12/03/2021 | Press release | Distributed by Public on 12/03/2021 09:39
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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