NGKF Capital Markets announces the $23.75 million sale of the Stein Mart building, a 10-story, 197,000-square-foot office property located on the St. Johns River in downtown Jacksonville, Florida. Stein Mart (NASDAQ: SMRT) occupies more than half of the Class A asset, which serves as the retailer’s corporate headquarters. At the close of escrow, the building was 93 percent occupied by approximately 20 tenants including Marks Gray, PA, and TD Bank.
Michael Lapointe and Michael Lohmann of NGKF’s Capital Markets Group and Phoenix Realty Group’s Bryan Bartlett and Jim Sebesta represented the buyer in the transaction, Lingerfelt CommonWealth Partners LLC. The Virginia-based real estate investment management firm with offices in Nashville, Jacksonville, Tampa, Greensboro and Virginia Beach. Seller Parkway Properties, an Orlando-based real estate investment trust, originally purchased the asset in March 2005.
“The Stein Mart building represented a rare opportunity to acquire a long-term corporate headquarters on more than 1.6 acres in the city’s booming Southbank Central Business District,” said Lapointe. “It’s combination of long-term stable tenants and value-add potential is unique in today’s investment climate and ideal for core investors.”
Built in 1985, the property features base construction of pre-cast concrete panels with bronze-tinted, double-pane windows that form a dramatic four-story atrium overlooking the St. John’s River, a pedestrian plaza and entryway. It also features a six-story adjacent parking garage, full-service deli, laundromat with dry cleaning services, fitness center, conference room and banking facility.
“With this acquisition, Lingerfelt affirms it’s a dominant player in Jacksonville’s office market,” said Sebesta.
The Southbank area of Jacksonville’s core contains a diverse mix of high-rise office, residential, support retail and hotel properties.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.