{"id":1004771370,"date":"2025-09-15T03:33:00","date_gmt":"2025-09-15T11:33:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004771370"},"modified":"2025-09-15T22:03:48","modified_gmt":"2025-09-16T06:03:48","slug":"nuveen-pays-21m-for-jacksonville-industrial-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nuveen-pays-21m-for-jacksonville-industrial-asset\/","title":{"rendered":"Nuveen Pays $21M for Jacksonville Industrial Asset"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a0ce7272ab50&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"450\" data-attachment-id=\"1004771371\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/nuveen-pays-21m-for-jacksonville-industrial-asset\/brennan-nuveen-jll\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/Brennan-Nuveen-JLL.jpg\" data-orig-size=\"600,450\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Brennan-Nuveen-JLL\" data-image-description=\"&lt;p&gt;Image provided by Grace Lewis, PR at JLL, via e-mail on Sept 12, 2025. Also posted online together with the release here: https:\/\/www.citybiz.co\/article\/744220\/brennan-investment-group-sells-jacksonville-distribution-facility\/&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The warehouse occupies more than 13 acres inside Northeast Florida\u2019s largest industrial park. Image courtesy of JLL&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/Brennan-Nuveen-JLL.jpg?w=600\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/Brennan-Nuveen-JLL.jpg\" alt=\"Aerial shot of the property at 4925 Bulls Bay Highway in Jacksonville, Fla. Nuveen paid .1 million for this industrial property, sold by Brennan and Farallon in a deal by JLL.\" class=\"wp-image-1004771371\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/Brennan-Nuveen-JLL.jpg 600w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/09\/Brennan-Nuveen-JLL.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">The warehouse occupies more than 13 acres inside Northeast Florida\u2019s largest industrial park. <em>Image courtesy of JLL<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>A joint venture led by Brennan Investment Group has sold a 198,408-square-foot industrial asset in Jacksonville, Fla. Farallon was also part of the venture, JLL Managing Director Cody Brais told <em>Commercial Property Executive<\/em>. The brokerage firm represented the seller in the transaction proceedings.<\/p>\n\n\n\n<p>Nuveen purchased the warehouse for $21.1 million, <a href=\"https:\/\/www.jaxdailyrecord.com\/news\/2025\/sep\/12\/westside-industrial-park-warehouse-sold-for-211-million\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><em>Jacksonville Daily Record<\/em> reported<\/a>. The property previously traded for $15.8 million in 2022.<\/p>\n\n\n\n<p>Located on more than 13 acres at 4925 Bulls Bay Highway, the facility is inside Pattillo\u2019s 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.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/are-cap-rates-starting-to-compress\/\">Are Cap Rates Starting to Compress?<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>\u201cThe warehouse will eventually be fully climate-controlled, allowing for temperature-sensitive materials to be stored on-site,\u201d Brais added.<\/p>\n\n\n\n<p>Brais, together with JLL Senior Managing Director Luis Castillo, as well as Associate Taylor Osborne and Analyst David Orta Jr., brokered the deal on behalf of the sellers.<\/p>\n\n\n\n<p>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 <a href=\"https:\/\/www.commercialsearch.com\/news\/nuveen-pays-90m-for-industrial-portfolio\/\">acquisition of a 497,875-square-foot collection<\/a> from Blackstone. The Reno, Nev., portfolio sold for $90.2 million.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-jacksonville-investors-proceed-with-caution\">Jacksonville investors proceed with caution<\/h2>\n\n\n\n<p>Metro Jacksonville\u2019s vacancy climbed 270 basis points year-over-year to 7.6 percent in June, according to a <a href=\"https:\/\/assets.cushmanwakefield.com\/-\/media\/cw\/marketbeat-pdfs\/2025\/q2\/us-reports\/industrial\/jacksonville_americas_marketbeat_industrial_q22025.pdf?rev=32d0c01519b845b4b64ddf04deb0f2df\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Cushman &amp; Wakefield report<\/a>. Industrial deliveries fueled this growth as more than half of the product completed during the second quarter remained vacant.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/top-markets-for-industrial-transactions\/\">Industrial investment<\/a> 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 <a href=\"https:\/\/www.commercialsearch.com\/news\/cip-real-estate-pays-54m-for-jacksonville-asset\/\">acquired the 422,136-square-foot property<\/a> for $53.8 million.<\/p>\n\n\n\n<p>The Imenson and West Side Jacksonville submarkets witnessed outsized investor interest, Brais concluded. South Side was also popular, yet there weren\u2019t many assets hitting the market.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The property previously changed hands in 2022.<\/p>\n","protected":false},"author":3471,"featured_media":1004771371,"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":[33335,44072,32796,37491],"class_list":["post-1004771370","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-jacksonville","category-latest","category-southeast","tag-brennan-investment-group","tag-farallon-capital","tag-jll","tag-nuveen"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nuveen Pays $21M for Jacksonville Industrial Asset - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Nuveen paid $21.1 million for an industrial asset in Jacksonville, Fla. 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