Investor purchases Jacksonville office tower

MIAMI, Sept. 6, 2022 – JLL Capital Markets announced today that it has closed the sale of 701 San Marco, a trophy office tower totaling approximately 700,000 square feet in the Southbank district of downtown Jacksonville, Florida.

JLL represented the seller, The Prudential Insurance Company of America, in the sale of the property to Bradford Allen Investment Advisors.

“This is our second major acquisition in Jacksonville and as opportunistic investors, 701 San Marco presents us a great opportunity—through targeted capital investments and innovative thinking—to reinvigorate and reimagine such an iconic and visually striking property,” said Jeffrey Bernstein, principal and co-founder of Bradford Allen. “This acquisition brings our Jacksonville footprint to just over one million square feet and represents our faith in the continued resurgence of the Southbank.”

701 San Marco consists of a seven-story west wing and a 19-story east wing connected by a pedestrian walkway over San Marco Blvd. The property offers a variety of amenities, including 13 conference rooms, restaurant space on the ground floor, a 282-seat cafeteria and plentiful parking with 1,277 garage spaces and 945 surface spaces. The property is currently 60% leased and anchored by credit tenants, The Prudential Insurance Company of America, Interline Brands and The Army Corp of Engineers.

The property is positioned on 14.5 acres in the heart of Jacksonville’s Southbank area and within steps of the famous St. John’s Riverwalk. The building has 360-degree panoramic water views of the St. John’s River and is close to the historic San Marco district, which offers numerous retail and restaurant offerings. In addition, 701 San Marco offers outstanding local and regional connectivity with convenient access to Interstate 95 and the Jacksonville Skyway Metrorail.

The JLL Capital Markets team representing the seller was led by Senior Managing Director Hermen Rodriguez, Senior Director Robbie McEwan, Managing Director Ike Ojala and Director Matthew McCormack along with the JLL Corporate Services team leader Senior Vice President Peter Politi.

“Strong market fundamentals, a steady commercial office base, a growing workforce and favorable demographics continue to support Southbank’s growth into one of the strongest submarkets in Jacksonville,” McEwan said.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Founded in 2013, currently with over $4 billion in assets under management, Bradford Allen Investment Advisors (BAIA) is an alternative asset manager specializing in commercial real estate and private placements. They are vertically integrated and provide end-to-end real estate transaction and management solutions for multifamily, commercial office, and mixed-use development across the US. A wholly-owned subsidiary of Bradford Allen, BAIA’s roots are in brokerage and property operations, a lineage that traces back to 2003 when the firm’s principals—Jeffrey Bernstein and Laurence Elbaum—founded Bradford Allen Realty Services.