In a period of exponential growth and portfolio diversification, Corner Lot has acquired one of the most recognizable buildings in Jacksonville, The Summit Tower at 1000 Riverside Avenue in Jacksonville, Florida.
“The Summit Tower has been a landmark in Riverside and across the Jacksonville skyline for more than half a century,” said Andy Allen, Corner Lot CEO. “There really was not much to think about when presented with the opportunity to purchase it. It was an easy decision to make.”
Known as home to Riverside’s River and Post Restaurant and Rooftop Bar, the nine-story structure was purchased for $11M on June 22. The Mid-Century Modern building designed by Architect Taylor Hardwick in 1963 will soon be home to a prominent new anchor tenant, raising its occupancy to approximately 80%.
“Acquisition of the Summit Tower was the logical next step in Corner Lot’s evolution,” said George Leone, Corner Lot COO. “It’s natural blend of history and modern architectural design made it a perfect fit for Corner Lot, our mission, and our portfolio.”
Professional Bank served as the lender. NAI Hallmark advised on the acquisition and will also serve as the property manager. The purchase includes the surrounding parking lots that serve the tower. Corner Lot purchased the structure from Padgett Premiere Properties, LLC.