Lingerfelt Commonwealth Partners bought a 28-story office tower in Florida. Photos courtesy of Lingerfelt.
A Glen Allen real estate firm headed to the Sunshine State for its latest acquisition.
Lingerfelt Commonwealth Partners said Thursday it had closed on the purchase of a 28-story, 425,000-square-foot office tower in downtown Jacksonville, Fla.
The property, known as River Tower, was sold by Gate Riverplace Co., a subsidiary of Gate Petroleum.
Lingerfelt Commonwealth chief investment officer Ryan Lingerfelt would not say how much the company paid for the building. Duval County, Fla., property records had not yet been updated to reflect the sale by Thursday evening. The property was most recently assessed at $36 million, according to county records.
“We have a presence in Jacksonville, Fla., and this is an expansion of that presence,” Lingerfelt said.
The company, a joint venture between Innsbrook-based Lingerfelt Cos. and Commonwealth Commercial Partners, entered the Jacksonville market earlier this year when it picked up leasing duties on a 2.1 million-square-foot office and industrial real estate portfolio.
The company has been on a real estate shopping spree this year. In September it spent $28 million on 14 commercial properties in North Carolina. And in June, the firm bought the 242-room Richmond Marriot West hotel near Innsbrook.
Its latest acquisition brings Lingerfelt’s total portfolio holdings to about 4 million square feet, including about 60 assets in four states between the Mid-Atlantic and the Southeast.
Commonwealth Commercial Partners will manage the River Tower property, the company said. The tenants at the Jacksonville tower include Rogers Towers, P.A., Rayonier Inc., Adecco USA, and ClubCorp USA Inc.
Jones Lang LaSalle will handle the leasing and marketing for the building.
Lingerfelt Commonwealth Partners bought a 28-story office tower in Florida. Photos courtesy of Lingerfelt.
A Glen Allen real estate firm headed to the Sunshine State for its latest acquisition.
Lingerfelt Commonwealth Partners said Thursday it had closed on the purchase of a 28-story, 425,000-square-foot office tower in downtown Jacksonville, Fla.
The property, known as River Tower, was sold by Gate Riverplace Co., a subsidiary of Gate Petroleum.
Lingerfelt Commonwealth chief investment officer Ryan Lingerfelt would not say how much the company paid for the building. Duval County, Fla., property records had not yet been updated to reflect the sale by Thursday evening. The property was most recently assessed at $36 million, according to county records.
“We have a presence in Jacksonville, Fla., and this is an expansion of that presence,” Lingerfelt said.
The company, a joint venture between Innsbrook-based Lingerfelt Cos. and Commonwealth Commercial Partners, entered the Jacksonville market earlier this year when it picked up leasing duties on a 2.1 million-square-foot office and industrial real estate portfolio.
The company has been on a real estate shopping spree this year. In September it spent $28 million on 14 commercial properties in North Carolina. And in June, the firm bought the 242-room Richmond Marriot West hotel near Innsbrook.
Its latest acquisition brings Lingerfelt’s total portfolio holdings to about 4 million square feet, including about 60 assets in four states between the Mid-Atlantic and the Southeast.
Commonwealth Commercial Partners will manage the River Tower property, the company said. The tenants at the Jacksonville tower include Rogers Towers, P.A., Rayonier Inc., Adecco USA, and ClubCorp USA Inc.
Jones Lang LaSalle will handle the leasing and marketing for the building.