The Easton Group announced June 10 it and Rialto Capital formed a joint venture to pay $38 million for a 335,000-square-foot portfolio of light industrial real estate primarily in South Jacksonville and West Jacksonville.
Mac Easton, a partner in North Florida-based Pine Street Partners, and C.J. Easton, an acquisition principal with Doral-based Easton Group, arranged the off-market transaction. Mark Wainwright of Pine Street RPS brokered the deal.
The release said the fully occupied long-term leases properties, primarily used for last-mile distribution, are at 7380 Philips Highway, 6921 Philips Industrial Blvd., 3500 Southside Blvd. in South Jacksonville and at 6964 Highway Ave. in West Jacksonville.
The deeds were executed June 6 and recorded June 8 with the Duval County Clerk of Court. The deeds show eight buildings were sold.
Records show the EGRCM JAX I LLC venture bought the property from four limited liability companies in Pinecrest linked to Oliver Holdings L.L.C.
The purchases comprise:
• $9.5 million for 6921 Phillips Industrial Blvd. from Phillips Industrial Park L.L.C. The building was developed in 1998.
• $9.5 million for the 6950 and 6964 Highway Ave. property from Highway Avenue LLC. The two buildings were developed in 2003 and 2007.
• $9.5 million for 3500 Southside Blvd. from Southside Boulevard L.C. The structure was built in 1985.
• $9.5 million for 7380 Philips Highway from West Phillips Center LLC. The four buildings were developed in 1997.
Tenants include Ferguson, Hajoca, Pepsi Bottling Group and Tulsa Welding School.
First-Citizens Bank & Trust Co. issued a $26.5 million mortgage, according to the Duval County Clerk of Courts.
“Jacksonville’s booming population growth is driving intense demand for industrial real estate space in Jacksonville which boasts a vacancy rate below 4%,” said the release.
The Easton Group is a family-owned commercial real estate firm with three generations of Eastons working in the business, the release said.
Miami-based Rialto Capital is an investment management and asset management organization.