NGKF Brokers $23.8M Sale of Stein Mart Office Building in Downtown Jacksonville

by John Nelson

JACKSONVILLE, FLA. — NGKF Capital Markets has brokered the $23.8 million sale of the Stein Mart Building, a 10-story, Class A office property situated along the St. Johns River in downtown Jacksonville. Retailer Stein Mart occupies more than half of the 197,000-square-foot building, which was 93 percent leased at the time of sale to tenants such as Marks Gray PA and TD Bank. Built in 1985, the asset features a four-story atrium, pedestrian plaza, adjacent six-story parking garage, deli, laundromat, fitness center, conference room and banking facility. Lingerfelt CommonWealth Partners LLC purchased the property from Parkway Properties, which has owned the building since 2005. Michael Lapointe and Michael Lohmann of NGKF, along with Bryan Bartlett and Jim Sebesta of Phoenix Realty Group, represented Lingerfelt CommonWealth Partners in the transaction.

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