CBRE closes $51m sale of One Enterprise Center.

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JACKSONVILLE, FL: Jeffrey Dunne, Steven Bardsley and David Gavin of CB Richard Ellis' New York Institutional Group collaborated with Michael Harrell of CB Richard Ellis' Jacksonville office to represent One Enterprise Financial Associates, LLC & Sendar Jacksonville (Enterprise) LLC, entities controlled by the Harbor Group, in the sale of One Enterprise Center for $51.4 million.

The team was also responsible for procuring the buyer.

One Enterprise Center, a 318,997 s/f, 22-story tower located at 225 Water Street overlooking the St. Johns River, is the premier office property in Jacksonville's Central Business District.

The Class A tower, built in 1985, is connected via a four-story atrium to the four diamond luxury 353-room Omni Hotel, 4-star Juliette's Bistro restaurant and a 1,029-space parking garage, providing an executive-quality hotel, dining and parking experience essentially on-site.

The property's marble lobby and glass-paneled exterior provide an attractive entry to additional on-site amenities including a sundry shop, coffee shop, retail bank branch and ATM.

At the time of sale, One Enterprise Center was 99.6% leased to a diverse tenant roster. The purchaser assumed $41.6 million in debt from Wachovia as part of the transaction.

Jeff Dunne had the following comments on the sale: "One Enterprise Center averages less than 10% rollover over the next four years and a very stable in-place income. The headquarter-quality finishes, extensive amenity package and strategic CBD location should provide the buyer with solid returns and appreciation for the long term."