Due to the price point that the seller was targeting, the ability to get traditional financing was nearly impossible because of the lack of Day 1 cash flow.

Truist Financial has exercised its option to purchase the nearly 965,000 square-foot tower.

It's still unclear what will be Libor's replacement but the GSEs are pushing out products based on the Secured Overnight Financing Rate, or SOFR.

Those buildings that accommodate high-speed communication and modern office design will be winners in the year ahead.

Topaz Capital Group plans to invest $2 million to upgrade the property and is in the process of rebranding it as Topaz Plaza JAX.

"In this case, we are going to convert a vacant site initially earmarked for industrial development into a residential community that will create much-needed apartment housing minutes away from some of South Florida's largest employers."

Skyline AI vetted the asset by processing scraped data from review sites; these online reviews indicated an opportunity for optimization.

"The Lexington posed a very rare opportunity in the highly sought-after central Sarasota submarket, which has a historically high barrier to entry for value-add opportunities."