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Jax Daily Record Tuesday, Jul. 21, 202001:40 PM EST

Hillwood sells Wayfair fulfillment center for $75.5 million

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A San Francisco investor bought the Westside building that will be leased to the online home furnishings company.

Cecil Commerce Center master developer Hillwood sold the Wayfair Inc. fulfillment center to investor Stockbridge Capital Group LLC for almost $75.5 million.

The deed was recorded July 21 with the Duval County Clerk of Courts.

The 1.01 million-square-foot e-commerce fulfillment center occupies about 80 acres at 13483 103rd St. Hillwood sold the property through 103 BLDG A-B LLC.

Stockbridge Capital is based in San Francisco. It bought the property through Cecil Distribution LLC.

Wayfair, the Boston-based online home furnishings company, intends to lease the building and open it this summer.

Hillwood Senior Vice President Dan Tatsch said by email July 21 that he congratulates Wayfair on starting operations at the building.

"We welcome the entire Wayfair team to AllianceFlorida at Cecil Commerce Center, and we know they’ll be a great addition to the Jacksonville business community," Tatsch said.

He said Hillwood was gratified "to close the sale of a building, particularly one of this significance, and especially under the challenging business and financial conditions we’re all facing."

He also hinted at more tenants.

"We look forward to bringing many more prominent corporate names to the business park," he said.

Hillwood executed a long-term lease with Wayfair for a 1,012,567-square-foot building next to the Amazon.com fulfillment center in AllianceFlorida at Cecil Commerce Center.

The city announced Dec. 3, 2018, that Wayfair would lease the building and open the $72 million center.

A city incentives agreement says Wayfair will invest $50 million into real estate and $22 million into machinery, equipment, furniture and fixtures.

The city said Wayfair will complete the center by year-end 2020 and create 250 jobs by the end of 2021. Building plans indicate 250 parking spaces and future spaces of 240, totaling 490. The company has been posting job openings for the center.

Wayfair calls the Jacksonville center as a Large Parcel Home Delivery Operation. The company told the city its average salary for full-time jobs will be $33,000 plus benefits.

City Council approved a $3.3 million Recapture Enhanced Value grant based on the additional property taxes generated by the project.

 

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