North Jacksonville warehouses sold in $63 million deal

A company based in Hoboken, New Jersey, acquired the Alta Lakes properties.


  • By Monty Zickuhr
  • | 4:16 p.m. August 21, 2024
  • | 4 Free Articles Remaining!
A New Jersey-based company acquired four warehouses and a storage lot in Alta Lakes Commerce Center.
A New Jersey-based company acquired four warehouses and a storage lot in Alta Lakes Commerce Center.
  • Real Estate
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A New Jersey-based company bought five industrial properties in North Jacksonville on Aug. 15 in a deal totaling $63 million.

The buyer was Faropoint based in Hoboken, through FIVF-III-FL5 LP. Faropoint says it is a real estate asset manager with more than 400 warehouses totaling more than 20 million square feet of space.

The seller was New York-based Brookfield Properties, which manages properties for Brookfield Asset Management.

Brookfield was assigned the properties Aug. 15 by New York-based DRA Advisors, who acquired them in 2017 for a total of $31.66 million.

The properties comprise four completed buildings and one storage lot in Alta Lakes Commerce Center.

The four warehouse properties sold by Brookfield through G&I IX C Commerce LLC, all built in 2008, comprise:

• A 193,945-square-foot warehouse on 10.59 acres at 2550 Cabot Commerce Drive for $21.54 million. 

• A 128,645-square-foot warehouse on 8.21 acres at 2562 Cabot Commerce Drive for $13.47 million. 

• A 131,145-square-foot warehouse on 7.12 acres at 11070 Cabot Commerce Circle for $14.27 million. 

• A 114,645-square-foot warehouse on 8.72 acres at 1184 Cabot Commerce Drive for $12.72 million.

Brookpoint also sold a 15.61-acre storage lot on Cabot Commerce Drive though G&I IX Alta Lakes Land LLC for $1 million. 

A 191,160-square-foot warehouse called Cabot Commerce Center is planned in Alta Lakes Commerce Center in North Jacksonville.

City utility JEA issued a service availability determination letter July 18 for development of a proposed warehouse called Cabot Commerce Center in North Jacksonville on the property.

The concept plan dated June 19 shows a 191,160-square-foot warehouse on 11.85 acres along Cabot Commerce Drive, which is at southwest Faye and Blasius roads, east of Interstate 295. The JEA letter detailed the availability of connections, extensions and services.

 

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