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Feb. 8, 2013

Rosemont Realty Adds 288KSF Office Complex for $31.75M

By Georgiana Mihaila, Associate Editor

In its fifth Florida acquisition, Rosemont Realty LLC recently purchased the three-building Concourse office complex in Jacksonville.

According to Financial News & Daily Record, the company—which specializes in commercial real estate acquisition and asset management—paid $31.75 million for the 288,147-square-foot property. This marks the first deal closed by the company in 2013. Last year, Rosemont Realty acquired eight Class A and Class B commercial properties, representing more than 2.5 million square feet valued at approximately $250 million. The 2012 acquisitions were in Albuquerque, Birmingham, Denver, Houston, Memphis, Nashville, San Antonio and Tulsa.

“The Concourse in Jacksonville is Rosemont’s first acquisition in 2013,” said Daniel Burrell, CEO of Rosemont Realty. “We have confidence in the Jacksonville market and will continue to evaluate high quality opportunities in Florida’s high growth markets.”

The Concourse complex consists of three four-story office buildings, each building encompassing approximately 96,000 rentable square feet. The buildings were all constructed between 1998 and 2001. Concourse fronts I-95 on Belfort Road in Jacksonville and is just one-quarter mile from the J.T. Butler Boulevard (SR 202) interchange.

Currently 88 percent occupied, the office complex lists as tenants DeVry University, SJ&P advertising agency, Diversified Clinical Services, Meridian Technologies, Gresham, Smith and Partners, and Pulte Homes, among others. According to an official company release, NAI Hallmark Partners will continue to provide property management and leasing services for the Concourse property

Rosemont Realty now controls five commercial office properties in Florida, representing nearly 720,000 square feet, including Metro Parkway in Fort Myers; Westland One, Butler Pointe, Concourse in Jacksonville; and Cypress Pointe in Tampa.

Image Courtesy of Rosemont Realty