Marcus & Millichap Inc.
11/21/2024 | Press release | Archived content
Marcus & Millichap Arranges Sale of Premier Distribution Facility in Jacksonville
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Marcus & Millichap Arranges Sale of Premier Distribution Facility in Jacksonville
November 21, 2024
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JACKSONVILLE, Fla., Nov. 21, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Tire Distributor Xperts, an approximately 118,000-square-foot, industrial distribution warehouse in Jacksonville, Florida. The asset was sold for $9.8 million.
"We are thrilled to get this one across the finish line in the midst of a challenging deal climate. This speaks volume to the strength of the Jacksonville industrial market as a whole, but especially to distribution assets located near the port. This was a win for all involved, stated Peter Catanzaro, senior associate.
Catanzaro, Edward Duke III and Gina Allegrini, investment specialists in Marcus & Millichap's Jacksonville office, exclusively marketed the property on behalf of the seller, BWT Property Management, Inc. The buyer was represented by Jared Young of Canopy Partners.
"No doubt this deal had its challenges, as it was a more vintage industrial asset, but its location with surplus land for industrial outdoor storage made this 'diamond in the rough' shine brightest," Duke added. "The asset is approximately six miles from JAXPORT's Blount Island Terminal, with immediate access to I-295. An active CSX rail line borders the south end of the parcel, making it an attractive location for companies importing into or exporting from Jacksonville. Coupled with strong industrial rent growth, these factors brought a lot of optimism from the buyer in pursuing this acquisition. The property is fully leased through May 2028."
The industrial property, located at 1302 Eastport Road in the Ocean Way submarket, spans more than eight acres and features 12 dock-level loading bays, multiple drive-in ramp doors, and three inactive rail spurs. The Ocean Way submarket is a key industrial hub, ideal for business importing products through Jaxport and distributing throughout the southeast. The property was well maintained and upgraded throughout the seller's more than 20 years of ownership.
"We are thrilled to get this one across the finish line in the midst of a challenging deal climate. This speaks volume to the strength of the Jacksonville industrial market as a whole, but especially to distribution assets located near the port. This was a win for all involved, stated Peter Catanzaro, senior associate.
Catanzaro, Edward Duke III and Gina Allegrini, investment specialists in Marcus & Millichap's Jacksonville office, exclusively marketed the property on behalf of the seller, BWT Property Management, Inc. The buyer was represented by Jared Young of Canopy Partners.
"No doubt this deal had its challenges, as it was a more vintage industrial asset, but its location with surplus land for industrial outdoor storage made this 'diamond in the rough' shine brightest," Duke added. "The asset is approximately six miles from JAXPORT's Blount Island Terminal, with immediate access to I-295. An active CSX rail line borders the south end of the parcel, making it an attractive location for companies importing into or exporting from Jacksonville. Coupled with strong industrial rent growth, these factors brought a lot of optimism from the buyer in pursuing this acquisition. The property is fully leased through May 2028."
The industrial property, located at 1302 Eastport Road in the Ocean Way submarket, spans more than eight acres and features 12 dock-level loading bays, multiple drive-in ramp doors, and three inactive rail spurs. The Ocean Way submarket is a key industrial hub, ideal for business importing products through Jaxport and distributing throughout the southeast. The property was well maintained and upgraded throughout the seller's more than 20 years of ownership.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.