TUESDAY December 28, 2021
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THE MATHIS REPORT
Electric vehicle showroom planned in Atlantic North
Riverplace Tower sold for $73.2M Daily Record JACKSONVILLE
BY KAREN BRUNE MATHIS
EDITOR
Sleiman Enterprises wants to designate land in Atlantic North for an electric-vehicle sales showroom and service bays that industry sources suspect is Tesla Inc. Tesla operates a showroom at St. Johns Town Center and a service center at 7818 Philips Highway. CNBC.com reported July 28 that Tesla is closing some of its showrooms in high-end shopping malls and instead investing in less-expensive locations. Sleiman COO Michael McNaughton said Dec. 21 he had no comment on behalf of Sleiman Enterprises. Sleiman owns and is developing the property through the Atlantic North Land Trust. Tesla has not responded to requests for comment. The city issued mobility fee calculation and concurrency reservation certificates for a 45,477-square-foot EV sales showroom at 11585 Atlantic Blvd. in Atlantic North. It calculated a mobility fee of $262,399 to mitigate the traffic impact. Atlantic North is at northwest Kernan and Atlantic boulevards. Plans show that the EV center would take 6.3 acres of a 37.36-acre site. The land is a wooded site west of the Cinemark Jacksonville Atlantic North and RaceTrac. Kimley-Horn and Associates Inc. is the civil engineer. Plans show a retail showroom and lounge, 15 service bays, 10 wall-charger spaces front and back and two Supercharger spaces. In the U.S., only Teslas can use Superchargers.
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KAREN BRUNE MATHIS EDITOR
The investment group considers the almost 55-year-old Class A building a value investment.
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 bestin-class office tower in Jacksonville with an attractive cost basis, great tenant roster and fits quite well within our invest-
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The 28-story, 460,000-square-foot Riverplace Tower at 1301 Riverplace Blvd. along the Downtown Southbank.
ing 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.”
ACRAM AND OAK HILL
Founded as JMC Holdings in 2011, the company rebranded as Acram Group in 2021. In Latin, “Acram” means “acre.” It says it focuses on the acquisition, development and management of covered land, flex-industrial, multifamily and office properties in the U.S. It has offices in New York, Dallas and Greenwich, Connecticut. Acram says it acts as the managing member of each asset it buys, invests its own capital in every transaction and partners with high net worth investors, family offices, institutional fund managers and other real estate platforms. It said it changed to Acram Group “to illustrate the next SEE MATHIS, PAGE 2
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Gran Park at the Avenues sold for $11.8 million Graham 10255 Fortune LLC, affiliated with Birmingham, Alabama-based Graham & Company, announced Dec. 20 it sold Gran Park at the Avenues, Building 500, for $11.8 million. The 72,000-square-foot flex office/industrial property was 100% leased to six tenants, it said. Graham & Co. Vice President of Acquisitions Matthew Graham said JAMC Capital LLC bought the property at 10255 Fortune Parkway. Graham & Co. said the property was 33% leased when it bought it in 2018. Mike Harrell and Gary Marcy with CBRE represented the seller. Mike Bogle and Ben Stewart with CBRE represented the buyer.
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