News release

Jacksonville multi-tenant industrial park sells

JLL Capital Markets closed the sale of the three-building light industrial facility in a prime logistics location

December 03, 2021

Kimberly Steele

Capital Markets, Agency Leasing and Valuation Advisory PR
+1 713 852 3420

MIAMI, Dec. 3, 2021 – JLL Capital Markets announced today that it has closed the sale of Magnolia Park, a three-building, small-bay light industrial park totaling 80,863 square feet in Jacksonville, Florida.

JLL marketed the property on behalf of the seller, Dalfen Industrial. Merritt Properties, LLC acquired the asset and has also retained a JLL Industrial Brokerage team for their leasing services.

Magnolia Park consists of two grade-level buildings and one dock-high building that has clear heights ranging from 14 to 25 feet, 13 dock doors, two drive-in doors, office finish and ample parking. Completed between 2002 and 2004, the property is home to 10 tenants in the security, door and window, water resources, home improvement and home building industries.

Situated on 7.1 acres, Magnolia Park is located at 5220 Shad Road, in the southside market of Jacksonville. The park is in a prime logistics location less than two miles from Interstate 95 and US-1, the major and logistics thoroughfares for the area. Additionally, the property is 16 miles from Jacksonville Port Authority (JAXPORT), which provides direct connections to 140 ports in 70 countries around the world and is one of the busiest seaports in the U.S.

According to JLL Research, Jacksonville’s Southside Industrial submarket has a low vacancy of 6.3 percent at the end of the third quarter of 2021 with no new product under construction or delivered to the market year to date, making multi-tenant buildings of this kind highly sought after by investors and tenants alike.

The JLL Capital Markets and Industrial Brokerage teams that represented the seller was led by Managing Directors Luis Castillo and Luke Pope, Associate Cody Brais and Senior Associate Ross Crabtree.

“We are seeing a huge surge in investor interest for light industrial opportunities in high-growth markets within Florida, and this property certainly benefitted from that trend,” Castillo said.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About Dalfen Industrial

Dalfen Industrial is one of the nation’s largest buyers and developers of industrial real estate and is a leader in the last-mile property sector. Their investment focus is on strategically located urban infill warehouses and distribution buildings. Dalfen currently owns and operates millions of square feet of premier industrial properties throughout the United States.

About Merritt Properties

Established in 1967, Merritt Properties owns the largest privately held commercial real estate portfolio in the region, offering 19 million square feet of Class A office, flex, warehouse, industrial, retail and build-to-suit throughout Maryland, North Carolina and Virginia. Capabilities include leasing, property development and management, and financing. Merritt Properties is committed to “Creating Homes for Businesses” and providing the highest quality service to its customers. For more information, visit www.merrittproperties.com.