Nuveen Pays $21M for Jacksonville Industrial Asset
The property previously changed hands for nearly $16 million.
A joint venture led by Brennan Investment Group has sold a 198,408-square-foot industrial asset in Jacksonville, Fla., with JLL representation. Nuveen purchased the warehouse for $21.1 million, Jacksonville Daily Record reported. The property previously traded for $15.8 million in 2022.
Located on more than 13 acres at 4925 Bulls Bay Highway, the facility is inside Pattillo’s Westside Industrial Park, a 1,600-acre master-planned development about 11 miles northwest of downtown Jacksonville. Two intermodal rail stations operate within roughly 5 miles, while Interstate 295 runs some 3 miles away.
The side-load warehouse features clear heights of 25 feet, 25 dock doors and more than 2 acres of excess land for a potential expansion or industrial outdoor storage. Henry Schein, a healthcare distribution and service provider, fully leased the facility.
READ ALSO: Are Cap Rates Starting to Compress?
JLL Managing Director Cody Brais, together with Senior Managing Director Luis Castillo, as well as Associate Taylor Osborne and Analyst David Orta Jr., brokered the deal on behalf of the seller.
As of June, Nuveen had $34 billion in industrial assets under management, encompassing more than 660 assets across the globe, according to its website. Earlier this year, the company expanded its footprint with the acquisition of a 497,875-square-foot collection from Blackstone. The Reno, Nev., portfolio sold for $90.2 million.
Jacksonville investors proceed with caution
Metro Jacksonville’s vacancy climbed 270 basis points year-over-year to 7.6 percent in June, according to a Cushman & Wakefield report. Industrial deliveries fueled this growth as more than half of the product completed during the second quarter remained vacant.
The market still had 4.2 million square feet of space underway, marking a 22.8 percent increase over the year. Although completions put upward pressure on vacancy, industrial rents remained steady at $7.84 per square foot in June, the report shows.
Industrial investment across the metro tempered, reaching $344.8 million during the first eight months, Yardi Research Data shows. The volume decreased 30.7 percent year-over-year. Imeson Commerce Center was one of the assets that changed hands this year. CIP Real Estate acquired the 422,136-square-foot property for $53.8 million.
You must be logged in to post a comment.