Bixby Buys 2 Jacksonville Industrial Assets for $54M

June 20, 2024

Investment Industrial Jacksonville News More Southeast

Link Logistics sold the Class A properties.

Bixby Capital Management, through Bixby Land Co., has purchased two Class A warehouses in Crossroads Distribution Center in Jacksonville, Fla., for $53.5 million, public records show. Link Logistics sold the two assets totaling 423,480 square feet with the assistance of JLL.

The 297,067-square-foot Building 100 is at 6590 Pritchard Road and was completed in 2020, according to information from CommercialEdge. The facility features ESFR sprinklers, a 32-foot clear height and 54- by 48-foot column spacing.

Completed in 2009, Building 200 is at 6600 Pritchard Road. The warehouse totals 126,056 square feet and has a 32-foot clear height and 50- by 52-foot column spacing.

In May, Bixby Land closed its Bixby Industrial Fund I, which holds a portfolio of five fully leased industrial properties in California, Arizona and Georgia totaling more than 836,000 square feet of leasable space. Vintage Strategies at Goldman Sachs Alternatives and an Ares Management Real Estate Secondaries fund are two of the equity investors.

Bixby Land currently owns 8.9 million square feet of commercial space across 49 office and industrial properties in the U.S., according to the company’s website. Last month, the firm sold a 340,080-square-foot Class A industrial property in San Bernardino, Calif., to Dalfen Industrial.

Jacksonville’s industrial market still steady

The Jacksonville industrial space market has seen 1.7 million square feet of net absorption year-to-date as of March, according to a first-quarter report from JLL. Deliveries totaled 3.3 million, with a further 3.2 million under construction. Overall vacancy clocked in at 5.8 percent.

One of the underway projects is IGP 95/Logistics Park, a three-building industrial development totaling approximately 510,000 square feet in St. Augustine, Fla. Foundry Commercial broke ground on the campus in January and completion is scheduled for the third quarter of this year.