Hillwood sells GE Oil & Gas site for $57.6M to California investor

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Hillwood Investment Properties sold the GE Oil & Gas manufacturing plant property in Cecil Commerce Center on Wednesday for $57.6 million to a California investor.

Through New World Avenue Bldg A-1 LLC, Hillwood sold 40 acres at 12970 Normandy Blvd., according to the deed. That address is the site of the new GE Oil & Gas factory.

Dan Tatsch, senior vice president of Hillwood Investment Properties, said Thursday morning the company doesn’t comment publicly on “any of the deals we might or might not be working on.”

Realty Income Corp. of San Diego, through Terraza 13 LLC, bought the property. The realtyincome.com website says it buys commercial real estate for cash leased to tenants that have a good business and operating track record.

The 510,000-square-foot GE Oil & Gas structure was built in 2014.

Property records show that 33.36 acres at 12970 Normandy Blvd. carry a 2015 assessed value of $17.64 million.

The structure was Hillwood’s first speculative building at AllianceFlorida at Cecil Commerce Center. That building was Hillwood’s Parcel A spec building, which was developed so that prospects like GE would have quick access.

Hillwood is the city’s master developer at Cecil in West Jacksonville.

In September, Gov. Rick Scott and other city and business leaders announced that GE Oil & Gas will invest about $50 million into the building to pay for manufacturing and IT equipment as well as additional real estate improvements. GE Oil & Gas agreed to hire up to 500 people.

The project is expected to ultimately include more than $89 million in real estate construction and improvements and expenditures on manufacturing equipment. The initial building is designed to double in size to 1 million square feet.


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