Cushman & Wakefield announced March 23 it brokered the sale of the Northeast Florida Industrial Center warehouse and distribution center for $40.62 million.
The 782,025-square-foot warehouse is at 4627 J.P. Hall Blvd. in Green Cove Springs, the news release said.
Cushman & Wakefield’s Mike Davis, Rick Brugge, Rick Colon, Karl Johnston and Dominic Montazemi represented the seller, Colorado-based Real Capital Solutions, in the transaction.
Orlando-based Green Cove Springs Distribution Center LLC bought the property. The company is part of Parkway Property Investments, which was founded by Jim Heistand. Heistand led other Jacksonville acquisitions and deals through his leadership at Associated Capital Properties Inc., Eola Capital LLC and Parkway Properties Inc.
He and partners formed Parkway Property Investments in 2017 through mergers.
“Demand for industrial assets continues unabated,” Davis said in the release.
“This asset provides long-term stable cash flow with upside to the investor.”
Cushman & Wakefield’s Equity, Debt and Structured Finance Team of Jason Hochman, Mike Ryan, Brian Linnihan and Ron Granite secured the $27.05 million non-recourse loan from CIT Bank.
Northeast Florida Industrial Center is 83% leased and offers cool storage, 140 dock-high loading doors, 11 grade drive-in doors and interior enclosed rail access.
The deed was executed March 19. It shows Parkway Acquisitions LLC as the lead for Green Cove Springs Distribution Center LLC.
CIT Bank of New York City financed the deal for $27.05 million.