Michael A. Mayo Of Baptist Health Properties Inc Acquires Office Campus In Jacksonville For $38M
3563 Philips Highway
$38,000,000
$101/SF
Building Size
375,752 SF
Asset Type
Office
Closing
Dec 15, 2025
About this deal
AI
The property asset involved in this transaction is a 375,752-square-foot office located at 3563 Philips Highway in Jacksonville. The transaction was completed for a price of $38,000,000. The asset spans 29.68 acres and was originally built in 1961, with a history of long-term leasing to Baptist Health. The property serves as a business park that accommodates medical training, offices, and community tenants.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $38,000,000
- Buyer: Michael A. Mayo - Baptist Health Properties Inc
- Seller: Jud Pankey - Prescott Group
- Square Footage: 375,752
- Price Per Square Foot: $101
- Acres: 29.68
- Market: Jacksonville
The key individuals involved in this deal include Michael A. Mayo representing Baptist Health Properties Inc as the buyer and Jud Pankey from Prescott Group who was the seller. The property, long leased by Baptist Health, has future plans that remain undisclosed, indicating potential for further development or investment opportunities.
Players
Jacksonville Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.42%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93