Foundry Commercial announced April 13 it bought 8000 Baymeadows Way, a 457,000-square-foot office property in Jacksonville, and will make it the firm’s first office-to-industrial redevelopment in the Jacksonville market and its 11th nationwide.
Foundry said it will transform the site into two Class-A industrial buildings totaling about 400,000 square feet “in one of the city’s most desirable infill locations.”
It said the redevelopment builds on its repositioning of “obsolete office assets to meet sustained industrial demand.”
Concentrix CVG Customer Management Group Inc. sold the property at 8000 Baymeadows Way on March 26 to Foundry Commercial LLC, which bought the land and buildings through Baymeadows Property Owner LLC for $18 million.
Site plans for “Baymeadows Way Industrial” show a pair of warehouses, Building 100 at 199,086 square feet and Building 200 at 204,850 square feet. The site is the former AT&T American Transtech campus.
Simmons Bank, an Arkansas state-chartered bank, made a $42.85 million mortgage to the buyer.
Foundry said it has removed 25 office buildings totaling 2.6 million square feet and is delivering 13 industrial buildings totaling 4 million square feet, about an $800 million investment.
The property is in Jacksonville’s Southside submarket, with access to Interstate 95, Butler Boulevard and Philips Highway/U.S. 1. Foundry said it is near a strong labor base.
Foundry said the purchase followed a competitive bid process that drew interest from multiple buyers, “underscoring both the quality of the site and the growing demand for infill industrial opportunities across the Jacksonville market.”
“From early vision through a complex due diligence process, this has been a true team effort,” said J. Paul Reynolds, deal principal at Foundry Commercial, in a news release.
Foundry said Reynolds led the project, with Senior Development Manager DeWayne Gordon overseeing design, permitting and construction management.
The release said demolition and initial site work are expected to begin within two months, with delivery of the new industrial buildings anticipated in the third quarter of 2027.
The project is being developed on a speculative basis “to meet broad market demand, with anticipated interest from a diverse mix of industrial users.”
The former AT&T American Transtech campus in Baymeadows at 8000 Baymeadows Way could be demolished to make way for speculative warehouses. The property is west of Interstate 95 and north of Baymeadows Road within the Deerwood Center office park.
It said the 32-acre site includes a 4-acre commercial outparcel, which Foundry might sell.
“The acquisition builds on the firm’s recent success at its Butler 95 Logistics development, where strong leasing momentum and tenant demand helped validate the viability of infill industrial product in this corridor,” the release said.
“Opportunities like this are increasingly rare in Jacksonville,” said Foundry partner Mark Scott, who will lead leasing efforts for the project.
“The Baymeadows location offers outstanding connectivity to I-95 and the broader Southside, placing tenants near both population centers and key logistics routes. It’s exactly the type of infill industrial product the market continues to demand.”
Scott said the redevelopment replaces an underutilized office asset with modern warehouse space that aligns with market demand.
The Baymeadows property was developed in 1983 for AT&T American Transtech, which built the campus to handle shareholder services for the court-ordered breakup of AT&T.
Scott said March 31 that Foundry will demolish a 457,000-square-foot office building and replace it with more than 400,000 square feet “of new, modern warehouses similar to our development at Butler/95 Logistics Center.”
The city is reviewing permits to demolish the buildings and construct warehouses on the site, which is west of I-95 and north of Baymeadows Road within the Deerwood Center office park.
HGR Construction Inc. of Altamonte Springs is listed as the contractor for the estimated $2 million project to demolish the three-story office building.
Site plans for “Baymeadows Way Industrial” show a pair of warehouses, Building 100 at 199,086 square feet and Building 200 at 204,850 square feet.
The city has been reviewing permit applications for Foundry Commercial Group of Orlando to build speculative warehouses totaling 403,936 square feet at a combined estimated project cost of $16.83 million.
C4 Architecture LLC of Orlando is shown as the architect and the mechanical and plumbing engineer. Langan Engineering of Jacksonville is named as the civil engineer. The city received civil engineering plans in December.
In early 1998, AT&T sold the Transtech business to Cincinnati Bell Inc., which added the entity to its customer service division called Matrixx Marketing. Later that year, Cincinnati Bell spun off Matrixx and another division into a new public company called Convergys Corp. In 2018, Convergys Corp. was bought out by California-based Synnex Corp., which combined the business with its customer services subsidiary, Concentrix.
Concentrix had operated at the Baymeadows Way property, with ownership listed as Convergys Customer Management Support Inc. and Concentrix CVG Customer Management Support Inc., both in Cincinnati.