JLL closes sale of Jacksonville industrial facility
The newly delivered distribution center is fully leased to W. W. Grainger
ATLANTA, March 25, 2020 – JLL Capital Markets announced today that it has closed the sale of Grainger Distribution Center, a new, fully leased, Class A, 297,000-square-foot facility in Jacksonville, Florida.
JLL marketed the property on behalf of the seller, a joint venture led by TriGate Capital, LLC. The buyer was undisclosed.
Completed in December 2019, Grainger Distribution Center is home to W.W. Grainger, Inc., a Fortune 500 business-to-business distributor of maintenance, repair and operating supplies (MRO) whose revenues reached $11.20 billion in 2018 and currently holds A+ and A3 investment-grade credit ratings from Standard & Poor’s and Moody’s Investment Service. The institutional-quality facility features a 32-foot clear height, 65 dock-high doors, two drive-in doors, ESFR fire suppression, LED high-bay lighting, deep truck court and low office finish.
Situated on a total of 75 acres at 6590 Pritchard Rd., Grainger Distribution Center is in the Crossroads Distribution Center Park within Jacksonville’s Westside industrial submarket, the largest and most active submarket in Jacksonville. The property has easy access to the entire Jacksonville MSA via Interstate 295 along with Interstate 95, which connects the entire eastern United States.
The JLL Capital Markets team representing the developer was led by Managing Directors Britton Burdette, Pete Pittroff and Matt Wirth; Senior Managing Director Dennis Mitchell; Senior Directors Patrick Nally and Bret Felberg; and Executive Vice President Luke Pope.
“This was a high-quality, functional industrial asset in one of the best locations in the Jacksonville market,” Burdette said. “The seller received strong pricing, and the buyer acquired a great asset that should perform very well for them over their ownership period and beyond.”
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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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 $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.