Sale of Blount, Brent buildings finalized
- April 30, 2015
- / Shannon Nickinson
- / economy
The historic Brent and Blount buildings officially have new owners.
Led by managing investor Robert B. Switzer, One Palafox Place LLC purchased the 4.5-acre city block on the southwest corner of Palafox and Garden streets from Durnford Enterprises, Ltd. today.
The sale price was $7.5 million.
The block features approximately 200,000 square feet of commercial space under the roofs of seven buildings which includes two Pensacola landmarks – the century-old Blount and Brent buildings – now occupied by popular retail shops and restaurants. A large parking lot on the west side of Baylen Street is included in the purchase.
[caption id="attachment_22552" align="alignright" width="450"]
Bobby Switzer (center) officially signs the contract on One Palafox Place Thursday morning at attorney Kramer Litvak's (foreground on left) office in downtown Pensacola. Credit: E.W. Bullock[/caption]
“This is an exciting opportunity to bring new development to our growing downtown, and we look forward to continuing this block’s tradition of being in the center of the action,” said Switzer. “We anticipate announcing new tenants soon who will add to the vibrancy of Palafox Street.”
Switzer emphasized the group’s immediate goal is to provide a seamless transition for all current tenants, ensuring that each is comfortable with the new management.
Renovations will soon begin inside the Blount Building, as will cleaning and restorative work along the Garden Street exterior façades.
This acquisition carries special significance for Switzer, the great-grandson of F.C. Brent, for whom the entire block is named.
For the past 35 years, Durnford Enterprises, Ltd., founded by Crawford Rainwater, Sr., has owned and managed the property. The Rainwater family made a significant investment in the property, which was initially in disrepair, producing a beautiful restoration of the buildings.
On Thursday, ownership transitioned back to Switzer and the Brent family.
According to the Escambia County Property Appraiser's records, the Blount Building was assessed in 2014 at $2,741,338. The Brent Building's 2014 assessed value was $1,795,687.
Both were last sold in 1981 on quit claim deeds for $100 each, records show.
Switzer is the owner of one additional building downtown. He acquired the Thiesen Building, 40 Palafox Place, in 2012.
Bobby Switzer (center) officially signs the contract on One Palafox Place Thursday morning at attorney Kramer Litvak's (foreground on left) office in downtown Pensacola. Credit: E.W. Bullock[/caption]
“This is an exciting opportunity to bring new development to our growing downtown, and we look forward to continuing this block’s tradition of being in the center of the action,” said Switzer. “We anticipate announcing new tenants soon who will add to the vibrancy of Palafox Street.”
Switzer emphasized the group’s immediate goal is to provide a seamless transition for all current tenants, ensuring that each is comfortable with the new management.
Renovations will soon begin inside the Blount Building, as will cleaning and restorative work along the Garden Street exterior façades.
This acquisition carries special significance for Switzer, the great-grandson of F.C. Brent, for whom the entire block is named.
For the past 35 years, Durnford Enterprises, Ltd., founded by Crawford Rainwater, Sr., has owned and managed the property. The Rainwater family made a significant investment in the property, which was initially in disrepair, producing a beautiful restoration of the buildings.
On Thursday, ownership transitioned back to Switzer and the Brent family.
According to the Escambia County Property Appraiser's records, the Blount Building was assessed in 2014 at $2,741,338. The Brent Building's 2014 assessed value was $1,795,687.
Both were last sold in 1981 on quit claim deeds for $100 each, records show.
Switzer is the owner of one additional building downtown. He acquired the Thiesen Building, 40 Palafox Place, in 2012.
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