The Dalton Agency building Downtown is listed for sale at $4.2 million, a move agency and property partner Michael Munz described Tuesday as “testing the waters.”
Munz, Jim Dalton and Dave Josserand bought the building in 2008 for $4.2 million, property records show. Munz declined to say how much has been invested in renovations and upgrades.
He said people showed interest in the building, which faces Hemming Plaza, during the One Spark crowdfunding festival in April.
“Several people approached us and seemed interested in it. We thought maybe the time is right,” he said. “When enough people show interest, maybe it is for sale.”
The listing price, at $139.55 a square foot, isn’t far below the sale last week of the Regions Bank building Downtown.
Curiosity was sparked “when I see the Regions building sold for $140 a square foot,” Munz said.
Addison Commercial Real Estate, led by President Duke Addison, is listing the building. A marketing brochure says the owner will consider a long-term lease or would sell to an owner-user and vacate the building. In that event, Dalton likely would remain close by.
“We have a strong commitment to remain Downtown,” Munz said.
At 140 W. Monroe St., the two-story, 30,096-square-foot building, with a full basement, has a 2014 assessed value of $1.765 million.
The brochure says the building sits on 0.70 acre. It was built in 1951.
The building was renovated in 2008 for The Dalton Agency, which guarantees a corporate lease, according to the brochure.
Dalton, Josserand, Munz and Patrick McKinney are partners in the agency.
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.
Business manager and Vice President Jo Ann Stephens also is listed in corporate documents for both the ownership group and the agency.
Munz said the building was completely leased, with Dalton taking most of it and the Subway sandwich shop taking about 1,500 square feet.
He said the full-service advertising agency turns 25 in November.
The agency has 94 employees. Munz estimates 45-50 work in the Downtown building.
The Dalton Agency hasn’t even been far from Downtown. It has operated in four locations — two in San Marco, one on the Southbank and the Monroe Street building.
The marketing brochure says the structure is within a federal Enterprise Zone and Empowerment Zone, which provides for financial incentives for a developer.
Munz said the group has had conversations with prospective buyers who would keep the structure for office use and “were interested in us remaining as tenants.”
Should a buyer want to use the building and Dalton move, Munz noted that the agency bought and renovated the building and could do that again.
“We have a very strong commitment to Downtown,” he said.
Regions Bank buys Downtown building
Regions Bank, based in Birmingham, Ala., bought the building it uses at 51 W. Bay St. on Thursday for $1.54 million.
Regions bought the building from 51 Bay Inc., based in Jacksonville. The two-story, 10,800-square-foot building was constructed in 1909 and carries a market value of $1.2 million, according to the Duval County Property Appraiser’s Office.
51 Bay Inc. is headed by Thomas Duke and shares the same address as Laney & Duke Terminal Warehouse Inc., which is headed by Brian Duke and Steve Duke, according to state corporate records.
It’s at least the second sale by a Laney & Duke related entity in two days.
Laney & Duke Terminal Warehouse Inc. and L&W HWLD Inc. sold a warehouse at 401 Ellis Road N. in West Jacksonville to an Illinois partnership for $2.8 million. That sale was made Friday and recorded Monday with the Duval County Clerk of Court.