Six-Story Multi-Tenanted Office Building FOR SALE $2,950,000 34,781 Square Feet on 0.67 Acre Parcel Including Adjacent Surface Parking Lot 300 West Adams Street Jacksonville, FL 32202
DANIEL BURKHARDT KEITH GOLDFADEN FOR MORE Senior Vice President Managing Partner 6675 Corporate Center Parkway, Suite 100 INFORMATION: +1 904 404-4455 +1 904 404-4474 Jacksonville, Florida 32216 [email protected] [email protected] +1 904 363 9002 naihallmark.com THE OPPORTUNITY
NAI Hallmark, as exclusive advisor, has been retained to arrange the sale of the Owner’s 100 percent fee simple interest in 300 West Adams Street, Jacksonville, Florida 32202 (the “Property”). Located at the intersection of Adams Street and North Julia Street, the property is in the heart of Jacksonville’s central business district in close proximity to the Duval County Courthouse, Federal Courthouse and Jacksonville City Hall. 300 West Adams is a six-story, 34,781 square foot office building with great architectural character and features an on-site parking lot creating a competitive advantage in the downtown submarket. The property is currently 54.17% leased to numerous companies including several high-profile law firms including Randy Reep, Nichols & Pina, Norman Law, Price Family Law and others. The location is ideal for law firms and other companies looking for convenient access to courthouses, city government and other business in the CBD.
BUILDING DETAILS
Subject is located at the southwest corner of the Location: intersection of West Adams Street and North Julia Street in Jacksonville, Florida.
Address: 300 West Adams Street, Jacksonville, FL 32202
Land Size: 0.67 acres
Building Size: 34,781 rentable square feet
Year Built/Renovated 1927/1999
Zoning: CCBD (Community Central Business District)
Parking: 73 on-site surface parking spaces
Roof Structure: Two roofs: 6th floor and 2nd floor. 6th floor roof was recovered with a 60 mil TPO with a 20-year warranty in June 2017. HVAC: Six 10-ton Comfortmaker split systems. Three were installed in 2008, two in 2010 and one in 2007. Elevators: Two main elevators in the lobby were modernized in 1999 when building was renovated. Current Occupancy: 54,17% 2 INVESTMENT HIGHLIGHTS
GREAT LOCATION
Located in Jacksonville’s downtown core, 300 West Adams is within walking distance to the County and Federal Courthouses as well as City Hall and other local government buildings. The property is also walkable to nearby restaurants, amenities and a Skyway stop. Downtown Jacksonville is home to 2,300+ businesses, 8,000 residents, more than 56,000 employees and three Fortune 500 companies.
VALUE-ADD OPPORTUNITY
With vacancy of nearly 45%, there is an opportunity to increase occupancy to the submarket average of approximately 85%. In addition, with market rental rates of $21.67/sf for office space in this submarket, the property has the ability to increase rental rates.
UNIQUE INVESTMENT
300 West Adams has beautiful historic architecture and character with small floor plates that creates ideal space for law firms and other professional companies. The potential also exists to create a commercial condominium and sell individual condo units to these targeted professional firms.
ON-SITE AMENITIES & POTENTIAL REDEVELOPMENT OPPORTUNITY
The property features a convenient location for an on-site bank branch with drive thru teller and surface parking lot, both rare in this submarket which creates a significant competitive leasing advantage. The parking lot could also serve as a potential value add development opportunity in the future.
DEVELOPMENT PROJECTS
There are currently $6.5 billion in major development projects in the pipeline for downtown Jacksonville. This includes a new JEA Headquarters across the street from the Property. Minneapolis-based Ryan Companies US Inc is constructing the building - a 162,000 sq ft headquarters for Jacksonville’s public utility. Plans call for an adjacent 657-space garage with 10,690 of activated ground floor space.
3 AERIAL
West Forsyth Street
North Julia Street
North Pearl Street
West Adams Street
NEW HEADQUARTERS ($72 MILLION) 162,000 SQ FT OF OFFICE N 4 VIEW TO THE SOUTH
NEW HEADQUARTERS N ($145 MILLION) 300,000 SQ FT OF OFFICE Fuller Warren Bridge
Main Street Acosta Bridge Bridge
FEDERAL COURTHOUSE
SITE DUVAL COUNTY Pearl Street COURTHOUSE
SKYWAY Main Street
Julia St Adams Street
CITY HALL
NEW HEADQUARTERS ($72 MILLION) 162,000 SQ FT OF OFFICE
5 VIEW TO THE EAST N
FEDERAL COURTHOUSE
CITY Main Street Bridge HALL
SITE
Main Street SKYWAY Adams Street Julia St
DUVAL COUNTY COURTHOUSE
Pearl Street
NEW HEADQUARTERS ($72 MILLION) 162,000 SQ FT OF OFFICE U. S. Highway 1 / Philips Highway
6 DOWNTOWN JACKSONVILLE 3 FORTUNE 500 HEADQUARTERS AT A GLANCE SQ FT OF OFFICE SPACE 7.5M (More than 30% of the market) 14.2% VACANCY 3.9 SQUARE MILES OF DOWNTOWN $21.67 AVERAGE LEASE RATE/SQ.FT. BLOCK BUSINESS IMPROVEMENT 90 DISTRICT EMPLOYEES 56K (54% live within 10 miles of Downtown) 64 BLOCK HISTORIC DISTRICT
6,100 RESIDENTS (up 18%) 3,850 MULTIFAMILY UNITS (up 20%) 25 MULTIFAMILY PROPERTIES 646 NEW UNITS (2019-2020) 652 UNITS UNDER CONSTRUCTION 20 MILLION VISITS ANNUALLY HOTEL ROOMS 2,361 (6 hotels under construction & proposed) CULTURE AND 15 ENTERTAINMENT VENUES 5 MAJOR SPORTS TEAMS IN COMPLETED 2019-2020 $530M PROJECTS 4 MAJOR MEDICAL FACILITIES IN UNDER CONSTRUCTION 3 COLLEGE CAMPUSES $2.9B PROJECTS MILES OF RIVERWALK $3.1B IN PROPOSED PROJECTS 2.8 PROMENADE 7 DOWNTOWN JACKSONVILLE - THE DISTRICT The District by Elements of Jacksonville— MAJOR DEVELOPMENTS with its vision for sustainable design—will encourage a healthy lifestyle and diversity. LOT J The development is slated to bring 950 residential units, 147 hotel rooms, 200,000 In the Sports & Entertainment District, a square feet of office space, 134,000 square joint venture between Iguana Investments feet of retail, a 125-slip marina and public and Cordish Companies has been park space to the long-vacant, 30-acre JEA site on Downtown’s Southbank. announced for Lot J. Lot J plans call for a courtyard-style Investment: $535 million entertainment and retail complex, a FORD ON BAY residential tower, hotel and office building In February 2020, the DIA approved next to the stadium. The $450 to $500 million Phase I of Lot J is made up of the a bid by New York-based Spandrel Live! Arena entertainment venue, a 200-unit boutique hotel and 700 residential Development Partners to build a $136 units. Phase II is west of Lot J at what is a retention pond at North Georgia Street million mixed-used retail and multifamily and Gator Bowl Boulevard and includes a high-rise residential tower and a mixed- development on the former Duval County use office/residential tower. Courthouse and City Hall properties. Investment: $500 million (Phase 1) Spandrel plans a two-phase project with THE SHIPYARDS 520 apartments and up to 74,000 square feet of retail space that could include a grocery store or food hall. As proposed, the activated public waterfront space and A Notice of Disposition was issued for the streetscapes will make the area a destination for residents and visitors. Shipyards and Metropolitan Park and Iguana Investments was the top scoring Investment: $136 million respondent. The conceptual master plan THE JACKSONVILLE LANDING SITE submitted called for more than 600 The future of this site starts with the public condos and apartments, 300,000 square in mind. Beginning with maintaining the feet of office space, 150,000 square feet view corridor from Laura Street that was of retail and commercial space, 300 hotel created by clearing the property, the next rooms, and a 250-slip marina on a 70-acre riverfront site. More recent concept step will be design of the public space plans released by Iguana have included a possible convention center. Phase 1 is with generous riverfront access in which to consist of 50-100 multi-family rental and/or for-sale residential units, a 200-250 the new buildings will co-exist. This active, room, five-star hotel with restaurant, 75,000 square feet of office space, retail and urban design is in response to feedback amenities, structured parking and public infrastructure. received from the residents of Jacksonville as well as Downtown business owners Investment $500 million (Overall Master Plan) and workers. The mixed-use development that follows will be the result of a wide search for the best in design and function to meet the needs of the community and create an iconic space that we all can be proudthe builidng - a 162,000 sq ft headquarters for Jacksonville’s public utility. Plans call for an adjacent 657-space garage with 10,690 of activted ground floor space. Investment: To Be Determined 8 THE BARNETT & LAURA ST. TRIO VYSTAR CREDIT UNION HEADQUARTERS In the Central Core, SouthEast Group completed the renovation of the historic, 18-story Jacksonville’s largest credit union relocated its headquarters Barnett Building. The mixed-use building now houses 100 working-class-to-market and 1,200 employees Downtown in 2019. VyStar Credit Union purchased the 23-story rate apartments, the University of North high-rise at 76 S. Laura Street and adjacent garage for $59 million in July 2018 and Florida’s Center for Entrepreneurship and purchased the neighboring seven-story 100 W. Bay Building for $5 million in February Innovation and The Jacksonville Business 2019. The credit union is infusing more than $15 million in renovations into 100 W. Journal, with a Chase Bank announced. Bay, with retailers Bread & Board Provisions and Peterbrooke Chocolatier located Next, renovation will begin on the Laura on the first floor. In addition, the credit union worked with Art Republic to install Street Trio buildings adding a boutique public art throughout its parking garage and plans to create pop-up experiences hotel, high-end “Sophisticated Southern” in its alleyway. Vystar was also the successful bidder to acquire a City parcel located restaurant and a rooftop bar. at the corner of Forsyth and Main, on which the company plans to build a parking Investment: $100 million garage with associated retail. Investment: $100+ million AMBASSADOR HOTEL Augustine Development Group purchased five lots totaling 1.5 acres for $5.4 THE DORO million in July 2018. The group has begun work to convert the long-vacant, historic Georgia-based Rise Properties LLC plans to develop an eight-story, mixed-use Ambassador Hotel into a 120-room hotel property with a nationally recognized flag development that will add 247 apartments to the Sports and Entertainment at an estimated construction cost of $18 million. The phases following include plans District. The project will include a rooftop pool, approximately 7,000 square feet for a 200-unit apartment building and parking garage to further benefit the needs of combined first floor and rooftop retail, and a seven-story parking deck. A feature of the Independent Life Insurance Building renovation, also underway on the same wall will incorporate materials and architectural features that were found on the street. original Doro building. The former Forsyth Street right-of-way adjacent to the site Investment: $37.1 million is expected to create a destination for outdoor social activities including markets, culture and entertainment all year around. INDEPENDENT LIFE INSURANCE BUILDING Investment: To Be Determined Augustine Development Group purchased the building—now designated a local Historic Landmark—in October 2019 for $3.7 million, with plans to invest more LAVILLA NEIGHBORHOOD DEVELOPMENT STRATEGY than $30 million in the redevelopment of the property. The developer announced As Jacksonville’s oldest suburb, LaVilla was once known as the Harlem of the South plans to renovate the 18-story, 165,000 square foot building at 233 W. Duval St. and the epicenter of black culture and commerce in Northeast Florida. To redevelop to include a 21,000-square-foot grocery store, 140 market-rate apartments and a LaVilla while respecting its rich history and celebrating its cultural impact, the 10,000 square foot rooftop restaurant, lounge and pool. The Developer proposes DIA and Jacksonville Transportation Authority completed a LaVilla Neighborhood to construct a structured parking facility to serve the needs of this property as well Development Strategy in Spring 2019. The plan calls for workforce, senior and as the redevelopment of the Ambassador Hotel and apartments along the same market-rate apartments, mid-market, for-sale townhomes, a LaVilla Heritage Trail street. The development is projected to create 100 jobs over 14 months. for pedestrians and bicycles, and a Water Street road diet to connect the historic Investment: $31.7 million district to the riverfront. The development of the Lift Ev’ry Voice and Sing park will recognize the important contribution by brothers James Weldon Johnson and J. JONES BROTHERS FURNITURE BUILDING Rosamond Johnson in the creation of the country’s “Black National Anthem.” Developer Ace Jax LLC has announced plans for the redevelopment of two long- vacant, historic properties. Plans for the Jones Brothers building include 28 FIRST BAPTIST PARCELS apartments, more than 1,100 square feet of retail space and nearly 1,000 square feet First Baptist Church is selling 11.29 acres, approximately nine blocks, bounded by of office space. Next door, the old Western Union building is slated for 9,600 square Jacksonville City Hall, Florida State College at Jacksonville and Main Street, in an feet of retail space. effort to consolidate and downsize its Downtown campus. In spring 2020, investors Investment: $13.3 million Jim and Ellen Wiss purchased the first block with plans to develop up to 200 market- rate apartments with associated first floor commercial space at an anticipated cost of $40 million. 9 10 Southbank aerial
DOWNTOWN JACKSONVILLE MAP OF CURRENT INVESTMENT PROJECTS Ocean Newnan Market Liberty Washington Lee Davis Jefferson Broad Clay Pearl Julia Hogan Laura Main Ocean State RITZ THEATRE & MUSEUM FIRST BAPTIST PARCELS Union CATHEDRAL Beaver RESIDENCES ASHLEY SQUARE SHIPPING Ashley CONTAINER APTS. JONES BROS. OLD FEDERAL Church LOFTS AT EMERALD TRAIL AMBASSADOR HOTEL RESERVE BANK CATHEDRAL MODEL MILE INDEPENDENT LIFE ELENA Catherine Palmetto AP Randolph Georgia Franklin Duval BREWSTER HOSPITAL HOGAN ST. FLATS RENOVATION CYCLE TRACK Monroe 225 LAURA COMMUNITY JEA HQ ST. APTS. TWO-WAY STREET FIRST HQ CONVERSION TIAA BANK FIELD & PRACTICE Adams THE BARNETT,THE UNF FIELD COOL ZONE LIFT EV’RY VOICE LAURA ST. TRIO THE DORO & CHASEBARNETT BANK FLORIDA AND SING PARK JACKSONVILLE LOT J INTERSTATE 95 LAVILLA Houston BB&T BOA THEATRE LE MESA SHERIFF'S OFFICE HOGAN’S CREEK TOWNHOMES TOWER TOWER BAY ST. INNOVATION GREENWAY Forsyth DAILY’S GAS HART BRIDGE JRTC - PHASE II & CORRIDOR STATION VYSTAR WELLS RAMP DEMO. AUTONOMOUS AVE. WATER ST. PARKING FORD HQ FARGO THE SHIPYARDS Bay GARAGE ON BAY PRIME OSBORN LOFTS AT WATER ST. HYATT PLACE CONVENTION CENTER JEFFERSON STATION JACKSONVILLE COASTLINE DR. Water/Independent ROAD DIET LANDING SITE MAIN ST. BRIDGE MCCOY’SStonewall CREEK RAMP REMOVAL BROOKLYN SKYWAY NORTHBANK GREENWAY STATION RIVERWALK REPAIRS CSX & "JACKSONVILLE'S Jackson MUSICAL HERITAGE" LOFTS AT ACTIVATION NODE BROOKLYN BROOKLYN Dora PLACE ACOSTA BRIDGE LED FIRST COAST FLYER, LIGHTING RUTH’S CHRIS IMP. Price SOUTHWEST CORRIDOR SOUTHBANK RIVERWALK "EXPLORING THE ST. JOHN'S RIVER" RIVERPLACE EXTENSION & ENHANCEMENTS ACTIVITY NODE & FRIENDSHIP TOWER VISTA BROOKLYN FOUNTAIN RESTORATION RIVERPLACE BLVD. KEY ROAD DIET RESIDENCE INN MOSH 2.0 BROADSTONE RESIDENTIAL RIVER HOUSE THE DISTRICT Forest BROOKLYN OFFICE ROAD DIET BROOKLYN AREA FABEN WOMEN’S BAPTIST Riverplace FLORIDA BLUE DRAINAGE PRUDENTIAL CLINIC HEALTH IMP. RETAIL PARKING GARAGE SOUTHBANK URBAN Edison BURLOCK TOWER KINGS AVE./PRUDENTIAL JTA SOUTHBANK FIS HQ RESIDENCES & BARREL DR. RESURFACING RESIDENTIAL HOTEL SOUTHBANK EIGHT MIXED USE FORTY ONE CROSSING
Mary Kings EDS, MEDS, CIVIC SOBA APTS. Hendricks Roselle DCI DIALYSIS BAPTIST HOSPITAL I-95 OVERLAND Broadcast & ENTERTAINMENT
Kipp CLINIC BRIDGE PROJECT
PALM AVE. INFRASTRUCTURE Main
Spruce WOLFSON CHILDREN’S INTERSTATE 95 & TRANSPORTATION San Marco San San Marco San Chelsea BLACK KNIGHT
Park CRITICAL CARE TOWER Palm Oak FINANCIAL PARKS & TRAILS Magnolia
Riverside I-10/I-95 IMP. & FULLER WARREN CHILDREN’S WAY BRIDGE BIKE/PED PATH /NIRA ST.
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