive process and a successful outcome for our client. We appreciate ShareMD's trust in our team to execute this important assignment."
ShareMD President and Managing Director Mario Gonzalez said the firm needed a capital markets team with health system transaction expertise. "ShareMD needed a capital market team that understood health system transactions from the inside and also effectively market the property to a broader audience," Gonzalez said. "The Transwestern team's institutional healthcare knowledge guided us to the best outcome, and their approach was consistently respectful of our long-standing relationship with Baptist Health throughout the process."
Property History and Tenant Conversion
The building at 841 Prudential Drive has a long history in Jacksonville's commercial real estate market. Originally developed in 1955 as the Prudential Building — the Southeastern headquarters for Prudential Insurance — the tower has been rebranded multiple times over the decades, operating at various points under the names Aetna Building, Prudential Plaza I, One Call building and Eight Forty One before its current identity as Southbank Medical Pavilion.
ShareMD acquired the property in 2020 from GV-IP Jacksonville Owner LLC, a GEM Realty Capital affiliate, for $67 million when the building was approximately 80% leased and carried the Eight Forty One branding. ShareMD's business plan targeted converting general office users to clinical tenants, a strategy that lifted occupancy to 94% by the time of the 2026 sale and repositioned the asset as a healthcare-dominant outpatient building.
The property is near Wolfson Children's Hospital, Baptist MD Anderson Cancer Center and Nemours Children's Health, reinforcing its position within one of the region's most concentrated clusters of healthcare facilities. Marketing materials describe the asset as a modernized, Class A medical outpatient building with a parking ratio of 4.4 spaces per 1,000 square feet.
Baptist Health Moves from Tenant to Owner
The acquisition gives Baptist Health direct control over a building that already houses a significant portion of its affiliated clinical operations. The tower's adjacency to Baptist's flagship campus and its healthcare-centric tenant roster position it as a natural campus extension.
The sale price of approximately $131 per square foot reflects the broader repricing of large office properties that has occurred since 2020. ShareMD's 2020 acquisition priced the building at roughly $134 per square foot on a reported size of approximately 500,000 square feet, meaning the 2026 transaction closed at a modest discount on a per-square-foot basis despite the material improvement in occupancy over the intervening years.
Transwestern describes itself as a vertically integrated commercial real estate firm with expertise in investment, development, brokerage and property management, operating across 35 offices nationwide and overseeing $64 billion in assets as of April 1, 2026.