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Aerial image of IWH Industrial Park. Image courtesy of CBRE
IWH Capital has purchased a 300,000-square-foot, six-building industrial campus in Jacksonville, Fla.—its second investment in the market. GF Florida sold the property for $35 million. CBRE First Vice President Ben Stewart and Associate Kyle Fisher negotiated on behalf of the buyer and will also provide leasing services.
IWH Capital focuses on acquiring last-mile industrial products. The firm’s portfolio consists of more than 3 million square feet of industrial space spread across Midwest, Mid-Atlantic and Southeast U.S.
Nearly 3.2 million square feet of industrial space changed hands in Jacksonville metro in the first six months of the year, according to CommercialEdge data. In one of the transactions, Sterling Investors paid $31.1 million for a 260,000-square-foot, Class A distribution center. Link Logistics sold the asset, with the assistance of JLL.
A small bay and flex industrial portfolio
At the time of the transaction, the asset was 92 percent leased by 22 companies working in the HVAC, electronics, healthcare and automotive industries. The portfolio encompasses the following buildings, all featuring small bay industrial and flex space:
- Monterey, a 61,688-square-foot facility located at 8168-8190 Baymeadows Way W.
- the 57,000-square-foot Madison at 7750 Bayberry Road
- Lexington, a 9,632-square-foot office building located at 7751 Bayberry Road
- the 40,000-square-foot Palatka, situated at 7861-7875 Bayberry Road
- Denver, a 70,140-square-foot property at 7829-7859 Bayberry Road
- the 66,800-square-foot Charleston, located at 7749-7787 Bayberry Road.
The portfolio is close to Interstate 95 within Jacksonville’s Southside submarket, 9 miles from downtown Jacksonville, 12 miles from JAXPORT and within 24 miles of Jacksonville International Airport.
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