Rosemont announces Concourse purchase
Rosemont Realty LLC announced Monday it acquired the three-building Concourse office complex in Southside, representing the fifth Florida property it has added to its portfolio.
"The Concourse in Jacksonville is Rosemont's first acquisition in 2013," said Daniel Burrell, CEO of Rosemont Realty. "We have confidence in the Jacksonville market and will continue to evaluate high quality opportunities in Florida's high growth markets."
The Daily Record reported Friday and Monday that the sale was completed Thursday.
Rosemont Realty said in a news release Monday that the acquisition has added 288,147 square feet of Class A office space to its portfolio. Rosemont Realty did not disclose the purchase price. Property records show Rosemont paid $31.75 million for the three buildings.
Rosemont Realty said that last year, it acquired eight Class A or Class B commercial properties, representing more than 2.5 million square feet valued about $250 million. The 2012 acquisitions were in Albuquerque, N.M.; Birmingham, Ala.; Denver; Memphis and Nashville, Tenn.; San Antonio and Houston, Texas; and Tulsa, Okla.
The Concourse fronts Interstate 95 on Belfort Road in Jacksonville and is a quarter mile from Butler Boulevard.
The complex consists of three, four-story office buildings, constructed between 1998 and 2001. Each building contains approximately 96,000 rentable square feet.
Tenants include DeVry University, the St. John & Partners advertising agency, Diversified Clinical Services, Meridian Technologies, Gresham, Smith and Partners, and Pulte Homes, among others.
Rosemont said occupancy was 88 percent.
Rosemont Realty said it bought the office buildings from Northwestern Mutual. The Daily Record reported 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.
Alex Coley, a principal with Hallmark Partners, 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.
Coley said the properties were 93 percent leased, which is different from occupancy.
Rosemont Realty said it now controls five commercial office properties in Florida, representing nearly 720,000 square feet, including three in Jacksonville — Butler Pointe, Westland One and the Concourse along with Metro Parkway in Fort Myers and Cypress Pointe in Tampa.
Based in Santa Fe, N.M., Rosemont Realty said it has about 16 million square feet in more than 165 office buildings in 25 states across the country, valued at more than $1.5 billion. Rosemont Realty acquired 2.5 million square feet of Class A and Class B office space valued at more than $250 million in 2012.
Founded in 1991, it has eight regional offices in Albuquerque, Atlanta, Dallas, Denver, Houston, New York, San Antonio and Washington, D.C. Its website is RosemontRealty.com.