The Eisenberg Group acquires properties in $7.43 million deal.
Cushman & Wakefield announced it has negotiated the $7.43 million sale of the three-building, 237,000-square-foot, multitenant Westgate Distribution Center and Agmac Distribution Center in West Jacksonville.
The portfolio was 87 percent leased at the time of the sale to tenants that include Goodyear, Hughes Supply and Access Information Systems.
The industrial brokerage team of Directors Tyler Newman and Jacob Horsley and Vice Chairman Mike Davis represented the seller, The Mid-America Management Corp. of Beachwood, Ohio.
Coral Springs-based The Eisenberg Group bought the property through its affiliate, Jax Industrial LLC.
The property comprises two buildings at 5501 and 5599 Commonwealth Ave. and the Agmac Distribution Center at 5858 Broadway Ave.
“We are extremely pleased to add these buildings to our Jacksonville portfolio,” said Jay Eisenberg, principal at The Eisenberg Group, in a news release.
“These assets match our core acquisition values, which target value or value-added industrial properties along the East Coast and Southwest United States,” said Principal Scott Eisenberg.
Westgate Distribution Center was developed in 1973 on 7.5 acres. The buildings total about 147,000 square feet and feature dock-high loading positions.
Agmac Distribution Center is a 90,000-square-foot warehouse and distribution facility built in 1978. It has 26-foot clear heights and large truck courts.
The buildings are less than a mile apart with access to Interstates 10 and 295.
Newman said Mid-America successfully operated the properties for many years, but decided to sell and reinvest in other assets.
“The Eisenberg Group was the ideal buyer and has long-term plans to upgrade the assets and secure long-term tenants,” he said.
Cushman & Wakefield said the Eisenberg Group will retain Newman and Horsley as exclusive leasing advisers and has secured capital to improve the buildings, including new paint, doors, dock equipment and interior upgrades.