Jacksonville Industrial Property Commands $15M

BankUnited provided $10.6 million in acquisition financing to buyer IP Capital Partners. The seller had previously acquired the three-building, 600,000-square-foot portfolio in 2016.
5233 Commonwealth Ave.

IP Capital Partners has acquired a roughly 523,300-square-foot industrial asset in Jacksonville, Fla., for $15 million, according to county records. BankUnited provided the buyer with $10.6 million in acquisition financing. 

Two other buildings on the parcel—a single-story, 33,427-square-foot office structure occupied by sports merchandiser Fanatics and a 36,068-square-foot Conlan Tire maintenance center—were included in the deal. The seller, Tower Investments, had picked up the property in July 2016 for $10.8 million from Winthrop Realty Trust.

The warehouse, located at 5233 Commonwealth Ave., is home to Dickinson Fleet Services, a truck service and maintenance firm. The structure, built in 1960, contains 58 loading docks and a fenced yard. Additionally, the facility features more than 10,000 square feet of office space.

The property is within 4 miles of the intersection of interstates 10 and 295, a stone’s throw from the booming Westside submarket. The area is home to three industrial developments currently underway.

Image via Google Maps