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Parkway Properties buys Stein Mart, AvMed building


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Parkway Properties buys Stein Mart, AvMed buildings

A Mississippi real estate investment trust has paid more than $34 million for a pair of Southbank office buildings.

Parkway Properties Inc. bought 1200 and 1300 Riverplace Boulevard from Malvern, Pa.-based Liberty Property Trust (NYSE: LRY). Together the buildings have 305,000 square feet of office space.

The 1200 building has 197,000 square feet and is the home to the headquarters of apparel retailer Stein Mart Inc. (NASDAQ: SMRT), which is leasing more than 98,000 square feet through 2010. The U.S Postal Service is leasing 26,000 square feet through March 2008 in the 1300 building, which has a total of 108,000 square feet. The acquisition also includes a five-story parking garage adjacent to the 1200 building and a surface lot next to the 1300 building.

Parkway (NYSE: PKY) paid $29.3 million for the buildings plus $4.8 million in closing costs and expected capital expenditures and leasing commissions in the first two years. The $34.1 million price tag come to $112 per square foot.

The buildings are 94 percent occupied.

Parkway CEO Steven Rogers said Jacksonville is the fourth Florida market the company has entered and it expects to expand its presence as the area continues to grow.

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If you check the GIS maps, the surface parking lot "next" to the AVmed building actually expands south in between Riverplace Station and the Hampton Inn. This would be a PRIME location for another residential tower. Plenty of space. Unless the sale included a subdivision of that parcel, I assume Parkway bought it too.

If they aren't planning on developing the lot, I hope they consider selling to someone who will.

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Yes, that parking lot always bothered me. Thank God for San Marco Place, filling that other parking lot. I just wish some of these office buildings on the Southbank weren't so inclusive, with no street interaction. Given the era in which they were built, I can understand their design, but I'd like to see some ground level retail, once these new towers fill in some gaps.

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Yes, that parking lot always bothered me.  Thank God for San Marco Place, filling that other parking lot.  I just wish some of these office buildings on the Southbank weren't so inclusive, with no street interaction.  Given the era in which they were built, I can understand their design, but I'd like to see some ground level retail, once these new towers fill in some gaps.

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I would like to see something replace the Hampton Inn and Extended Stay as well. Not likely, since the river views will be blocked soon. The city actually paid incentives to get the Hampton Inn built years ago. If an office building did go there, they would have views of Treaty Oak Park at least.

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Residential development should have dibs on the riverfront.  Let the commercial

towers shadow the residential.  It will motivate them to build taller for a view of

the river.

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Plus, keep in mind that almost any tall building built on the southbank will have nice river views of some part of the river. There is actually a stunning southern view, as the St. Johns widens beyond downtown. In fact, the San Marco Place real estate agents used the sourthern river views as one of their selling points.

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The only negative about the San Marco view is that a good chunk of it could get

blocked by the proposed Riverwalk development or even the Strand and

Peninsula, right?

I couldn't help but notice at the San Marco Place website the show a riverview pic

looking down on the Charthouse. If you look closely you'll see the construction

barriers for the Peninsula. Maybe San Marco Place should have built much taller.

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I don't like the grassy knoll that separates San Marco Place from Riverplace Ave. I think they say it'll have ground floor retail, but I'm not impressed with the street interaction at all. But I've seen many buildings out-perform their renderings, so I'm going to wait and see on this one.

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