The Stein Mart building on the Southbank of Jacksonville has changed hands in a $23.6 million deal. The new owner of the the 196,000 sqf office building is Richmond, Virginia-based Lingerfelt CommonWealth Realty Partners. The company paid just over $120 per sqf for the 10-story building at 1200 Riverplace Blvd. The seller, Parkway Properties, purchased the property in 2005 for $19.7 million. The asset is anchored by department store chain Stein Mart along with roughly another dozen tenants occupying space in the building. Commonwealth Commercial Partners, the Company’s property management affiliate, will manage the day-to-day operations while Jones Lang LaSalle has been selected to handle the leasing and marketing of the office building.
