Graham Commercial Sells North FL Industrial Assets

Interstate South Commerce Center encompasses more than 260,000 square feet across six building, currently leased to notable tenants including Honeywell and Lennar.
Aerial view of Interstate South Commerce Center
Aerial view of Interstate South Commerce Center

Graham Commercial Properties has traded six industrial buildings in Jacksonville, Fla., for $25.3 million to Fort Family Investments. Interstate South Commerce Center encompasses 260,272 square feet and is currently 88.5 percent occupied.

Located on 25 acres at 9440-9456 Philips Highway in Jacksonville’s Southside submarket, the property is positioned within a mile of the intersection of Interstate 95 and U.S. Highway 1, enabling easy access to the city center.

Diverse tenant roster

Constructed between 1986 and 1989, the buildings are leased to a mix of 31 tenants including Honeywell, Lennar Homes, Dal-Tile and Lincare. The seller picked up the property for $21 million at the start of 2015 from a joint venture between Mutual of Omaha and the Unum Group, according to Duval County public records.

A Cushman & Wakefield team led by Karl Johnston, Mike Davis, Rick Brugge and Michael Lerner represented Graham Commercial in the transaction.

“Today’s more sophisticated light industrial tenants are looking for highly functional space with both showroom and warehouse capabilities, as well as ease of access. This changing dynamic has created a strong demand for light industrial buildings like Interstate South Commerce Center, which will position this property for future rent growth,” said Johnston, senior director of the Cushman & Wakefield Capital Markets team, in a prepared statement.

Image via Google Maps