LRC Properties of Rye Brook, New York, bought an almost 480,000-square-foot warehouse at 600 Whittaker Road in Imeson International Industrial Park for $29.6 million.
Real Estate Weekly reported it was LRC’s first industrial property acquisition in Jacksonville.
REW-online.com reported that LRC partnered on the deal with Machine Investment Group.
LRC intends to make cosmetic upgrades and improve signage to the North Jacksonville property.
LRC bought it through LRP Prop I LLC 5.
Invesco Real Estate of Dallas sold the property, built in 1995, through 600 Whittaker Industrial LLC. It paid $32 million for it in February 2019.
“600 Whittaker Road presented the right opportunity for us to jump into the industrial Jacksonville market with a property that fits perfectly into our firm’s industrial growth strategy,” said Karie Nero, principal and chief financial officer, in the REW report.
She said the location near Interstates 95, 295 and 10, two ports and rail access make the site “ideal as a distribution hub.”
“This is a key reason we are seeing great interest from potential users,” she said in the REW report.
GE Appliances previously leased the building before moving to a larger warehouse.
The deed was executed May 28 and recorded June 10 with the Duval County Clerk of Courts.
The site is 24.4 acres and assessed at $22.45 million for tax purposes.
FS Creit Originator LLC of New York City financed the deal at $24.7 million, according to the mortgage recorded June 10.
REW said Rialto Capital funded the debt on the purchase.
The LRCprop.com site says the company has a conservative investment strategy focusing on buying assets below replacement cost and “maximizing value through hands-on management and repositioning, rather than through financial engineering.”
It focuses on properties on the East Coast, with a concentration in the Southeast.