The Primark distribution center in Imeson Park South in North Jacksonville sold July 19 for $62.85 million.
The 584,424-square-foot building at 1511 Zoo Parkway was built in 2023, property records show. A news release about the sale said the building is 550,243 square feet.
The buyer was New York-based INDUS Realty Trust through Riverbend Jacksonville Holdings I LLC.
The seller was VanTrust Real Estate through JI IPS Building C LLC.
INDUS says it is an industrial/logistics real estate firm that focuses on mid-sized buildings between 75,000 and 500,000 square feet.
Andre Ciani, INDUS’ director of acquisitions for the Florida region, said the Southeast continues to experience strong demand for industrial real estate.
“Florida, in particular, benefits from robust economic and population growth, and the Jacksonville market has experienced consistent absorption and rent growth over the past several years,” Ciani said in a news release.
JLL Capital Markets represented VanTrust Real Estate. The JLL team was led by Senior Managing Director John Huguenard, Managing Director Luis Castillo, Senior Director Cody Brais and Associate Taylor Osborne.
“We are proud to have facilitated this deal on behalf of VanTrust Real Estate,” Huguenard said in the release. “Primark at Imeson Park presented a unique opportunity to acquire a newly constructed Class A industrial building in one of Jacksonville’s strongest submarkets leased to a global retailer actively seeking to expand its presence in the United States.”
About Primark
The international fast-fashion retailer Primark ceremonially opened its new distribution center in North Jacksonville on Feb. 7, with a company executive calling the new facility a linchpin for its expansion plans in the Southeast U.S.
“We have strong ambition in Florida, and in Texas,” said Kevin Tulip, president of Primark US, during an interview with the Daily Record.
During the ribbon-cutting, Jacksonville Mayor Donna Deegan said Primark’s decision provided a “reminder of why Jacksonville has earned the title of America’s logistics center.”
“When global brands like Primark establish operations here, it shows the global logistics industry that Jacksonville is a city with all the advantages to get their products from ship to shore to shelf,” she said.
Primark opened its first U.S. distribution center in Bethlehem, Pennsylvania.
Primark is the retail division of London-based Associated British Foods.
The company makes its own products and does not sell online, but rather leases stores where it offers accessories for as low as $3 and jeans and jackets at under $50.
Permit issued in 2022
In the summer of 2023, The Conlan Co. of Jacksonville obtained a permit to make tenant improvements to the Imeson Park South building for Primark at a project cost of $14.5 million. In June 2022, the city issued a permit for The Conlan Co. to build the speculative building at a cost of almost $25.9 million.
VanTrust Real Estate is developing Imeson Park South.