BOCA RATON, FL – With the $133.2 million acquisition of 12 buildings within the Flagler Center business park, private real estate investment company Crocker Partners has added nearly 1.4 million square feet to its Florida portfolio. The transaction, in joint venture with New York-based Investcorp, includes the newest Class A office and industrial space in Jacksonville’s desirable Butler/Baymeadows submarket.

Overall, Crocker Partners’ holdings at Flagler Center, which is located a mile from the I-95/I-295 interchange, encompass:

• 601,168 square feet of Class A office space
• 399,618 square feet of two-story professional office space
• 357,642 square feet of industrial space

The buildings are 81% percent occupied, with lead tenants including Web.com, Ally Financial and Kemper Insurance.

“This was a rare opportunity to acquire a dozen buildings across three product types at a significant discount to replacement cost,” said Managing Partner Tom Crocker. “Jacksonville is a very attractive market, and Flagler Center has the potential for significant return as we apply our asset and property management expertise.”

Crocker noted that Jacksonville, where the company now owns a total of 2.1 million square feet, is one of the nation’s fastest-growing metropolitan service areas (MSAs) and ranks second in the southeastern U.S. for growth in office-using employment since 2009.  The Baymeadows/Butler submarket’s strength reflects its draw as a back-office location meeting the needs of companies in the finance and insurance industries.

In total, Boca Raton-based Crocker Partners now owns and manages 8.4 million square feet in the southeastern U.S. and Texas, representing $1.4 billion in transactions.  For more information, visit www.crockerpartners.com.