Constructing 200 at 9909 Pritchard Blvd. is totally occupied by IPEX USA LLC. Picture courtesy of CBRE
Clarion Companions LLC has acquired a 300,240-square-foot, Class A industrial constructing in Jacksonville, Fla., on behalf of a separate account. CBRE organized the transaction.
The vendor was CT Realty in a three way partnership with Diamond Realty Investments. The transaction’s greenback worth was not disclosed.
The newly accomplished Constructing 200 at 9909 Pritchard Blvd. is totally occupied by IPEX USA LLC, a wholesale provider of specialised PVC and thermoplastic piping methods.
The construction is sited inside the master-planned Florida Gateway Logistic Park, in Jacksonville’s West Aspect submarket, and options 36-foot clear peak, cross-dock loading, 86 dock doorways, 4 drive-in doorways, ESFR sprinkler methods, 168 automobile parking areas and 138 trailer parking areas.
READ ALSO: High 5 Markets for Industrial Transactions
CBRE Nationwide Companions’ Vice Chairmen Jose Lobón, Trey Barry, Frank Fallon, together with Chris Riley, president, U.S. Industrial & Logistics, Capital Markets, and Royce Rose, senior monetary analyst, represented the sellers, assisted by CBRE’s Alain Bonvecchio, monetary marketing consultant, and Gabriel Braun, affiliate.
In a ready assertion, Lobón described the property as “strategically positioned for mega-regional distribution,” with a location from which 60 million shoppers may be reached inside an eight-hour drive. The constructing has rapid entry to I-295 and straightforward connections to the whole Southeast through I-10 and I-95.
Staying heat
Jacksonville’s industrial area market consists of about 110 million sq. ft, of which 4.9 % is vacant. Practically 4.9 million sq. ft of area is at present underneath growth, in keeping with a third-quarter report from JLL.
12 months-to-date, deliveries of about 4.4 million sq. ft have outpaced absorption of about 2.4 million sq. ft. The general direct asking lease is $7.95 per sq. foot.
The IPEX lease is among the prime 5 lease transactions famous by JLL within the report, and there was loads of different current exercise in Jacksonville.
In August, Hillwood acquired a 1.4 million-square-foot, two-building portfolio from Invesco Actual Property, in a deal additionally organized by CBRE.
In July, IWH Capital bought a 300,000-square-foot, six constructing industrial campus from GF Florida for $35 million. Once more, CBRE represented the client.
Additionally in July, Merritt Properties acquired underneath means on the second section of Imeson Land Enterprise Park. The three-building first section was accomplished in 2022 and is already 88 % leased.
