The partnership that owns the 37-story Wells Fargo Center is seeking smaller investors to buy nearly a third of its interest in the Downtown Jacksonville tower.
According to a listing on commercial real estate investment site CrowdStreet, the partnership led by Miami-based Banyan Street Capital is selling $20 million in common equity, representing a 32.8% interest in the property.
The partners are seeking offers by Jan. 21, with a minimum investment of $25,000.
The partnership bought the building at 1 Independent Drive for about $75 million in June 2014.
The listing says the Wells Fargo Center has 653,917 square feet of leasable space that is about 84% leased.
The largest tenants are Wells Fargo Bank, with 105,000 square feet, and the Internal Revenue Service, with 110,000 square feet.
The partnership is planning on $12.5 million in improvements to the property, including $2.6 million for lobby renovations and $4.2 million for “elevator modernization,” the listing says.
The listing touts several factors that make the building attractive.
“The Wells Fargo Center is the 2nd tallest building in Jacksonville, making the building an iconic part of the Jacksonville skyline. The Property offers its tenants unobstructed views of the St. Johns River from as low as the 4th floor,” it says.
That description does not mention how the demolition of The Jacksonville Landing is making the view less obstructed. But it does anticipate new development in the Downtown market.
“Wells Fargo Center’s strategic ‘Main & Main’ location downtown places it at the epicenter of new developments that have begun to reshape the urban core,” it says.
“Nearly $3 billion of projects have been proposed or are underway in the immediate area, with an emphasis on improving the appeal of downtown.”
In August, Colliers International said in a quarterly office market report the Wells Fargo Center was on the market, meaning owners were looking at options that typically include selling it, recapitalizing it or keeping it.
Duval County Property Appraiser records show a 2020 assessed value of $54.6 million for the tower.
Taking up a city block, the building is considered one of Jacksonville’s most recognized buildings and used in skyline shots of the city.
The tower was built in 1975 as the headquarters for Jacksonville-based Independent Life & Accident Insurance Co. and was known as the Independent Life Building.
It became the AccuStaff Building starting in 1998 and later the Modis Building before Wells Fargo became the anchor tenant in 2011.
In the 2014 sale, Duval County records show Allegiance Partners of New York paid $44.75 million through Allegiance Jacksonville LLC. Banyan Real Estate Capital of Miami paid $30.55 million through WFC Lessee LLC.
Allegiance and Banyan also paid a combined $3.7 million for a three-story parking garage at 21 E. Bay St. A nine-story parking garage at 1 W. Bay St. was included in the purchase of the building.
Two mortgages totaling $66.4 million were issued to the investors.
Before the 2014 sale, the building sold in 1997 for $35.7 million.
Jacksonville’s tallest office building – the 42-story Bank of America Tower – also is on the market and could soon be sold.