A Nashville real estate investment firm has purchased a six-building business park in South Jacksonville for $28.15 million, marking both its largest deal to date and its first acquisition outside Tennessee. Bluecrest Capital Advisors bought Cypress Point Business Park, a 226,500-square-foot property at 8099 Nations Way near the interchange of Interstate 95 and Butler Boulevard, through an entity called BCA Cypress Point LLC.
The park, which is currently 62% leased, was sold by Viking Partners Cypress LLC, according to Jacksonville Daily Record. Bluecrest founder and managing principal Scott Porter said the company focuses on identifying markets and seeking light industrial and flex properties with significant value propositions realized through leasing and capital improvements, according to that report. Porter added that Jacksonville tops the list of Southeast small bay light industrial (SBLI) markets with a population of less than two million, and that the market is hungry for more light industrial options.
Cypress Point currently comprises four office buildings totaling 146,500 square feet and two light industrial buildings totaling 80,000 square feet. Existing tenants include ADT and US Assure Insurance, per the same report. Bluecrest plans to convert 76% of the park's gross leasable area to SBLI use within three years through lease rollovers and strategic build-outs, targeting roughly 85,000 square feet of vacant space, with the remaining space slated for conversion in future years.
A Bigger Footprint, A Different Business
The park looks a lot different than it did when Viking Partners bought it. The seller originally purchased an eight-building, 344,000-square-foot version of Cypress Point Business Park for $35.8 million in June 2019, when it was 88% leased, according to the Jacksonville Daily Record. The current transaction covers only six of those buildings at a smaller total square footage and a much lower occupancy rate, reflecting a shift in the park's footprint over Viking's seven-year hold and giving Bluecrest a clear value-add conversion opportunity to turn vacant office space into in-demand light industrial units.
The park sits within South Jacksonville's Butler-Baymeadows submarket, Jacksonville's largest suburban office submarket with more than 10.7 million square feet of inventory, an area Cushman & Wakefield research has identified as a key corridor for rent growth. Built out between 1999 and 2004, the 44-acre master-planned campus includes two lakes totaling 15 acres, lakefront pavilions, and a 0.75-mile walking and jogging trail, according to NAI Hallmark.
Recent Leasing Activity Points to Demand
Tenant momentum inside the park has been building for more than a year. National exterior home remodeler Power Home Remodeling expanded into Jacksonville in October 2025 by leasing 28,323 square feet of office and warehouse space at 8120 Nations Way, later pulling a $1.42 million build-out permit, a move that established the company's 25th national territory. Commercial printing and digital marketing provider Kessler Creative also signed an 18,648-square-foot flex lease at the same address in April 2025, with NAI Hallmark representing landlord Viking Partners Cypress LLC on that deal.
Marketing materials from JLL, which represented Viking Partners in the sale, showed the park carrying a 4.6-year weighted average lease term, a 7.8-year weighted average tenant tenure, and a parking ratio of 6.8 spaces per 1,000 square feet as of June 2026. JLL Capital Markets analyst Jesse Jones and managing director Robbie McEwan represented the seller in the transaction, while CBRE senior vice president Philip Rachels secured debt financing for Bluecrest's purchase from First Horizon Bank.
Part of a Broader Southeast Push
Bluecrest's Jacksonville purchase advances the firm's strategic plan to aggregate more than 1 million square feet of Southeast small bay light industrial space over the next four years. The Nashville-based firm deliberately avoids crowded multifamily markets, instead targeting light industrial properties requiring heavy construction or tenant build-outs, and generally aims to acquire $30 million to $70 million in assets annually, according to GlobeSt.
Before the Jacksonville deal, Bluecrest acquired Royal Parkway I and II, a 145,000-square-foot industrial facility near Nashville International Airport, for $12.2 million in December 2025, and separately picked up a 61,250-square-foot flex infill property in southeast Nashville for nearly $8 million. Porter co-founded the firm alongside principal John Colucci; the pair bring combined real estate experience spanning $6.7 billion in commercial transactions, and Porter himself previously pitched professionally for the Toronto Blue Jays organization before turning to commercial real estate.
Institutional Money Keeps Flowing to South Jacksonville
Bluecrest's deal lands amid a wider surge of institutional capital targeting shallow-bay industrial properties along Southside Jacksonville corridors. Just weeks earlier, Baltimore-based Merritt Properties almost doubled its Jacksonville footprint by acquiring the nearby 537,800-square-foot Center Point Business Park for $89.8 million — the largest acquisition in that company's corporate history, according to the Jacksonville Daily Record. Together, the two deals underscore how tight supply and steady tenant demand along the Butler Boulevard corridor are drawing outside investors eager to convert underused office space into light industrial product.
