Lingerfelt CommonWealth Partners is expected to buy Riverplace Tower on the Downtown Southbank within weeks, say three sources familiar with the negotiations who asked not to be identified because they were not authorized to talk about the transaction.
Lingerfelt CommonWealth, based in Richmond, Va., isn’t new to the market. It has leased and managed the former Liberty Property Trust office and industrial space in Jacksonville since early this year.
The sources said the 28-story Riverplace Tower has been under contract to Lingerfelt CommonWealth.
Two Lingerfelt CommonWealth representatives did not return calls or an email late Tuesday.
Jacksonville-based Gate Riverplace Co., part of Gate Petroleum Co., bought the tower, at 1301 Riverplace Blvd., in 1993. In September, Gate executive Ken Wilson confirmed buyer interest in the building.
Wilson, group vice president at Gate Petroleum and president of GL National Inc., said then that several people were interested in the property but that Gate had no comment. He did not return calls Tuesday.
Duval County property records show the tower’s 2014 market value and 2015 value in progress at almost $37 million. Its gross square footage is 630,784 square feet and its leasable area is 420,000 square feet.
Riverplace Tower was built in 1966 for Gulf Life Insurance Co. Gateriverplace.com says the structure was completely renovated in 2010.
Gate also owns an adjacent 765-space garage that provides covered access to the tower and it owns a surface lot.
Riverplace Tower features The University Club at the top. Among its many tenants are Rayonier Advanced Materials Inc., the Rogers Towers law firm and the Jacksonville headquarters offices for Adecco Group North America.
It also features a café, fitness center, sandwich shop, a child care center and a security desk staffed around the clock.
Riverplace Tower would be the fifth Downtown tower to be sold since December.
Also on the Southbank, the Aetna Building sold in December. On the Northbank, the Wells Fargo Center was sold in June, the Bank of America Tower in July and EverBank Center in September
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