The Stein Mart Building Changes Hands in Jacksonville
- Jul 27, 2016
By Robert Demeter
Jacksonville—Lingerfelt CommonWealth Realty Partners LLC has announced the acquisition of The Stein Mart Building, a 196,649-square-foot Class A office asset located in downtown Jacksonville. Lingerfelt CommonWealth purchased the high-rise from Parkway Properties for $23.6 million.
The Stein Mart Building, currently 95.8 percent occupied, is a 10-story office building equipped with a fitness center and six-story parking garage featuring 510 spaces. Headquarters to Stein Mart Inc., the Stein Mart Building is also home to more than a dozen additional companies, which make up its diversified and stabilized tenant roster of long-term lease contracts.
Lingerfelt CommonWealth will operate the assets via its vertically integrated operating platform. Commonwealth Commercial Partners, the company’s property management affiliate, will handle all aspects of the day-to-day asset and property management. JLL will handle the leasing and marketing.
The property is located in the city’s Southbank submarket along the St. Johns River and the newly constructed Southbank Riverwalk.
Lingerfelt CommonWealth also recently acquired Towne Place at Greenbrier, an upscale lifestyle retail center in Chesapeake, Va. in the Hampton Roads area.
Photo courtesy of Yardi Matrix