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Jax Daily Record Wednesday, Nov. 24, 202112:10 AM EST

Riverplace Tower for sale on the Downtown Southbank

The owner declines comment because of the “pending transaction.”

Riverplace Tower on the Downtown Southbank apparently is in negotiation for a sale.

Asked about industry information that the 28-story riverfront office tower is under contract for an imminent sale, the owner acknowledged a deal is in progress.

“As a matter of policy, I cannot comment on a pending transaction,” said Robert Valentine, vice president of investments and asset management for Lingerfelt CommonWealth Partners in Glen Allen, Virginia.

Valentine said in a Nov. 23 email that it was fair to say a deal is in progress.

A prospective buyer identified by industry sources has not responded to requests for comment.

Through LCP Riverplace LLC, Lingerfelt CommonWealth Partners owns the 441,142-square-foot Class A office building and 765-space parking garage and a parking lot on 8.2 acres at 1301 Riverplace Blvd. 

The almost 55-year-old structure is anchored by Ameris Bank and tenants including Rayonier Advanced Materials Inc., the Rogers Towers law firm and Macquarie Global Services (USA) LLC.

At least one new tenant is preparing to move in. The BDO Jacksonville tax advisory group will occupy the ninth floor, relocating from the Northbank.

RiverPlace Tower is anchored by Ameris Bank and tenants including Rayonier Advanced Materials Inc., the Rogers Towers law firm and Macquarie Global Services (USA) LLC.

The tower is more than 90% occupied, according to an industry source.

The Duval County Property Appraiser assesses the tower at $43.8 million for tax purposes.

LCP Riverplace LLC bought the tower Nov. 29, 2016, for $53.4 million. 

The LLC is led by J. Ryan Lingerfelt, president and chief investment officer of Lingerfelt CommonWealth Partners.

Lingerfelt CommonWealth Partners essentially retained ownership of Riverplace Tower in the 2016 purchase, moving from a partnership role to be sole or lead owner, according to the deed.

LCP Riverplace bought the property from CFLC Replace LLC, which was led by New York-based Fortress Real Estate Opportunities Funds, managed by Fortress Investment Group.

CFLC Replace LLC was a partnership of the Fortress funds and Lingerfelt CommonWealth.

Fortress appeared to have sold its ownership interest and Lingerfelt CommonWealth took control.

CFLC Replace and LCP Riverplace both are based at Lingerfelt CommonWealth Partners’ headquarters address, according to the deed. Glen Allen is near Richmond.

The sale prior to that was when CFLC Replace paid $29 million in October 2014 to buy the property from Jacksonville-based Gate Riverplace Co., which owned it for 21 years.

Riverplace Tower was built in 1966 and completed  in 1967 for Gulf Life Insurance Co. 

The transaction would be Lingerfelt CommonWealth’s second Southbank office tower sale within several months.

On Aug. 26, 2021, it sold the 10-story Stein Mart Building and 525-space parking garage at 1200 Riverplace Blvd. to Hanania Automotive Group owner Jack Hanania for $20.67 million.

Lingerfelt CommonWealth paid $23.7 million for that property in July 2016.

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