One Enterprise Center Commands $15M

By Timea Papp

One Enterprise Center

Transwestern brokered the $15.2 million sale of One Enterprise Center, a 317,571-square-foot, Class A office tower in downtown Jacksonville, Fla. According to public records, the buyer was Rosecrans 2004 LLC, an entity affiliated with Los Angeles-based Michael Development Corp. The seller was 225 Water Street West Holdings LLC, an entity connected to CWCapital Asset Management LLC.

LEED Silver certification

Located at 225 Water St., the 22-story building was completed in 1985 and underwent cosmetic improvements in 2004, Yardi Matrix shows. The LEED Silver certified asset features a marble lobby, a glass atrium dome with a tower directly connected to a 354-key Omni Hotel and a parking ratio of 2.26 spaces per 1,000 square feet.

Transwestern Managing Director John Bell represented the seller in the disposition of the asset, which was 51 percent leased at the time of the sale. One Enterprise Center is just steps from the Times-Union Center for the Performing Arts, The Jacksonville Landing’s retail and restaurants, as well as the St. Johns River waterfront. The property’s central location offers access to the entire region at the convergence of Interstates 10 and 95.

“This listing was a rare opportunity to acquire a trophy building with compelling value-add potential. Currently 51 percent leased, the asset is positioned to experience an expedited lease-up with new, long-term ownership,” said Bell, in prepared remarks. “Universally considered one of the top office buildings in the Jacksonville Central Business District, the new ownership is committed to returning the building to its place as downtown’s most sought-after business address.”

According to Yardi Matrix, CWCapital Asset Management, acting as trustee on behalf of U.S. Bank, foreclosed on the property in 2015, after the previous owner defaulted on a $41.6 million CMBS loan.

Image courtesy of Transwestern