Foreclosed Jacksonville Flex Property Sells

The two industrial buildings sold for more than triple the price it was acquired for, three years prior, after the seller leased up most of the vacant space.

Plaza 295 in Jacksonville, Fla.
Plaza 295 in Jacksonville, Fla.

Prime Realty has closed the sale of the two-building, 54,730-square-foot Plaza 295 in southwestern Jacksonville, Fla. The flex industrial asset sold for $3.5 million to a private investor, who funded the acquisition with a $2.6 million mortgage held by CenterState Bank, according to public records. The seller, the Rahimi brothers, purchased the property out of foreclosure for $891,000 in March of 2014.

Located at 7060 103rd St., Plaza 295 sits alongside Interstate 295 and is exposed to an average of 95,000 cars per day. The property is situated next to a self-storage facility operated by U-Haul and is across the street from a Hospitality Inn & Suites. The clear-span buildings feature 28-foot clear heights, and most of the buildings’ 15 units were built out over the past two years. The property is 85 percent leased to a diverse mix of small tenants, including Hohrath’s Heating & Cooling, Prism Medical Products and Glass Doctor of Jacksonville.

Image via Google Maps