Grubb & Ellis/Phoenix Realty Group Inc. handled the sale. Brokers Aaron Zarle, Bryan Bartlett and John Richardson represented the seller, New York-based W. P. Carey & Co. LLC. The company did not disclose the financial details of the transaction, but Jacksonville Business Journal reports that the property traded for $3.9 million according to public records–$2 million less than what W.P. Carey paid for it in 1992.
Built in 1991 and totaling 240,000 square feet, the concrete tilt-up industrial property has 30’-32’ clear ceiling heights, 4,000 square feet of office and a total of 56 dock-high loading doors. The property, currently vacant, has previously been occupied by Sears.
Sean Dalfen, executive managing director at Dalfen America Corp., said: “This building is ideally located in extremely close proximity to I95, JAX port and the Mitsui terminal. In its size range, the property is hands down the market’s best available distribution facility.”
Quebec-based Dalfen America Corp. has become one of North America’s most active buyers of opportunistic industrial real estate, having transacted on 39 buildings and 2 million feet of prime development land, over the past 18 months. Through its current opportunistic industrial fund, it has acquired 30 institutional-quality industrial buildings in seven states and intends to more than double that number within the next 12 months.