New Jacksonville industrial building sells

ATLANTA, Feb. 22, 2022 – JLL Capital Markets announced today that it has closed the sale of Crossroads Building 300, a new, Class A, fully leased, 235,200-square-foot industrial building within Crossroads Distribution Center in Jacksonville, Florida.

JLL marketed the property on behalf of the private seller. Principal Real Estate Investors, the real estate investment team for Principal Global Investors^®, acquired the asset.

Crossroads Building 300 was developed by the seller and completed in 2022 to modern, state-of-the-art specifications, including a 32-foot clear height, deep truck courts, rear-load configuration, 56 dock-high doors, 43 trailer stalls, ESFR fire protection, LED lighting and ample parking. The property is net leased to two high-quality tenants, Cartparts.com and Drummond Press, Inc.

Located within the master-planned Crossroads Distribution Center, the property is at 6610 Pritchard Rd. with immediate access to Interstate 295, a major logistical thoroughfare that provides connectivity to the Port of Jacksonville (JAXPORT), Jacksonville International Airport (JAX) and downtown Jacksonville. Additionally, Crossroads Building 300 is proximate to Interstates 10 and 95, which offers the tenants access to the major population centers in Florida and the entire East Coast.

Crossroads Building 300 is within the Westside Industrial submarket, Jacksonville’s largest and most active submarket. According to JLL Research’s Jacksonville Industrial Insight report, this submarket had a low vacancy of 4.3 percent at the end of the fourth quarter of 2021, contributing to the growth in direct asking rents seen over the last year.

The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Britton Burdette, Luis Castillo, Mitchell Townsend, Cody Brais and Luke Pope.

“This transaction represents a continued interest in core industrial assets in Southeastern port markets,” Burdette said. “Jacksonville’s Westside Industrial submarket continues to perform at one of the highest levels in the MSA, and we expect to see this trend continue going forward.”

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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