Chicago-based Bradford Allen Investment Advisors purchased the Prudential Building on the Downtown Jacksonville Southbank, commercial real estate firm JLL Capital Markets announced Sept. 6.
The sales price was not disclosed. The deed was not recorded with the Duval County Clerk of Court as of 6 p.m. Sept 6. The property had a taxable value of $61.46 million in 2021, according to property records.
The Class A office building at 701 San Marco Blvd. is about 700,000 square feet and sits on 14.5 acres.
The building and its adjoining parking garage were built in 1985, property records show.
JLL represented the seller, The Prudential Insurance Company of America, which has owned the building since its construction.
The Prudential Building comprises a seven-story west wing and a 19-story east wing connected by a pedestrian walkway over San Marco Boulevard, JLL said.
The property offers 13 conference rooms, restaurant space on the ground floor, a 282-seat cafeteria, 1,277 garage parking spaces and 945 surface spaces.
It is 60% leased and anchored by credit tenants, The Prudential Insurance Company of America, Interline Brands and the U.S. Army Corp of Engineers.
A company associated with Bradford Allen purchased Enterprise Park and Belfort Crossing in Southpoint in September 2021. It paid $30 million for those properties.
“This is our second major acquisition in Jacksonville and as opportunistic investors, 701 San Marco presents us a great opportunity-through targeted capital investments and innovative thinking-to reinvigorate and reimagine such an iconic and visually striking property,” Jeffrey Bernstein, principal and co-founder of Bradford Allen, said in a news release.
“This acquisition brings our Jacksonville footprint to just over one million square feet and represents our faith in the continued resurgence of the Southbank,” he said.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Hermen Rodriguez, Senior Director Robbie McEwan, Managing Director Ike Ojala and Director Matthew McCormack along with the JLL Corporate Services team leader Senior Vice President Peter Politi.
“Strong market fundamentals, a steady commercial office base, a growing workforce and favorable demographics continue to support Southbank’s growth into one of the strongest submarkets in Jacksonville,” McEwan said in the release.