Link Logistics Real Estate LLC of New York sold an eight-building industrial portfolio in North Jacksonville to Lincoln Property Co. for at least $91.32 million, according to deeds recorded June 7 with the Duval County Clerk of Courts.
The five deeds were executed June 2. Link Logistics Chief Administrative Officer Sonya Huffman signed the deeds.
The recorded deeds do not appear to include three of the buildings, so the total purchase could be higher.
Link Logistics and Lincoln Property have not responded to questions for comment.
Through limited liability companies, Link Logistics sold the Jacksonville International Tradeport properties to Lincoln Property, who set up LLCs as Columbia Florida Transport LLCs. The address is in Chicago.
The deeds are to the attention of Gary Kobus, executive vice president of Lincoln Advisors, the advisory division of Lincoln Property Co,
The Cushman & Wakefield commercial real estate services firm announced June 6 that it arranged the sale of the eight-building industrial park in to Lincoln Property Co.
The purchase price was not disclosed, nor was the name of the seller.
The news release says the property totals about 933,500 square feet, comprising:
• Three buildings at 13845, 13903 and 13949 Alvarez Road. Duval County property records show those three structures, built in 2008, comprise 93,960-, 147,596- and 94,360-square-foot warehouses. No recent deeds could be found for those properties. They are assessed at $20.36 million for tax purposes. They sold for $24 million in 2017.
• Two buildings at 13525 and 13475 International Parkway. Both were built in 2017. Two deeds show that 13525 International Parkway, at 124,000 square feet, sold for $18.95 million and 13475 International Parkway, at 54,000 square feet, sold at $8.35 million.
• One building at 1750 Airport Road. The 200,000-square-foot warehouse, built in 2019, sold for almost $31.07 million.
• One building at 1594 Transport Road. The 93,600-square-foot warehouse, built in 2019, was sold for $13.7 million.
• One building at 13500 E. Tradeport Circle. The 126,000-square-foot warehouse, built in 2015, sold for $19.25 million.
Cushman & Wakefield said the property was 97% leased at the time of the sale.
The release said the eight buildings feature new-build design and are within 1½ miles of each other.
They are near the interstate and rail systems, Jacksonville International Airport and JaxPort.
Cushman & Wakefield’s Mike Davis, Rick Brugge, Rick Colon, and Dominic Montazemi, with support from Brooke Tully and Zachary Eicholtz, represented the seller in the transaction.
Tyler Newman and Jacob Horsley of Cushman & Wakefield in Jacksonville provided local leasing expertise, the release said.
The purchase price was not disclosed.
Tyler Newman and Jacob Horsley of Cushman & Wakefield in Jacksonville provided local leasing expertise, the release said.
“This is one of the premier industrial portfolios in Jacksonville. Its proximity to the Jacksonville airport and road systems accessing the metro area makes this the location of choice for image conscious corporate users requiring highly functional distribution space,” said Davis, executive vice chairman, in the release.