28-story, 441,000-square-foot Riverplace Tower in Jacksonville, Florida. (Courtesy Lingerfelt)
After a recent acquisition streak, a well-known local real estate firm has sold off one of its holdings in the Sunshine State.
Lingerfelt CommonWealth Partners announced Wednesday the sale of its 28-story, 441,000-square-foot Riverplace Tower in Jacksonville, Florida for $53.4 million.
The deal closed Monday, according to Lingerfelt CommonWealth Partners Managing Director Kenneth Strickler.
The company would not disclose the identity of the buyer and Jacksonville real estate records did not reflect the sale.
Lingerfelt purchased the tower, which was once the tallest building in Florida, in October 2014 for $29 million, according to Duval County, Florida records.
The tower’s current assessed value is $26.9 million, according to county tax records.
Per an agreement with the new owner, Lingerfelt will continue to operate the asset, Strickler said. JLL will continue to handle the leasing and marketing of Riverplace Tower.
Strickler would not comment about how it plans to use the proceeds of the sale. However, he emphasized that it remains in the market for new acquisition deals.
“We’re active buyers,” Strickler said.
In July, the firm purchased the 10-story, nearly 200,000-square-foot Stein Mart Building in Jacksonville for $26.62 million – directly across the street from Riverplace Tower.
Overall, Strickler said the firm owns about 2 million square feet of retail and office space in the metro Jacksonville market.
The company was also part of a joint venture that took over an office building in Nashville for $74 million. Closer to Richmond, Lingerfelt paid $15.6 million for a retail development in Chesapeake. Both of those deals were announced in May.
In Richmond, Lingerfelt has a sizable portfolio made up of offices in and around Innsbrook and the nearby Marriott hotel. The firm is also the development arm behind the West Creek Medical Park in Goochland County, which is in the midst of expanding to accommodate new medical tenants.
28-story, 441,000-square-foot Riverplace Tower in Jacksonville, Florida. (Courtesy Lingerfelt)
After a recent acquisition streak, a well-known local real estate firm has sold off one of its holdings in the Sunshine State.
Lingerfelt CommonWealth Partners announced Wednesday the sale of its 28-story, 441,000-square-foot Riverplace Tower in Jacksonville, Florida for $53.4 million.
The deal closed Monday, according to Lingerfelt CommonWealth Partners Managing Director Kenneth Strickler.
The company would not disclose the identity of the buyer and Jacksonville real estate records did not reflect the sale.
Lingerfelt purchased the tower, which was once the tallest building in Florida, in October 2014 for $29 million, according to Duval County, Florida records.
The tower’s current assessed value is $26.9 million, according to county tax records.
Per an agreement with the new owner, Lingerfelt will continue to operate the asset, Strickler said. JLL will continue to handle the leasing and marketing of Riverplace Tower.
Strickler would not comment about how it plans to use the proceeds of the sale. However, he emphasized that it remains in the market for new acquisition deals.
“We’re active buyers,” Strickler said.
In July, the firm purchased the 10-story, nearly 200,000-square-foot Stein Mart Building in Jacksonville for $26.62 million – directly across the street from Riverplace Tower.
Overall, Strickler said the firm owns about 2 million square feet of retail and office space in the metro Jacksonville market.
The company was also part of a joint venture that took over an office building in Nashville for $74 million. Closer to Richmond, Lingerfelt paid $15.6 million for a retail development in Chesapeake. Both of those deals were announced in May.
In Richmond, Lingerfelt has a sizable portfolio made up of offices in and around Innsbrook and the nearby Marriott hotel. The firm is also the development arm behind the West Creek Medical Park in Goochland County, which is in the midst of expanding to accommodate new medical tenants.