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Type: Bank of America Tower, IberiaBank and parking garage
Parcel size: 1.73 acres
Buyer: Jacksonville Tower Florida Realty LP
Seller: Hertz Jacksonville One LLC
Previous sale: $88,000,000 in 2014
Recorded: Dec. 17
About the property: In Jacksonville’s largest Class A office property transaction in 2020, Group RMC of New York City bought Downtown’s tallest high-rise – the 42-story Bank of America Tower along with the adjacent IberiaBank building and a parking garage Dec. 15 for $75.5 million.
The purchase price was 14% less than the previous sale in July 2014.
According to its website, Group RMC is “a real estate co-investment group that invests in underappreciated office properties in non-gateway U.S. Markets.”
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The Menlo apartments, built this year in the eTown development, sold Dec. 15 for $73.5 million.
Catalyst Development Partners, through CDP E-Town Owner LLC, sold it to Oxford Properties through PAC Menlo LLC, according to a deed filed with the Duval County Clerk of Courts on Dec. 15. Both companies are based in Atlanta.
CDP E-Town developed the apartment community. The address is 11390 Square St.
Nationwide Life Insurance Co. financed the deal to PAC Menlo with a $47 million mortgage, according to the clerks office. Oxford Properties is based in Atlanta.
Newmark Senior Managing Directors Erik Bjornson and Tyler Nilsson brokered the transaction.
The 332-unit, seven-building community comprises one-, two- and three-bedroom apartments from 678 to 1,306 square feet of living space. Monthly rents range from $1,150 to $1,855.