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Landmark BB&T Tower in Downtown Jacksonville Sold
BB&T Tower, an 18-story, 285,497-square-foot office tower at 200 W. Forsyth St. in downtown Jacksonville, sold for $24.47 million. Transwestern handled the deal on behalf of the seller, special servicer LNR Partners and John Mitchell, its asset manager. The building sold on the Ten-X auction platform to Talara Investment Group LLC, an affiliate of Ash Properties.
Since LNR Partners took the title of the iconic downtown Jacksonville building, Mitchell implemented a successful leasing strategy to preserve occupancy and renew expiring tenants, resulting in a solid credit rent roll while managing $3.87 million in key property upgrades. Improvements included an elevator modernization program with North Florida’s first state-of-the-art destination dispatch elevators.
Transwestern’s John Bell, who handled the sale, says, “The BB&T Tower listing was a unique opportunity to acquire a trophy landmark with value-add characteristics, in that it is 63% leased with in-place income, positioned to experience an expedited lease-up with new and committed long-term ownership.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
