Invesco Real Estate Buys $129M FL Industrial Portfolio
- Mar 14, 2019
Gramercy Property Trust, part of The Blackstone Group, has sold a three-building, nearly 1.9 million-square-foot industrial portfolio in Jacksonville, Fla., to Invesco Real Estate for $129.3 million, according to public records. Earlier this month, the seller also traded a nearly 90,000-square-foot office asset in Nashville, Tenn., for $17 million.
Two of the warehouses are located in Jacksonville’s Westside submarket, at 12200 Presidents Court and 2300 Pickettville Road. The first asset, 5 miles north of Interstate 10, totals 773,662 square feet and is fully leased to Unilever, which renewed its lease in 2018. The building opened its doors in 2008.
The second, a 600,657-square-foot property, is positioned alongside Interstate 295, 10 miles from the city center. The building is fully occupied by the Dr. Pepper Snapple Group, which uses the cross-dock facility as a distribution hub.
The third asset in the portfolio is located at 600 Whittaker Road in Jacksonville’s Northside submarket. The 478,791-square-foot warehouse, constructed in 1995 as part of the Imeson International Industrial Park, is home to GE Appliances. However, according to the Jacksonville Daily Record, the firm will be relocating to a larger building this summer.
Image via Google Maps