Another Cecil Commerce Center property sold this week.
SunCap Jacksonville LLC sold the FedEx Ground Package System Inc. property at 13509 Waterworks St. to Monmouth Real Estate Investment Corp. of Freehold, N.J., for $30.65 million.
The sale closed Thursday and was recorded Friday with the Duval County Clerk of Court.
Monmouth bought the property through MREIC Jacksonville Fla LLC, which also took out a $20 million mortgage from American United Life Insurance Co.
FedEx is developing a 300,000-square-foot distribution and sorting facility at the Westside business park.
SunCap Property Group of Charlotte, N.C., developed the center, which should open this year. The deed shows SunCap sold 46 acres to Monmouth.
Monmouth said in a news release the property is net-leased for 15 years to FedEx Ground Package System.
Michael Landy, Monmouth president and CEO, said the Class A built-to-suit center was close to Interstates 95 and 10. He also said Jacksonville’s port ranks among the nation's top 20 ports.
“It is widely anticipated that as the expanded Panama Canal comes online, the Jacksonville economy will benefit,” he said in the release.
Monmouth Real Estate Investment Corp. was founded in 1968. It is a public equity REIT and specializes in net-leased industrial properties, subject to long-term leases, primarily to investment grade tenants.
Its property portfolio consists of 88 properties in 28 states, containing 12.7 million rentable square feet. In addition, the company owns a portfolio of REIT securities.
Also this week, Hillwood Investment Properties sold the GE Oil & Gas plant property in Cecil Commerce Center for $57.6 million. Realty Income Corp. of San Diego bought the 40-acre property and 510,000-square-foot building.
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