The Prudential Insurance coverage Co. of America has accomplished the sale of 701 San Marco, a 19-story Class A workplace tower at 701 San Marco Blvd., in Jacksonville, Fla.
Bradford Allen Funding Advisors purchased the property for an undisclosed quantity. A JLL Capital Markets crew represented Prudential within the transaction.
701 San Marco was constructed in 1985 and hosts 658,822 sq. toes of Class A workplace area, with 187,929 sq. toes out there for lease and a further 3,900 sq. toes for retail use, in response to CommercialEdge information.
Occupants embody the constructing’s former proprietor, The U.S. Common Companies Administration, FIS Relius, The U.S. Military Corps. of Engineers and Dwelling Depot. Facilities embody convention rooms, a cafeteria, floor flooring restaurant area and a 1,277-space parking storage. The advanced is situated adjoining to Jacksonville’s South Essential St., overlooking the St. John’s River and is inside 1 mile of downtown Jacksonville, with fast entry to many eating places, retailers and cultural websites.
Jacksonville’s journey to the highest
The sale of 701 San Marco takes place as Florida stays a magnet for company relocations and industrial actual property funding. Jacksonville, Miami and Tampa proceed to see robust workplace leasing exercise for each vacant and new area. Such strikes are motivated partially by the state’s decrease taxes and fewer intensive rules, in addition to its heat climate. Jacksonville, for its half, has seen robust leasing and development exercise amid ongoing migration to town, with greater than 941,699 sq. toes of area being leased year-to-date and 228,764 sq. toes of area in its development pipeline, in response to information from JLL and a second quarter 2022 report from Avison Younger.
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The JLL crew was led by Senior Vice President Peter Politi, Senior Managing Director Herman Rodriguez, Senior Director Robbie McEwan, Managing Director Ike Ojala and Director Matthew McCormack.
Placing these traits in context, McEwan mentioned in ready remarks that robust market fundamentals, a gentle industrial workplace base, a rising workforce and favorable demographics proceed to help Southbank’s development into one of many strongest submarkets in Jacksonville.
