Dalton Agency pulls building from the market despite getting offers above $4.2M asking price
Six weeks after listing its Downtown building for sale at $4.2 million, owners of The Dalton Agency structure have pulled it from the market.
Agency and property partner Michael Munz said the owners decided this morning it was in their business interest to hold onto the asset. The building, at 140 W. Monroe St., faces Hemming Plaza.
“It really had us look and say it is a performing asset and it is continuing to increase in value,” he said.
Munz said the agency planned to remain in the building as a tenant had it sold.
He said the owners took into account development of Downtown, including the renovations of the Haydon Burns Public Library into the Jessie Ball duPont Center, the expected redevelopment of the old Barnett Bank Building and the Regions Bank purchase of the building it previously leased.
“You look at all of the activity Downtown, it reaffirmed why we did this in the first place,” he said.
Munz, Jim Dalton and Dave Josserand bought the building in 2008 for $4.2 million, property records show. Munz previously declined to say how much has been invested in renovations and upgrades.
“When we came down here, we were the pioneers taking the old Chinese restaurant and turning it into The Dalton Agency,” Munz said.
He said the decision to keep the building was made this morning. “There’s no magic to that timing,” he said. “We just made a decision.”
When the owners listed the building for sale in late April, Munz said people showed interest in the building during the One Spark crowdfunding festival in April.
The listing price, at $139.55 a square foot, was close to the price paid for the Regions Bank building.
The two-story, 30,096-square-foot Dalton Agency building, with a full basement, has a 2014 assessed value of $1.765 million. A sales brochure says the building sits on 0.70 acre. It was built in 1951.
Addison Commercial Real Estate was the listing agent.
Dalton, Josserand and Munz are partners in the building’s ownership group. The building is leased by The Dalton Agency, whose partners comprise those three along with Patrick McKinney.
Dalton is president and CEO of the agency. Josserand is executive vice president and chief strategic officer; Munz is EVP of public relations; and McKinney is EVP and chief creative director.
Munz said the building was completely leased. Dalton takes most of it and the Subway sandwich shop taking about 1,500 square feet.
The full-service advertising agency, which turns 25 in November, has operated in four Jacksonville locations — two in San Marco, one on the Southbank and the Monroe Street building.