Arsenault Holdings, LLC Purchased the 1.7M-SF Distribution Building from GIV Imeson, LLC
JACKSONVILLE, FL, June 15, 2018 – Cushman & Wakefield has arranged the disposition of Jacksonville’s largest commercial building, One Imeson Distribution Center. The two-story, 1,701,684-square-foot distribution and office building sold for $47.75 million. Totaling 72.5 acres, the property also includes 12.3-acre container storage area, as well as a 24.2-acre future development site that can accommodate expansion and/or future build-to-suits within the park.
The team of Vice Chairman Mike Davis, Senior Director Karl Johnston, Senior Director Tyler Newman, Executive Director Rick Brugge and Executive Director Michael Lerner, with Cushman & Wakefield’s National Industrial Advisory Group, represented GIV Imeson, LLC in the sale. The buyer is Louisville, Colorado-based Arsenault Holdings, LLC.
One Imeson is comprised of 1,453,367 square feet (85 percent) of industrial space and 248,317 square feet (15 percent) of office space. Notable tenants include Bacardi, General Dynamics, Komyo America (Honda), Venus Swimware, the Jacksonville Supervisor of Elections and Samsonite. The building was 74 percent occupied at time of sale.
“This two-story distribution center boasts an exceptional national tenant roster and strong upside potential,” said Davis. “With additional development land, outdoor storage, as well as quality back office space, One Imeson is positioned to accommodate a variety of industrial or office uses well into the future.”
The property is situated at One Imeson Park Boulevard within Imeson Industrial Park, which is the most centrally located industrial park in the Jacksonville market. It is located in the active Northside industrial submarket, which accounted for 90 percent of all absorption in the Jacksonville market during the first quarter of 2018.
The property was built in 1974 and was last renovated in between 2012 and 2015. Improvements included an entire new roofing system, new chillers, lighting upgrades and various cosmetic improvements.
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Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Communications Specialist, Florida