CBRE Group Inc. announced June 30 that it represented the buyer in the $35 million purchase of a six-building industrial park in South Jacksonville.
IWH Industrial Park is at northeast Baymeadows Road and Philips Highway. At the time of sale, the property was 92% occupied by 22 tenants in the automotive, electronics, health care and HVAC industries.
The 300,000-square-foot park comprises six buildings with small bay industrial and flex space in the Southside submarket of Jacksonville.
IWH Capital bought the property from GF Florida. It is IWH Capital’s second acquisition in the market, according to a news release said.
Associate Kyle Fisher and First Vice President Ben Stewart with CBRE Industrial & Logistics represented IWH Capital in the transaction and have been retained to market the property for lease, according to the release.
Newmark Phoenix Realty Group posted on LinkedIn that CEO Jim Sebesta and Senior Vice President Brian Bartlett represented GF Florida in the sale.
IWH Capital is a family-owned real estate investment company run by brothers Adrian and Michael Haas.
The release said IWH Capital focuses on last-mile industrial facilities and owns more than 3 million square feet of industrial assets in the mid-Atlantic, Midwest and Southeast.
“IWH continues to expand its footprint in Florida. Small-bay industrial assets are in limited supply, but tremendous demand,” said IWH Capital Managing Partner Michael Haas.
The six buildings comprise:
• Monterey, a 61,688-square-foot building with warehouse (78%) and office (22%) space, seven docks, two ramps, five grade-level doors and 20-foot clear height. It is at 8168-8190 Baymeadows Way W.
• Madison, a 57,000-square-foot building with warehouse (95%) and office (5%) space, seven docks, one ramp and 22-foot clear height. It is at 7750 Bayberry Road.
• Lexington, a 9,632-square-foot office building with 9-foot clear height at 7750-1 Bayberry Road.
• Palatka, a 40,000-square-foot building with warehouse (65%) and office (35%) space, two dock doors, one ramp, two grade-level doors and 18-foot clear height. It is at 7861-7875 Bayberry Road.
• Denver, a 70,140-square-foot building with warehouse (76%) and office (24%) space, nine dock doors, one ramp, two grade-level doors and 22-foot clear height. It is at 7829-7859 Bayberry Road.
• Charleston, a 66,800-square-foot building with warehouse (67%) and office (33%) space, four dock doors, one ramp and 22-foot clear height. It is at 7749-7787 Bayberry Road.
“The Southside submarket is a highly sought-after location for businesses looking to service Jacksonville households,” Fisher said in the release.
He said tenants can reach the entire Jacksonville metropolitan statistical area within a 20-minute drive of the park.
Stewart said labor accessibility and affordability is one of the reasons that companies find industrial operations in Florida attractive.
“The quality of the labor supply is above the national average while the cost is below national average,” he said.