North Jacksonville cold storage warehouse sold for $111.76 million

Real Estate

The Arcadia Cold Storage and Logistics warehouse in Imeson Industrial Park sold March 26 for $111.76 million.

The 310,922-square-foot facility on 32.69 acres is at 9765 N. Main St. and Van Dyke Road. It was built in 2024 at a cost of $60.77 million. There was a ribbon cutting for the facility Dec. 5.

It is the largest commercial transaction in 2025, topping the $110 million sale of The Markets at Town Center in January.

Manulife Investment Management bought the property through Hi-Musref Jax REIT LP.

Toronto-based Manulife, part of Manulife Financial Corp., says it has $1.3 trillion in assets under management.

The Arcadia Cold Storage & Logistics' 310,922-square-foot facility offers 44,060 pallet positions and a temperature range of minus-10 to 38 degrees. It is at 9765 N. Main St. at North Main Street and Van Dyck Road in Imeson International Industrial Park.

Saxum Real Estate Investments and Development Co. of Summit, New Jersey, sold the property through Jacksonville Imeson Propco LLC.

Manulife Investment Management took out a $68.28 million, five-year, fixed-rate loan through Corebridge Financial, headquartered in Houston with offices in Jacksonville.

JLL Capital Markets of Chicago said in a news release it brokered the loan.

The JLL Capital Markets team was led by Senior Managing Directors Melissa Rose and Michael Klein, Director Wells Waller, Associate Nicole Barba and Analyst Preston Bacon.

Officials prepare to cut the ribbon Dec. 5 for the nearly $87 million Arcadia Cold Storage & Logistics facility in North Jacksonville. — Officials prepare to cut the ribbon Dec. 5 for the Arcadia Cold Storage & Logistics facility in North Jacksonville.

The warehouse, which Atlanta-based Arcadia leases, features 32 loading docks, 62 trailer storage spaces and 109 parking spaces. It offers 44,060 pallet positions and a temperature range of minus-10 to 38 degrees. The property also has a utility building and a guardhouse.

Saxum Real Estate Investments formed Jacksonville Imeson PropCo LLC in November 2021 for the North Jacksonville project.

It bought the property for $6 million July 27, 2022, from Industrial Park Investments Inc. and Imeson International Industrial Park Inc.

Jacksonville City Council voted 17-0 on Aug. 24, 2024 to approve a five-year, 50% Recapture Enhanced Value grant to Arcadia Cold Jacksonville LLC for the facility.