Talara Investment Group, an affiliate of Ash Properties, has won an auction to acquire BB&T Tower in downtown Jacksonville, Florida. The company bid $24.7m. The 18-story, 285,497 sq ft building changed hands for a little over $86 per sq ft. Transwestern marketed and led the sale of the asset on behalf of the seller, LNR Partners, which invested $3.87m to upgrade the property.
“The BB&T Tower listing was a unique opportunity to acquire a trophy landmark with value-add characteristics in that it is 63 percent leased with in-place income, positioned to experience an expedited lease-up with new and committed long-term ownership,” said John Bell, managing director of Transwestern. “The property offers a prospective anchor tenant signage at the top of one of downtown’s most prominent locations, a rare point of differentiation.”
