A four-story office building in Deerwood Park changed hands Tuesday when Centurion Centre I sold for $9.3 million, a deal that underscores how much investors still like well-leased suburban space near St. Johns Town Center.
As reported by the Jacksonville Business Journal, the building fetched $9.3 million and was more than 90 percent occupied at the time of sale. That high occupancy, along with a roster of steady mid-sized tenants, appears to have been a major driver of the pricing.
Property listings show Centurion Centre I totals roughly 92,678 square feet at 10375 Centurion Parkway N in Deerwood Park South. Earlier this year APR Energy agreed to take the entire second floor, about 23,500 square feet, highlighting demand for contiguous blocks of space in the submarket, according to listings on Showcase.
Why buyers are chasing Deerwood Park
Market reports point to a stabilizing office picture that has pushed buyers toward smaller, well-leased suburban properties instead of splashy but risky plays. Recent figures from CBRE show improving absorption and steadier fundamentals in parts of the Jacksonville office market, data that helps support pricing for stabilized assets like Centurion Centre I.
Big corporate moves are boosting the neighborhood
Large local commitments, most notably Intercontinental Exchange's recent purchases and renovation permits at Deerwood Park North, have refocused investor attention on the area and its limited new office supply. Industry observers, including Marcus & Millichap, say those moves make nearby blocks more attractive to buyers looking for safe, income-producing deals.
At $9.3 million this trade is small compared with institutional-sized office transactions, but it fits a familiar pattern: investors are willing to pay for occupancy, location and predictable cash flow even while larger downtown properties face tougher headwinds. For tenants, a change in ownership often brings fresh attention to renewals and modest upgrades as landlords jockey to stay competitive in lease negotiations.
Details about the buyer and the financing were not disclosed in initial reporting, and those specifics are expected to surface once the deed is recorded. The Jacksonville Business Journal also noted the lack of disclosure in its coverage of the deal.
