Lingerfelt CommonWealth Partners retains ownership of Riverplace Tower, moving from a partnership role to what appears to be sole or lead owner, according to the deed recorded Thursday.
The Glen Allen, Va.-based real estate management firm, announced Wednesday it sold the tower, but declined to identify the buyer.
The sale was recorded with the Duval County Clerk of Courts, and the deed shows that LCP Riverplace LLC bought the tower Tuesday for $53.4 million.
LCP Riverplace is led by J. Ryan Lingerfelt, president and chief investment officer of Lingerfelt CommonWealth Partners.
LCP Riverplace bought the 28-story Downtown riverfront tower from CFLC Replace LLC, which was led by New York-based Fortress Real Estate Opportunities Funds, managed by New York-based Fortress Investment Group.
CFLC Replace LLC was a partnership of the Fortress funds and Lingerfelt CommonWealth.
Lingerfelt CommonWealth had no further comment Thursday, restating it is unable to comment outside of its news release because of confidential provisions.
Fortress appears to have sold its ownership interest and Lingerfelt CommonWealth has taken control.
J. Ryan Lingerfelt signed the mortgage documents recorded Thursday. Ameris Bank issued a $36.2 million mortgage agreement to LCP Riverplace on Tuesday.
That, too, was close to home.
Ameris Bank’s executive offices are based in Riverplace Tower and its name is on the top of the building at 1301 Riverplace Blvd.
CFLC Replace paid $29 million for the property in October 2014.
CFLC Replace and LCP Riverplace both are based at Lingerfelt CommonWealth Partners’ headquarters address, according to the deed. Glen Allen is near Richmond.
Lingerfelt CommonWealth said upon the 2014 acquisition of the tower that the occupancy at the 441,142-square-foot Class A office building was 61 percent. In July, it said it had increased to 81 percent.
LingerfeltCommonWealth.com says its acquisition and investment criteria include transactions of $15 million to more than $100 million for well-located assets within major or secondary metropolitan areas. Joint-venture structures are considered.
In July, Lingerfelt CommonWealth bought the 10-story Stein Mart Building across the street from Riverplace Tower for $23.7 million. The building is at 1200 Riverplace Blvd. and was almost 96 percent occupied at the time of the sale.
It also manages 2.1 million square feet of suburban space as well as some ancillary properties, boosting its Jacksonville presence to at least 2.7 million square feet of office and flex space.
As of July, Lingerfelt CommonWealth said that 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.
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