245 Riverside sells for $25.1M

  • By
  • | 12:00 p.m. July 17, 2015
  • Real Estate
  • Share

Consolidated-Tomoka Land Co. announced Thursday it has acquired the five-story 245 Riverside Avenue office building in Jacksonville for $25.1 million.

The riverfront building was constructed in 2003 as the headquarters for The St. Joe Co., but St. Joe moved its offices to WaterSound in the Florida Panhandle in 2000.

The 137,000-square-foot building is 99 percent leased, Consolidated-Tomoka said, with tenants including Raymond James, Northwestern Mutual, Dixon Hughes Goodman and Jacobs Engineering Group.

Consolidated-Tomoka is a publicly traded real estate investment company based in Daytona Beach. The company has no other income-producing properties in Jacksonville, according to its website.

The company said in a news release it was interested in the 245 Riverside building because it is in a “vibrant” submarket, with recent development projects including 220 Riverside and Brooklyn Station.

The 245 Riverside building had been owned by a group led by Orlando-based Parkway Properties Inc. Parkway owned a 30 percent stake in the building.