Posted on 1/7/2022 – by Karen Brune Mathis @ Jax Daily Record – Riverplace Tower Sells and Commonwealth Commercial Retains Property Management. 

New York City-based Acram Group and an investment partner bought Riverplace Tower on the Downtown Southbank on Dec. 22 for $73.2 million.

Seller LCP Riverplace LLC paid $53.4 million for the tower Nov. 29, 2016, a 37% increase in five years.

The 28-story, 460,000-square-foot Class A office building and 765-space parking garage and a parking lot comprise 8.6 acres at 1301 Riverplace Blvd.

“This is a very promising opportunity in a desirable location with high occupancy, robust leasing activity and a desirable tenant roster,” said Acram Group Managing Principal Matt Cassin in a Dec. 23 news release.

“Jacksonville is booming as one of America’s fastest growing fintech and banking hubs, and the building represents a great opportunity,” he said.

Acram bought the riverfront tower through a joint venture with Oak Hill Advisors. It was an off-market purchase, meaning it was not actively listed for sale.

“Riverplace Tower is a best-in-class office tower in Jacksonville with an attractive cost basis, great tenant roster and fits quite well within our investing strategy,” Oak Hill Advisors Portfolio Manager Matt Borstein said in the release.

The structure is 91% leased with a tenant roster that includes Ameris Bancorp, Rayonier Advanced Materials Inc., the Rogers Towers law firm, St. John & Partners, The Energy Authority Inc. and Macquarie Global Services (USA) LLC.

“It’s a high-quality, diverse tenant base,” said Acram Managing Director Aaron Lazovik in an interview Dec. 23.

Deutsche Bank Securities provided acquisition financing. An Eastdil Secured team led by Rob Turner advised the buyer.

JLL Capital Markets Senior Director Robbie McEwan advised the seller.

Lazovik said JLL Managing Director Michael Loftin was instrumental with Acram on the deal.

Acram Group said with the purchase, it owns and manages more than 3 million square feet of real estate assets and has an additional 1.5 million square feet of construction in development throughout the U.S.

Acram’s website shows a portfolio of office and related buildings in Baltimore; Dallas; Denver; Charlotte, North Carolina; New York City; and in Connecticut and Virginia.

It bought an office asset in downtown Orlando this year. The release said Acram “continues to expand its footprint in Florida as part of a strategic initiative.”

Lazovik said Acram would consider more area investment, “depending on the opportunity.”