David Colman Of AJC Investment Group Acquires Office Building From Peter Tubesing For $38M
5201 Gate Parkway
$38,000,000
$243/SF
Building Size
156,000 SF
Asset Type
Office
Closing
Jun 13, 2025
About this deal
AI
The office asset involved in the transaction is located at 5201 Gate Parkway in Jacksonville. The property encompasses 156,000 square feet and was sold for $38,000,000, translating to a price per square foot of $244. It is currently occupied by Deutsche Bank under a long-term, corporate-guaranteed lease.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $38,000,000
- Buyer: David Colman - AJC Investment Group
- Seller: Peter Tubesing - Strategic Office Partners
- Broker: Jeff Gates - SRS Real Estate Partners
- Market: Jacksonville
- Square Footage: 156,000
- Price per Square Foot: $244
In this transaction, David Colman represented AJC Investment Group as the buyer, while Peter Tubesing represented Strategic Office Partners as the seller. Jeff Gates acted as the broker facilitating the deal through SRS Real Estate Partners. AJC Partners plans to acquire the property as a cash-flowing investment due to the stable lease agreement with Deutsche Bank.
On the Map
$38,000,000
$243/SF
Office
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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