Senior Director Karl Johnston
The Cushman & Wakefield Capital Markets Team of Senior Director Karl Johnston, Vice Chairman Mike Davis, Executive Director Rick Brugge and Executive Director Michael Lerner negotiated the sale on behalf of the seller in the transaction, GCP-Interstate South, LLC, through its holding company, Birmingham, Alabama-based Graham Commercial Properties (GCP). The buyer is Kissimmee Land Company, LLC, a Fort Family Investments partnership based in Jacksonville.
Interstate South Commerce Center is a state-of-the-art light industrial facility consisting of six small-bay, rear-load, dock-high buildings that were developed between 1986 and 1989.
At time of sale, the property was 88.5 percent leased to 31 diversified tenants, including Lennar, Honeywell, Dal-Tile and Lincare. There are five spaces totaling 29,720 square feet currently available for lease.
The property is situated at 9440-9456 Philips Highway, along one of Jacksonville’s primary north/south commercial arteries. It is one of a limited number of quality Class A light industrial properties within the Southside submarket, which is the second largest industrial submarket in Jacksonville, with 23.9 million square feet of space.
“Today’s more sophisticated light industrial tenants are looking for highly functional space with both showroom and warehouse capabilities, as well as ease of access. This changing dynamic has created a strong demand for light industrial buildings like Interstate South Commerce Center, which will position this property for future rent growth,” said Johnston.
“While the offering received tremendous interest from the investment community, given its strategic location, high functionality, and credit tenancy, Kissimmee Land Company, LLC was the ideal purchaser with their strong long-term presence and commitment to the Jacksonville community.”
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Communications Specialist, Florida