The Real Deal Miami

LNR Partners auctions 18-story office building in downtown Jacksonville for $24.47M

The 285,497-square-foot BB&T Tower sold on the Ten-X auction platform for $85 per square foot
July 28, 2018 10:00AM

BB&T Tower (center) in downtown Jacksonville

Special servicer LNR Partners sold an 18-story landmark in downtown Jacksonville for $24.47 million.

Talara Investment Group LLC bought paid $85 per square foot on the Ten-X auction platform for the repossessed BB&T Tower, which has a 63 percent occupancy rate.

LNR Partners began soliciting bids in April by listing the 285,497-square-foot office building at 200 West Forsyth Street in downtown Jacksonville on the Ten-X auction platform.

During the auction period, more than 300 bidders that expressed interest in the BB&T Tower signed confidentiality agreements, according to commercial property brokerage Transwestern.

Transwestern managing director John Bell marketed the BB&T Tower and led the sale on behalf of LNR Partners and its asset manager John Mitchell.

Mitchell preserved occupancy by renewing tenant leases while managing a $3.87 million project to upgrade the building, which including modernizing the elevators.

Bell said in press release that the BB&T Tower was “the most sought-after office investment in Jacksonville” so far this year. – Mike Seemuth