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Jax Daily Record Tuesday, Aug. 4, 201512:00 PM EST

Coach center sells for $90 million

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Boston-based Intercontinental Real Estate Corp. bought the Coach North American Distribution and Fulfillment Center in North Jacksonville for $90.5 million.

Cushman & Wakefield, which brokered the sale, announced the deal Monday. It said the transaction completed Friday is the largest industrial sale in the Jacksonville market since 2013 that is not a portfolio transaction.

The 851,696-square-foot center sits on a 47.02-acre site. It was developed in 1994 and expanded in 1998 and 2008. The deal represents a sale price of more than $106 a square foot.

The Coach center is based on Coach Way in the Jacksonville International Tradeport. It is the hub for all distribution and fulfillment services of Coach products in North America.

Coach Inc. sells luxury purses, leather goods and accessories worldwide.

The Cushman & Wakefield brokerage team of Executive Director Mike Davis, Senior Director Michael Lerner, Senior Director Rick Brugge, Vice Chairman David Bernhaut, Senior Director Karl Johnston and Associate Director Tyler Newman represented the seller, Pantheon Properties.

An Intercontinental representative was not immediately available Monday for comment.

Its website said that since 1959, Intercontinental has managed, developed and owned more than $10 billion in real estate property. It now owns and manages a portfolio of more than $4 billion for its clients.

It actively seeks opportunities to invest in both core and core plus, as well as value-add development projects.

Cushman & Wakefield said the property includes about 50,000 square feet of two-story office space, with the remaining space consisting of air-conditioned warehouse space.

Cushman & Wakefield said Coach has invested substantial capital in its effort to create a state-of-the-art, automated distribution and fulfillment operation. It is the only tenant and occupies all of the space, although the center had been designed for multiple tenants.

The 425-acre Jacksonville International Tradeport, near Jacksonville International Airport, features other major corporate users, such as Mercedes-Benz, Ecolab, Biomet, Patterson Logistics, Sally Beauty Supply, Cintas, and Smurfit-Stone.

Cushman & Wakefield’s Jacksonville Industrial Marketbeat report for the second quarter shows a strong rebound for the Jacksonville industrial market because of continued job growth and increased port activity, all benefiting the Northside submarket.

Florida Research Manager Chris Owen said the industrial market’s vacancy rate sharply decreased in the second quarter, with the Northside rate dropping the most by 1.8 percentage points.

When the Real Estate Alert weekly trade publication reported in May that the center was for sale, it said it would attract bids of just more than $90 million.

 

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@MathisKb

(904) 356-2466

 

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