It is the investor’s 12th purchase in Northeast Florida.
A Montana investment company added 22 acres to its Northeast Florida holdings with the April 10 purchase of O.E. Smith’s Sons Inc. warehouses and offices in Northwest Jacksonville for $1.02 million.
Stevensville, Montana-based Flying Colors Group L.P. bought the 12 structures totaling about 25,000 square feet of office, warehouse and storage space on property zoned as a planned unit development for business park and light industrial use.
The property at 11749 New Kings Road has about 1,150 feet of road frontage.
Colliers International announced the sale April 15 in a news release. It said the purchase is the group’s 12th investment in Northeast Florida since 2016, bringing the total to more than 434,000 square feet of industrial space.
Eric Bumgarner, senior director of Colliers International’s Jacksonville office, represented both the buyer and seller in the cash transaction.
Colliers said the buyer is willing to build to suit, lease out the existing buildings, lease land for truck or equipment storage, or lease the whole property to one user. Colliers will be the leasing agent.
The main buildings comprise a 10,100-square-foot precast concrete open warehouse equipped with two 5-ton cranes and a silo to store aggregates; a 10,325-square-foot prefabricated metal building with 2,141 square feet of office; a 1,440-square-foot metal warehouse with 16 feet of clear height; and a 2,766-square-foot, two-story home that could be converted to office space.
OE Smith’s Sons Inc., founded in 1940, is a family-owned and operated business providing well drilling, septic tanks system and water pump service. It will retain 10 acres of the 32-acre property.