Colliers International brokers sale of Downtown property
Colliers International said Thursday it arranged the $4.4 million sale of the Elkins Building Downtown to Texas-based Southbelt Park Ltd. and Florida-based IGS Diamond S Inc.
ELI Partners LLC, led by Barry Allred, sold the 32,300-square-foot office building at 701 W. Adams St. in the LaVilla area.
The two-story, Class B building was developed in 2000. Upon the sale, it was nearly 50 percent leased to two tenants – the Spohrer Dodd law firm and Orange Legal Litigation Support Services.
Robert Selton, Chuck Diebel, Preston Phillips and Lisa McLatchey of Colliers International brokered the sale.
Selton, CEO of Colliers International Northeast Florida, said in statement that the sale is reflective of the increasing value of Downtown properties.
The 2017 assessed value in progress is $3.7 million.
The building, on 1.71 acres, has been on the market since at least August 2015 as its main tenant was moving to offices along Philips Highway.
Allred was CEO of Elkins Constructors Inc.