{"id":1004676754,"date":"2023-08-18T03:02:06","date_gmt":"2023-08-18T11:02:06","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004676754"},"modified":"2023-08-18T03:02:08","modified_gmt":"2023-08-18T11:02:08","slug":"hillwood-buys-1-4-msf-industrial-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hillwood-buys-1-4-msf-industrial-portfolio\/","title":{"rendered":"Hillwood Buys 1.4 MSF Industrial Portfolio"},"content":{"rendered":"
\"Hillwood<\/a>

Hillwood Investment Properties has acquired a two-building industrial portfolio in Jacksonville, Fla. Image courtesy of CBRE\u00a0<\/em><\/p><\/div>\n

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

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<\/a> along with 600 Whittaker Road in March 2019 from Link Logistics, formerly Gramercy Property Trust<\/strong>, and now part of the Blackstone Group<\/strong>.<\/p>\n

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>, a 469,830-square-foot warehouse, to LRC Properties<\/strong> and Machine Investment Group<\/strong> for $29.3 million in June 2021.<\/p>\n

The two properties sold this month by Invesco were both Class A bulk cross-dock distribution buildings in Jacksonville\u2019s Westside industrial market. Both assets were fully leased to two investment grade tenants\u2014Unilever <\/strong>and Keurig Dr. Pepper<\/strong>. With nearby access to Interstates 295, 10 and 95, both properties provide tenants direct access to Jacksonville\u2019s growing population base as well as a strategic location for regional distribution.<\/p>\n

\n

READ ALSO<\/strong>: These Asset Classes Stood Out in DLA Piper\u2019s Mid-Year Outlook<\/a><\/p>\n

\n

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.<\/p>\n

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.<\/p>\n

CBRE\u2019s Jose Lob\u00f3n, 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\u2019s Industrial Advisory and Transaction Services group in Jacksonville.<\/p>\n

Hillwood industrial moves<\/strong><\/h2>\n

In February, Dallas-based Hillwood Investment Properties and CBRE Investment Management<\/strong>\u00a0purchased 364 acres of land in Fontana, Calif., from Auto Club Speedway\u00a0for $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<\/a> at buildout. The sale of the project\u2019s 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\u2019s Intermodal Yard and Long Beach and Los Angeles ports.<\/p>\n

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<\/a> on record and the largest deal made to that point by CBRE Investment Management, which had previously operated as CBRE Global Investors<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"

CBRE arranged the sale of two fully leased buildings in Jacksonville, Fla.<\/p>\n","protected":false},"author":1068,"featured_media":1004676771,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21748,21783,1591,21742,32781],"tags":[32789,51764,33227,39131,33882,38364],"class_list":["post-1004676754","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-industrial","category-investment","category-jacksonville","category-latest","category-southeast","tag-cbre","tag-cbre-investment-management","tag-gramercy-property-trust","tag-hillwood-investment-properties","tag-invesco-real-estate","tag-lrc-properties"],"acf":[],"yoast_head":"\nHillwood Buys 1.4 MSF Industrial Portfolio - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Hillwood Investment Properties has acquired a 1.4 million-square-foot industrial portfolio in Jacksonville, Fla., from Invesco Real Estate.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hillwood-buys-1-4-msf-industrial-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hillwood Buys 1.4 MSF Industrial Portfolio\" \/>\n<meta property=\"og:description\" content=\"Hillwood Investment Properties has acquired a 1.4 million-square-foot industrial portfolio in Jacksonville, Fla., from Invesco Real Estate.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hillwood-buys-1-4-msf-industrial-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-18T11:02:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-18T11:02:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/Jacksonville-Single-Tenant-Portfolio.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"802\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hillwood-buys-1-4-msf-industrial-portfolio\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/hillwood-buys-1-4-msf-industrial-portfolio\/\",\"name\":\"Hillwood Buys 1.4 MSF Industrial Portfolio - 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