The Real Deal Miami

Jacksonville headquarters flipped for $2.67 million profit

A limited liability company bought the building for $20.1 million and sold it 10 weeks later for $22.77 million
December 17, 2017 02:00PM

Crowley Maritime Corp. headquarters in Jacksonville (Credit: Jacksonville Daily Record)

A limited liability company bought a marine company’s Jacksonville headquarters in a sale-leaseback deal and flipped the building 10 weeks later for a $2.67 million profit.

CH Jacksonville FL Landlord LLC sold the five-story headquarters of Crowley Maritime Corp. to Broadstone Real Estate on Dec. 8 for $22.77 million.

CH Jacksonville had purchased the building on Sept. 27 for $20.1 million from a company affiliated with Crowley Maritime, and leased the 112,060-square-foot building back to Crowley.

The Jacksonville-based marine shipping company bought the building from Aetna Life Insurance in 1993 for $6 million.

The office building at 9487 Regency Square Boulevard was constructed on a 5.4-acre site in 1984. The property is assessed for tax purposes at $5.5 million. [Jacksonville Daily Record] Mike Seemuth