Lingerfelt CommonWealth Partners LLC today announced it sold Riverplace Tower on the Downtown Southbank for $53.4 million.
It did not identify the buyer and the sale has not been recorded with the Duval County Clerk of Courts.
Senior Vice President John Mason said he could not comment beyond the news release because of confidentiality provisions.
Richmond, Va.-based Lingerfelt CommonWealth bought the tower Oct. 30, 2014, for $29 million.
The 28-story building, at 1301 Riverplace Blvd., is 441,000 square feet. Ameris Bank’s name is atop the riverfront high-rise.
At that size, the 50-year-old tower sold for $121 per square foot.
Its 2017 assessed value in progress is $27 million, according to the Duval County Property Appraiser’s Office. It was built in 1966.
Lingerfelt CommonWealth said it will continue to operate the asset for the new owner.
Commonwealth Commercial Partners, the company’s property management affiliate, will handle day-to-day asset and property management. Jones Lang LaSalle will continue to handle the leasing and marketing.
Lingerfelt CommonWealth bought the property from Jacksonville-based Gate Riverplace Co., which owned it for 21 years.
“Riverplace Tower offers 360 degrees of unencumbered views, debatably the best in the Jacksonville market,” said Mason said in a news release upon the 2014 acquisition.
Lingerfelt CommonWealth bought and owned the property through CFLC Replace LLC.
The sale also included an adjacent 765-space garage that provides covered access to the tower and a surface lot.
The tower features The University Club at the top. The club will close Dec. 20 and its contents are scheduled to be auctioned Saturday. The space is slated for conversion into offices.
In addition to Ameris Bank, tenants include Rayonier Advanced Materials Inc., the Rogers Towers law firm and the Jacksonville headquarters offices for Adecco Group North America.
Gate Riverplace Co., part of Gate Petroleum Co., bought the tower in 1993 for $7.5 million, property records show.
Riverplace Tower was built in 1966 for Gulf Life Insurance Co. Lingerfelt CommonWealth said previously that when the tower was completed in 1967, it was the world’s tallest precast post-tensioned concrete structure and the tallest building in Florida until 1972. The company said the tower is the fifth tallest building in Jacksonville.
The October 2014 sale also was part of trend. At the time, Riverplace Tower was the fifth Downtown office high-rise to change hands since the prior December.
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