Imeson International Industrial Park Inc. entities sold 14 buildings in Imeson International Industrial Park over the past two weeks for $88.9 million.
Imeson President Dan Webb said Wednesday the company will keep 500 acres it owns at the North Jacksonville business park for development.
“We just thought it was a good time to monetize these properties,” Webb said, who is based in Orlando. “There was money in the marketplace, so we thought it was a good time to do it.”
Webb International Inc. started developing the industrial park, a former airport north of Heckscher Drive and east of North Main Street, after it bought the property about 1970. Webb said the company bought 1,200 acres there.
Webb said the Jacksonville properties were among a 27-building portfolio in Jacksonville, Orlando and Miami sold to Atlanta-based MDH Partners LLC.
The 11 Jacksonville deeds show seven were made to MDH Partners companies and four to STAG Industrial Inc., a Boston-based real estate investment company.
The deeds, recorded Wednesday with the Duval County Clerk of Courts, encompass 14 buildings and totaled almost $89 million. Most of the deeds were executed Jan. 17, with one made Jan. 12.
Street addresses for the sold properties include Canada Drive, Gun Club Road, Whittaker Road, Busch Drive, Zoo Parkway and Parker Avenue. The warehouses were built from 1972 to 2011.
Webb said MDH bought 4.3 million square feet overall, including the Jacksonville buildings.
Property records show the Jacksonville properties encompass almost 113 acres and are assessed for tax purposes at $52.9 million.
Webb said he was a little sentimental about the sale, “but we still own the vacant property at Imeson and our plans are to build some new product up there.”
Other companies also own property at the park, he said.
Webb’s father, William C. Webb, started the business. Upon his retirement, Daniel Webb, the second son, took over management of the Orlando and Jacksonville properties.
Imeson International Industrial Park Inc. is led by Webb and his brother, William C. Webb Jr.
The properties were sold under several corporate entities.
MDH Partners LLC is a real estate investment company with more than 8 million square feet of properties in seven states from Virginia to Florida.
The company’s website said it was founded in 2005. It reports it has acquired and developed more than 10 million square feet and participated in more than $2 billion of transactions as an adviser and investor, with capital partners such as the Blackstone Group and Wells Fargo Real Estate.
Its website says the company wants to double its size over the next two years through the acquisition and development of industrial facilities through the Southeast.
Boston-based STAG is a real estate investment company that acquires, owns and manages single-tenant, industrial real estate assets throughout the United States
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