RICHMOND, Va.--(BUSINESS WIRE)--Lingerfelt CommonWealth Realty Partners, LLC today announced the acquisition of The Stein Mart Building in downtown Jacksonville, Fla. for a purchase price of $23,625,000.
The Stein Mart Building, currently 95.75% occupied, is a 10-story, 196,649-square-foot Class A office building and adjacent six-story parking garage. The building is located in Jacksonville’s highly desirable Southbank submarket of the Central Business District along the St. Johns River and the newly constructed Southbank Riverwalk. Headquarters to Stein Mart, Inc. (NASDAQ: SMRT), the Stein Mart Building is also home to more than a dozen companies, which make up its diversified and stabilized tenant roster of long-term lease contracts.
In October 2014, Lingerfelt CommonWealth acquired Riverplace Tower at 1301 Riverplace Boulevard, located directly across the street from the Stein Mart Building on Riverplace Boulevard in the Southbank. Riverplace Tower is a 28-story, 441,142-square-foot Class A office building that was 61% occupied when the company acquired the tower in 2014. It is now approximately 81% occupied.
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. Jones Lang LaSalle will handle the leasing and marketing.
ABOUT LINGERFELT COMMONWEALTH PARTNERS
Lingerfelt CommonWealth Partners, headquartered in Richmond, VA, is a vertically integrated, full service real estate investment management firm with additional offices in Nashville TN, Jacksonville FL, Tampa FL, Greensboro, NC and Hampton Roads, VA. Together with its predecessors in the private sector and public REIT sector, its partners have built, acquired and managed nearly 20 million square feet of commercial real estate valued at approximately $2 billion of commercial properties across the Mid-Atlantic and Southeast. Learn more at www.lingerfeltcommonwealth.com
