Riverplace Tower
Realized Riverplace Tower is a 441,008 square-foot, 28-story, class-A office tower located in the Southbank submarket of Jacksonville, FL. Riverplace Tower was acquired by LCP alongside a joint-venture partner on October 30, 2014. The building was approximately 75% leased at the time of acquisition with a large known vacancy pending which took occupancy down to 70% as of mid-2015. The asset received $1 million in capital improvements and $2.7 million in tenant improvements for renewals and new leases completed during the two-year hold period. LCP increased occupancy from 70% to 85% with leases to Ameris Bank, Macquarie, St. John Partners, and Gatlin Development, among others. LCP recapitalized the investment in November of 2016.
Investment Info
- Status: Realized
- Market: Jacksonville, FL
- Property Type:
Office - Square Footage: 441,008
- Lingerfelt Role: General Partner
- Strategy: Acquisition
- Sub-Strategy: Reposition, Lease-Up
Investment Metrics
- Entry Date: October 30, 2014
- Purchase Price: $29,000,000
- Total Capitalization: $32,715,000
- Exit Date: November 29, 2016
- Exit Price: $53,400,000
- Hold Period: 2.1 Years
