{"id":1004695977,"date":"2023-12-28T10:14:22","date_gmt":"2023-12-28T18:14:22","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004695977"},"modified":"2023-12-28T10:14:24","modified_gmt":"2023-12-28T18:14:24","slug":"clarion-partners-purchases-jacksonville-industrial-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/clarion-partners-purchases-jacksonville-industrial-building\/","title":{"rendered":"Clarion Partners Purchases Jacksonville Industrial Building"},"content":{"rendered":"
\"Building<\/a>

Building 200 at 9909 Pritchard Blvd. is fully occupied by IPEX USA LLC. Image courtesy of CBRE<\/em><\/p><\/div>\n

Clarion Partners LLC<\/strong> has acquired a 300,240-square-foot, Class A industrial building in Jacksonville, Fla., on behalf of a separate account. CBRE <\/strong>arranged the transaction.<\/p>\n

The seller was CT Realty<\/strong> in a joint venture with Diamond Realty Investments<\/strong>. The transaction\u2019s dollar value was not disclosed.<\/p>\n

The newly completed Building 200 at 9909 Pritchard Blvd. is fully occupied by IPEX USA LLC, a wholesale supplier of specialized PVC and thermoplastic piping systems.<\/p>\n

The structure is sited within the master-planned Florida Gateway Logistic Park, in Jacksonville\u2019s West Side submarket, and features 36-foot clear height, cross-dock loading, 86 dock doors, four drive-in doors, ESFR sprinkler systems, 168 car parking spaces and 138 trailer parking spaces.<\/p>\n

\n

READ ALSO<\/strong>: Top 5 Markets for Industrial Transactions<\/a><\/p>\n

\n

CBRE National Partners\u2019 Vice Chairmen Jose Lob\u00f3n, Trey Barry, Frank Fallon, along with Chris Riley, president, U.S. Industrial & Logistics, Capital Markets, and Royce Rose, senior financial analyst, represented the sellers, assisted by CBRE\u2019s Alain Bonvecchio, financial consultant, and Gabriel Braun, associate.<\/p>\n

In a prepared statement, Lob\u00f3n described the property as \u201cstrategically located for mega-regional distribution,\u201d with a location from which 60 million consumers can be reached within an eight-hour drive. The building has immediate access to I-295 and easy connections to the entire Southeast via I-10 and I-95.<\/p>\n

Staying warm<\/h2>\n

Jacksonville\u2019s industrial space market consists of about 110 million square feet, of which 4.9 percent is vacant. Nearly 4.9 million square feet of space is currently under development, according to a third-quarter report from JLL<\/strong>.<\/p>\n

Year-to-date, deliveries of about 4.4 million square feet have outpaced absorption of about 2.4 million square feet. The overall direct asking rent is $7.95 per square foot.<\/p>\n

The IPEX lease is one of the top five lease transactions noted by JLL in the report, and there has been plenty of other recent activity in Jacksonville.<\/p>\n

In August, Hillwood acquired<\/a> a 1.4 million-square-foot, two-building portfolio from Invesco Real Estate<\/strong>, in a deal also arranged by CBRE.<\/p>\n

In July, IWH Capital purchased<\/a> a 300,000-square-foot, six building industrial campus from GF Florida<\/strong> for $35 million. Again, CBRE represented the buyer.<\/p>\n

Also in July, Merritt Properties got under way<\/a> on the second phase of Imeson Land Business Park. The three-building first phase was completed in 2022 and is already 88 percent leased.<\/p>\n","protected":false},"excerpt":{"rendered":"

CT Realty and Diamond Realty Investments sold the property in a deal arranged by CBRE. <\/p>\n","protected":false},"author":882,"featured_media":1004695982,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,1591,21742,32781],"tags":[32789,36334,33974,32796],"class_list":["post-1004695977","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-jacksonville","category-latest","category-southeast","tag-cbre","tag-ct-realty","tag-diamond-realty-investments","tag-jll"],"acf":[],"yoast_head":"\nClarion Partners Purchases Jacksonville Industrial Building - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Clarion Partners has acquired a Class A industrial building in Jacksonville, Fla., on behalf of a separate account. 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