Parkway Properties sold the Stein Mart building Downtown on Monday for $23.7 million to Lingerfelt CommonWealth Realty Partners LLC.
Jacksonville-based Stein Mart Inc. occupies more than half of the 10-story, 197,000-square-foot building at 1200 Riverplace Blvd. on the Southbank. Upon the sale, it was almost 96 percent occupied by about 20 tenants, including the Marks Gray law firm.
Lingerfelt CommonWealth is based in Virginia and owns other Jacksonville assets, including the nearby Riverplace Tower at 1301 Riverplace Blvd.
BankUnited of Miami Lakes issued a $17.43 million mortgage to LCP 1200 Riverplace LLC, the entity set up to buy the property.
The Stein Mart building was developed in 1986. Its assessed value is almost $18.5 million.
Commonwealth Commercial Partners will handle asset and property management. JLL will handle leasing and marketing.
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