Westgate Distribution Center
Cushman & Wakefield announced today that it has negotiated the sale of a three-building, ±237,000-square-foot, multi-tenant industrial portfolio in Jacksonville’s Westside submarket.
The industrial brokerage team of Director Tyler Newman, Director Jacob Horsley and Vice Chairman Mike Davis represented Beachwood, OH-based The Mid-America Management Corporation in the sale of Westgate Distribution Center, consisting of two buildings at 5501 and 5599 Commonwealth Avenue, and Agmac Distribution Center at 5858 Broadway Avenue. Coral Springs, FL-based The Eisenberg Group acquired the assets for $7.43 million through their affiliate Jax Industrial, LLC.
“We are extremely pleased to add these buildings to our Jacksonville portfolio,” said Jay Eisenberg, Principal at The Eisenberg Group.
“These assets match our core acquisition values, which target value or value-added industrial properties along the East Coast and Southwest United States,” added Scott Eisenberg, Principal at The Eisenberg Group.
Westgate Distribution Center was developed in 1973 on a 7.5-acre lot. The buildings total ±147,000 square feet and feature dock-high loading positions at one of the most notable intersections in Jacksonville’s Westside industrial submarket.
Agmac Distribution Center is a ±90,000-square-foot warehouse and distribution facility built in 1978. The asset features 26-foot clear heights and large truck courts.
The portfolio was 87 percent leased at the time of sale. Notable tenants include Goodyear, Hughes Supply and Access Information Systems.
The buildings are located less than one mile apart in Jacksonville’s Westside industrial submarket. This location offers immediate access to Interstate 10 and Interstate 295, two of the Southeast’s most heavily traveled distribution routes.
“We are excited to bring in a new owner for these buildings,” said Newman. “Mid-America had successfully operated the properties for many years, but decided to sell and reinvest in other assets. The Eisenberg Group was the ideal buyer and has long-term plans to upgrade the assets and secure long-term tenants.”
The Eisenberg Group, which will retain Newman and Horsley as exclusive leasing advisors for the portfolio, has already secured significant capital for improvements to the buildings, including new paint, doors, dock equipment and interior upgrades.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.