Rosemont buys The Concourse office park for $31.75M
Rosemont Realty LLC, through Rosemont Concourse Operating LLC, bought The Concourse office park in Southside on Thursday for $31.75 million.
The three four-story buildings total more than 305,000 square feet of space on almost 20 acres at 5200, 5210 and 5220 Belfort Road. They were developed from 1998-2001, property records show.
Property representative Alex Coley, a principal with NAI Hallmark Partners, said the property is 93 percent leased. He said tenants include St. John & Partners, Healogics, Meridian Technologies and Automotive Broadcasting Network, among others.
JPMorgan Chase issued a $22.2 million mortgage to Rosemont on Thursday for the properties.
Rosemont Realty LLC is based in Santa Fe, N.M., and already owns Butler Pointe and Westland One in Jacksonville.
Rosemont bought the Concourse properties from three Jacksonville Concourse limited liability companies. Duval County property records list the structures as currently owned by Hallmark Partners Inc. for Northwestern Mutual Life Insurance.
Coley said Friday that Hallmark sold the property previously to Northwestern Mutual and worked with Rosemont Realty in its acquisition. He said Hallmark will continue to represent the Concourse property as the leasing and management company.
"The great news for Jacksonville is we are attracting the attention of big international investment firms like Rosemont," he said. "We are thrilled that a company of their stature is doubling down on their investment in Jacksonville," he said.
Founded in 1991, Rosemont Realty has eight regional offices in Albuquerque, N.M., Atlanta, Dallas, Denver, Houston, New York, San Antonio and Washington, D.C.
Rosemont Realty said on the rosemontrealty.com site that it has acquired more than 30 million square of commercial space in the U.S. and completed transactions in excess of $3 billion in gross real estate value.
"Rosemont's investment strategy focuses on stabilized, high-quality assets in secondary markets that demonstrate strong growth characteristics and business diversity," the site says.
In a December news release announcing its acquisition of an office complex in Nashville, Tenn., Rosemont said it is a leader in commercial real estate acquisition and management with holdings of about 16 million square feet of commercial office space in more than 165 office buildings in 25 states across the country. The building are valued at more than $1.5 billion.
Last year, it acquired more than 2.5 million square feet of Class A and Class B office space valued at $250 million.