Real Capital Solutions Buys 1.7 MSF FL Asset

IP Capital Partners sold the property—the largest commercial building in Jacksonville—for roughly $48 million. Cushman & Wakefield represented the seller in the transaction.

By Jeff Hamann

One Imeson Distribution Center

Real Capital Solutions has acquired the 1.7 million-square-foot One Imeson Distribution Center in Jacksonville, Fla., for $47.8 million. The structure is the largest commercial building in Jacksonville. The seller, IP Capital Partners, acquired the asset in late 2011 for $16.3 million, according to Duval County records. 

The property, located at 1 Imeson Park Blvd., in the North Jacksonville submarket, is positioned next to U.S. Highway 17 and within two miles of Interstate 95, providing access throughout the city and down Florida’s eastern coast.

One Imeson includes just under 1.5 million square feet of industrial and nearly 250,000 square feet of office space. At the time of sale, the asset was 74 percent leased. Larger tenants in the building include Bacardi, General Dynamics, KoMyo America and Venus Swimware. The distribution center was constructed in 1974 and the previous owner most recently renovated the structure between 2012 and 2015.

Cushman & Wakefield’s Mike Davis, Karl Johnston, Tyler Newman, Michael Lerner and Rick Brugge comprised the team representing the seller in the transaction. In March, the firm represented Graham Commercial in a $25.3 million industrial sale in the area.

“With additional development land, outdoor storage, as well as quality back office space, One Imeson is positioned to accommodate a variety of industrial or office uses well into the future,” said Davis, vice chairman of Cushman & Wakefield, in a prepared statement. 

Image courtesy of Cushman & Wakefield

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