When the 5ivecanons advertising agency moved last week from leased office space to a building purchased by its president, it wasn’t a long trek.
Adam Schaffer moved his company from the Law Exchange Building at 24 N. Market St. to 10 S. Newnan St., about three blocks away.
The two-story, 106-year-old structure was listed for $1.3 million. Schaffer purchased it for $840,000, according to documents filed last week with the Duval County Clerk of Court.
The seller, a corporation comprising partners with the law firm Coker, Schickel, Sorenson, Posgay, Camerlengo & Iracki, bought the building in 1992 for $1.27 million, according to the Duval County Property Appraiser.
Jake Schickel said the firm’s office was at 10 S. Newnan St. after they bought the building, but they moved next door to 136 E. Bay St. several years ago and rented their former space to tenants.
The time was right to get out of the landlord business.
“We had an opportunity to sell it, and we did,” said Schickel.
Schaffer said he looked at several properties before selecting his new business address.
The building appealed to him for its location at the corner of Independent Drive and Newnan Street, near the Hyatt Regency Jacksonville Riverfront and one block from The Elbow entertainment district.
“It’s kind of tucked away, but we’re in the heart of all of it,” said Schaffer. “We’re very much committed to Downtown.”
He plans to replace the roof, make improvements to the deck above part of the building and install fiber Internet service.
“It needs a little love,” Schaffer said, and estimated he’ll spend about $100,000 for the improvements.
The work is scheduled to be complete in about 90 days.
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