July 27, 2016
Lingerfelt CommonWealth Realty Partners LLC bought the 196,649-square-foot Stein Mart Building at 1200 Riverplace Blvd. in Jacksonville, FL. The Richmond, VA-based buyer paid $23.6 million to seller Parkway Properties for the 96% occupied building and its adjacent six-story garage.
The 10-story Stein Mart Building is the headquarters for retailer Stein Mart, which occupies more than half of the property. The building also contains 20 tenants, including the Marks Gray Law Firm. In 2014, Lingerfelt also paid $29 million for the 28-story Riverplace Tower across the street from its most recent purchase.
The building on Jacksonville’s Southbank opened in 1986. Parkway Properties, located in Orlando, paid close to $20 million for the asset in 2005.
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