STAG Industrial Picks Up Jacksonville Spec Facility

Cushman & Wakefield assisted the Boston-based REIT in the purchase of a newly built distribution center in the Westside submarket.
STAG Westlake
STAG Westlake. Image courtesy of Cushman & Wakefield

STAG Industrial has purchased a Class A, 232,488-square-foot industrial asset in Jacksonville, Fla. Johnson Development Associates Inc. sold the newly built warehouse for $14.8 million. In another recent deal, the Boston-based REIT acquired a 110,000-square-foot asset in South Richmond, Va.

The distribution center dubbed STAG Westlake is situated at 9779 Pritchard Road, on an 18-acre site in the Westside submarket. Completed in 2019, the speculative building features 32-foot minimum clear heights and built-to-suit office space.

Features include 43 truck doors, two drive-in doors, 159 regular parking spots and 52 truck spaces. The asset is roughly 4 miles west of Interstate 295. Jacksonville International Airport is 16.3 miles northeast, while JAXPORT is 14 miles east.

Senior Directors Tyler Newman and Jacob Horsley of Cushman & Wakefield’s industrial services team assisted the new owner in the acquisition. The brokerage team was also tapped as the exclusive leasing agent for STAG Westlake. The landlord’s portfolio currently comprises more than 80 million square feet of industrial space across the U.S., with more than 1 million square feet of that located in Jacksonville.