{"id":1004161626,"date":"2016-12-12T06:55:28","date_gmt":"2016-12-12T14:55:28","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004161626"},"modified":"2022-12-08T19:00:27","modified_gmt":"2022-12-09T03:00:27","slug":"downtown-jacksonville-tower-trades-for-53m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/downtown-jacksonville-tower-trades-for-53m\/","title":{"rendered":"Downtown Jacksonville Tower Trades for $53M"},"content":{"rendered":"<p><i>By Mihaela Coste<\/i><\/p>\n<p><strong>Jacksonville, Fla.<\/strong>\u2014Fortress Investment Group recently announced that it has closed the sale of Riverplace Tower, an iconic 28-story office building, for $53.4 million. The Class A, 441,000-square-foot asset was bought by Fortress in partnership with Lingerfelt Commonwealth Partners in 2014 for the price tag of $29 million.<\/p>\n<div id=\"attachment_1004161629\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Riverplace-Tower-Jacksonville.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004161629\" data-attachment-id=\"1004161629\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/downtown-jacksonville-tower-trades-for-53m\/riverplace-tower-jacksonville\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Riverplace-Tower-Jacksonville.jpg\" data-orig-size=\"640,512\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Riverplace Tower, Jacksonville\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Riverplace Tower, Jacksonville&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Riverplace-Tower-Jacksonville.jpg?w=640\" class=\"size-medium wp-image-1004161629\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Riverplace-Tower-Jacksonville.jpg\" alt=\"Riverplace Tower, Jacksonville\" width=\"300\" height=\"240\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Riverplace-Tower-Jacksonville.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Riverplace-Tower-Jacksonville.jpg?resize=300,240 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004161629\" class=\"wp-caption-text\">Riverplace Tower, Jacksonville<\/p><\/div>\n<p>Located at 1301 Riverplace Blvd. in Jacksonville on an 8.63-acre site, the multi-tenant property was built in 1966 and completely renovated in 2010. The building features standard ceilings and abundant covered and surface parking in an adjacent multi-level parking structure. Amenities include common area Wi-Fi, redundant power, a fitness center and a private dining club.<\/p>\n<p>In the past two years, the owners made capital improvements to the property and leased more than 170,000 square feet of office space, out of which 137,000 square feet to new tenants, the occupancy increasing from 63 percent to 85 percent. In 2014, Fortress also acquired the 951-room Hyatt Regency Jacksonville, a premier downtown waterfront hotel and the investments in the Hyatt Regency and Riverplace Tower were made primarily through the firm\u2019s Fortress Real Estate Opportunities Funds, private equity style funds that focus on opportunistic investments in commercial real estate and real estate related assets.<\/p>\n<p>\u201cIt\u2019s been a pleasure working with Lingerfelt Commonwealth, who shared our vision for the revitalization of this significant property, and we were pleased with their ability to drive operational efficiencies,\u201d said Thomas Pulley, global head of the Fortress Credit Real Estate business, in a prepared statement. \u201cRiverplace Tower has been a defining landmark of the Jacksonville skyline since its opening, and we are confident that it will long be a contributor to and beneficiary of the city\u2019s growing economy,\u201d he added.<\/p>\n<p>According to Yardi Matrix data, the 2016 sale was subject to an acquisition and development loan in the amount of $32.7 million, held by Ameris Bank.<\/p>\n<p><em>Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the past two years, the occupancy of the office high-rise increased by 22 percent and its market value by $24.4 million.<\/p>\n","protected":false},"author":1192,"featured_media":1004161629,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1591,21742,21747],"tags":[],"class_list":["post-1004161626","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-jacksonville","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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