GVA Advantis Negotiates $1.4 Million Sale of Parcel Near Proposed Courthouse Site in Downtown Jacksonville

Jacksonville, FL, August 07, 2008 --(PR.com)-- GVA Advantis represented the Raabe Family Property, LLC in the sale of a .51-acre parcel in downtown Jacksonville, Duval County, Fla., for $1,400,000.00 or $63.49 per square foot. The 22,050-square foot parcel is located directly across the street from the site of the proposed new county courthouse.

Monte Merritt, senior director for GVA Advantis, exclusively represented the seller, Raabe Family Property, LLC, a company based in St. Petersburg, Fla. The buyer, Manhattan Condominium Development, Inc., is a Florida corporation based in Miami and was represented by Nancy Link, an independent Miami broker, in the transaction.

“This sale shows the revitalizing interest in the area surrounding the site of the new location for the much-anticipated new Jacksonville courthouse complex,” says Merritt. “The site was purchased on speculation that it might be used for downtown parking until the courthouse is constructed,” he adds.

Situated at the southeast corner of West Adams Street and Broad Street, the property is located in the heart of Jacksonville’s Central Business District. The vacant parcel was known as 516 West Adams Street before the building previously on the property was torn down.

GVA Advantis is a full-service real estate firm that leases, manages and sells office, industrial, retail and other commercial real estate properties and sites. The company also provides tenant representation, corporate real estate, construction and project management services. GVA Advantis employs approximately 400 people, leases and manages more than 30 million square feet of commercial facilities, and had an annual transaction volume of approximately $1.5 billion in 2007. Including its headquarters in Washington, D.C., the company has 15 regional offices throughout the Southeast and Mid-Atlantic. For more information, visit gvaadvantis.com.

GVA Worldwide is an international organization of real estate industry leaders serving key markets in 20 countries. The organization comprises more than 3,750 real estate professionals in 95 markets worldwide. In 2007, GVA Worldwide partners collectively completed $35 billion in transactions and managed more than 165 million square feet of office, industrial, retail and specialized property.

A leading advisor in commercial real estate, GVA Worldwide optimizes client portfolios locally and around the world. It serves the real estate needs of clients including multinational corporations, major space users, developers, owners, institutions, lenders and investors. For more information, visit gvaworldwide.com.

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