Boston-based STAG Industrial Inc., a real estate investment trust, paid $14.8 million Tuesday for a new 232,488-square-foot warehouse at 9779 Pritchard Road in Westlake Industrial Park.
Spartanburg, South Carolina-based Johnson Development Associates Inc. sold the property through Jacksonville Industrial Properties 80 LLC. Johnson developed the Class A building with 43 dock-high loading doors, two grade-level drive-in doors and trailer parking built by The Conlan Co.
Johnson Development built the adjacent 546,000-square-foot industrial building in 2008-09 and sold it in 2013 to Exeter Property Group of Pennsylvania for almost $26.5 million.
Cushman & Wakefield Industrial Services Team Senior Directors Tyler Newman and Jacob Horsley represented the buyer and will represent STAG with the listing of the building, named STAG Westlake, for lease to one or two potential tenants.
STAG is a public company that focuses on the acquisition and operation of industrial properties. It has 410 properties with about 81.2 million rentable square feet in 38 states. STAG owns four other industrial properties in Jacksonville totaling more than 1 million square feet.