Spirit Realty Shells Out $24M for Jacksonville Portfolio

The deal includes some 276,000 square feet of industrial and office space.
3300 Phillips Highway. Image via Google Street View

Spirit Realty Capital has acquired a three-building portfolio from Mac Papers Inc. in Jacksonville, Fla., for $23.9 million. The deal totals some 276,000 square feet of industrial and office space, along with 5 acres of undeveloped land.

The transaction comes on the heels of Monomoy Capital’s acquisition of Mac Papers and all of its subsidiaries earlier this month. Following the deal, Monomoy Capital will lease the properties from Spirit Capital.

According to public records, the portfolio includes:

  • a 163,000-square-foot manufacturing facility built in 1970, located on 10 acres at 8370 Philips Highway;
  • a 64,300-square-foot distribution warehouse completed in 1956, located on 3 acres at 3350 Philips Highway;
  • a 49,150-square-foot office property, located on 3 acres at 3300 Philips Highway, adjacent to the land parcel that was also included in the deal. The office building came online in 1990 and underwent renovations in 2015.

The properties are close to Interstate 95, which also provides access to interstates 10 and 295. Downtown Jacksonville is within 11 miles and Jacksonville International Airport is approximately 26 miles away.

In January, Spirit Realty sold Broadview Village Square, a 193,536-square-foot retail center near Chicago. A JLL Capital Markets team represented the seller in the deal.