Sale of Jacksonville industrial facility closes

MIAMI, Jan. 10, 2022 – JLL Capital Markets announced today that it has closed the sale of a new, Class A, 1.06-million-square-foot industrial building fully net leased to Amazon at 10501 Cold Storage Rd., Building E in Jacksonville, Florida.

JLL marketed the property on behalf of the seller, VanTrust Real Estate. LBA Logistics acquired the asset.

Completed in 2021, Building E with Imeson Park is fully leased to Amazon and contains all the modern features industrial users seek today, including a 40-foot clear height, 89 dock-high doors, two drive-in doors, 490 trailer parking stalls, wide column spacing, ESFR fire protection and ample auto parking.

10501 Cold Storage Rd. is in the NorthSide submarket and only 6.7 miles from Jacksonville Port Authority (JAXPORT), one of the busiest seaports in the U.S. Additionally, the property is proximate to both Interstates 95 and 295, which provide easy access to the entire Southeast U.S.

According to JLL Research, at the close of the third quarter, demand for industrial space in the Jacksonville Industrial market remained high with a low 4.3 percent vacancy, and supply remains limited. Jacksonville led the nation in terms of professional in-migration. This influx of new residents, in conjunction with proximity to a major port and highways connecting Florida and the Southeast will likely continue to attract a wide variety of industrial users.

The JLL Capital Markets and Industrial Brokerage teams that represented the seller was led by Senior Managing Director John Huguenard, Managing Director Luis Castillo and Director Cody Brais.

“The Jacksonville Industrial market has been on a tear over the last few years with strong leasing activity powering absorption and driving down vacancy to the low single digits,” Castillo said. “Investors have taken notice of this critical Southeast logistics hub, and we expect strong capital flows into Jacksonville to continue for some time.”

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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