"The new owners see the building's tremendous long-term potential," says Peter Crolius, vice president, brokerage services in the Jacksonville, FL office of Trammell Crow Co. "They expect demand for office space will be strong because of the redundant power and various telecommunications features it offers to tenants."
Crolius and Brad Chrischilles, a senior vice president and Jacksonville director for Trammell Crow, negotiated for Trimont which represents LB Jax Church St. LLC, the New York investment group that owned the building. Addison Commercial Real Estate represented the buyer. The property was previously known as the Towncentre Building.
"This sale is part of a larger trend," Chrischilles says. "We've noticed a number of investors are looking for buildings close to the new city and county courthouse, which is sparking renewed interest in Downtown Jacksonville."
The deal for the eight-story building was done at this time because the buyer was confident it was "a great opportunity on a building that is well-located for the future growth of Downtown Jacksonville," Chrischilles says. "The buyer has several different conversion opportunities he can pursue, such as condos, telecom and office." The property was on the market for five months. The deal took four months to complete, from contract signing to closing.
Crow handles project leasing and property management for the building. Major tenants are Qwest, Jacksonville Children's Commission (City of Jacksonville), and Bray and Singletary. The average asking base rent is about $15.50 per sf.
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