Jacksonville Warehouse Changes Hands for $49M

Wells Fargo originated just shy of $30 million in acquisition financing for Graham & Co.’s purchase of the 877,196-square-foot industrial asset.
NorthPort Logistics Center

Real Capital Solutions has sold NorthPort Logistics Center, an 872,627-square-foot industrial asset in Jacksonville, Fla., to Graham & Co. for $49 million, according to public records. The buyer drew an undisclosed amount from a $101.4 million line of credit provided by Wells Fargo to finance the acquisition.

The seller had acquired the asset in 2015 from Oakmont Industrial Group for $33 million. In June 2018, Real Capital Solutions paid nearly $48 million for the largest commercial building in Jacksonville, 5 miles to the west.

Located at 11530 New Berlin Road in the city’s Northside submarket, the property is within 4 miles of two major marine terminals. The nearest entrance to Interstate 295 is roughly 2 miles west of the warehouse, providing access throughout the metro area.

Constructed in 2009, the LEED Silver certified building is home to Gildan Activewear and Grimes Logistics, which occupy a respective 306,611 and 400,928 square feet, according to Jacksonville Daily Record. The structure features 32-foot clear heights, 126 dock-high loading doors and two 12-by-16 drive-in doors. The cross-dock facility also includes 60-foot loading bays, 219 trailer stalls and 57 parking spaces.

Image via Google Street View