Sale to Colony NorthStar frees up funds for more investment.
Stone Mountain Industrial Park Inc. reported that it sold four buildings on 75 acres at Westside Industrial Park on Friday for $77.5 million to a Colony NorthStar Inc. entity.
The sale comprises adjacent Buildings 100, 200 and 300 at 4601 Bulls Bay Highway and one building across the street at 4910 Bulls Bay Highway. The property is at northwest Interstate 295 and Pritchard Road.
The property totals more than 1.27 million square feet of space, which means the buildings sold for about $61 per square foot.
Duval County Property Appraiser records show the property’s assessment in progress is almost $30.31 million. The structures sold to Colony NorthStar were developed between 1993 and 2017, when one of the buildings was expanded for Kraft.
Stone Mountain Industrial Park is a subsidiary of Pattillo Industrial Real Estate.
“Pattillo Industrial Real Estate sold these buildings because we found the price to be fair and we will use the proceeds to fund an active pipeline of speculative industrial buildings and build-to-suit projects in Jacksonville and other markets in which we are actively developing,” said Pattillo CEO Larry Callahan in an email.
Callahan said the properties are about fully leased.
Tenant names are on the signs in front of the buildings. Tenants at 4601 Bulls Bay Highway include SCP Distributors LLC, Johnstone Supply, CES Online, Arrowhead Engineered Products, Barnett, AmSan, U.S. Lock, Wasserstrom and Kraft Foods.
Bridgestone HosePower leases 4910 Bulls Bay Highway.
Pattillo is developing a 272,480-square-foot speculative warehouse and a 450,000-square-foot build-to-suit regional parts distribution center for BMW or North America LLC along Imeson Road at Westside Industrial Park.
It also is building a 163,615-square-foot warehouse for lease to the TRUaire HVAC manufacturer at NorthPoint Industrial Park.
Pattillo Industrial Real Estate Senior Vice President Peter Anderson said affiliate Stone Mountain Industrial Park bought the Westside Industrial Park property in 1986.
“This is an opportunity to redeploy our assets,” he said.
Pattillo and Stone Mountain are based in Atlanta.
Los Angeles-based Colony NorthStar already owned property in Northeast Florida. It bought Creekside Distribution Center in North Jacksonville for $24.05 million in August.