Hillwood Buys 1.4 MSF Industrial Portfolio

Hillwood Investment Properties has acquired a two-building industrial portfolio in Jacksonville, Fla. Image courtesy of CBRE 

Hillwood Investment Properties has acquired an approximately 1.4 million-square-foot, two-building industrial portfolio in Jacksonville, Fla., from Invesco Real Estate in a deal arranged by CBRE.

The sales price of 12200 Presidents Court and 2300 Pickettville Road was not disclosed. Invesco, a global real estate manager, had purchased the two properties along with 600 Whittaker Road in March 2019 from Link Logistics, formerly Gramercy Property Trust, and now part of the Blackstone Group.

The combined price for the three assets at that time was $129.3 million. 12200 Presidents Court sold for $46.9 million and 2300 Pickettville Road sold for $50.4 million, according to CommercialEdge data. Invesco sold 600 Whittaker Road, a 469,830-square-foot warehouse, to LRC Properties and Machine Investment Group for $29.3 million in June 2021.

The two properties sold this month by Invesco were both Class A bulk cross-dock distribution buildings in Jacksonville’s Westside industrial market. Both assets were fully leased to two investment grade tenants—Unilever and Keurig Dr. Pepper. With nearby access to Interstates 295, 10 and 95, both properties provide tenants direct access to Jacksonville’s growing population base as well as a strategic location for regional distribution.

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Unilever occupies the 772,210-square-foot warehouse at 12200 Presidents Court, which was built in 2008 on 68.14 acres. The building has 32-foot clear heights, 90 dock doors, ESFR sprinklers, 186 car parking spaces and 255 trailer parking spaces.

Keurig Dr. Pepper leases the 601,500-square-foot warehouse at 2300 Pickettville Road. Completed in 2009, the building has 32-foot clear heights, 128 dock doors, ESFR sprinklers, 326 car parking spaces and 118 trailer parking spaces on a 69.08-acre lot.

CBRE’s Jose Lobón, Trey Barry, and Frank Fallon represented Invesco in the sale. The CBRE National Partners sales team was assisted by Royce Rose and Alain Bonvecchio as well as Ben Stewart, first vice president with CBRE’s Industrial Advisory and Transaction Services group in Jacksonville.

Hillwood industrial moves

In February, Dallas-based Hillwood Investment Properties and CBRE Investment Management purchased 364 acres of land in Fontana, Calif., from Auto Club Speedway for $559 million as part of the first phase of Speedway Commerce Center, a multi-building logistics campus that will total 6.6 million square feet at buildout. The sale of the project’s second phase, encompassing 69 acres, is scheduled to close on or before Dec. 31, 2026. Located in the western part of the Inland Empire, the site will offer easy access to Interstates 15 and 10, as well as the San Bernardino BNSF freight railway’s Intermodal Yard and Long Beach and Los Angeles ports.

A year earlier, in January 2022, Hillwood agreed to sell CBRE Investment Management a $4.9 billion global logistics portfolio with 57 assets totaling 28.4 million square feet in the U.S. and Europe. It was among the largest sales of industrial properties on record and the largest deal made to that point by CBRE Investment Management, which had previously operated as CBRE Global Investors.