INDUS Realty Trust Buys Industrial Facility in Jacksonville

July 23, 2024

Investment Industrial Jacksonville NewsMoreSoutheast

European retailer Primark fully leases the property, which is its second distribution center in the U.S.

The facility at 1511 Zoo Parkway in Jacksonville, Fla. — The 550,243-square-foot facility marks Primark’s second distribution center in the U.S. Image courtesy of JLL

VanTrust Real Estate has sold Primark at Imeson Park, a recently completed 550,243-square-foot facility in Jacksonville, Fla. INDUS Realty Trust acquired the asset, which is fully leased to Primark.

This is Primark’s second distribution center in the U.S. and the first in Florida, with products arriving through JaxPort. The company’s other distribution center is a 677,080-square-foot facility in Bethlehem, Pa.

JLL brokered the deal on behalf of the seller. VanTrust broke ground on the project in 2022, using a $37 million construction loan originated by JPMorgan Chase in June that same year, CommercialEdge information shows.

The building is part of Imeson Park South, a 215-acre logistics park that will measure about 3 million square feet upon full build-out. Four buildings are already completed, with three additional ones coming soon.

The distribution center features 40-foot clear heights, 99 dock-high loading doors, four drive-in doors and 175 trailer parking stalls. Additionally, the cross-dock building has more than 200 parking spaces.

The 33-acre property is at 1511 Zoo Parkway, less than 9 miles from downtown Jacksonville. Jacksonville International Airport is within about 10 miles from the property, while The JaxPort is 7 miles southwest.

JLL Capital Markets Investment Sales and Advisory Senior Managing Director John Huguenard, Managing Director Luis Castillo, Senior Director Cody Brais and Associate Taylor Osborne represented the seller in the transaction.

Jacksonville’s industrial sector faces challenges

Jacksonville’s industrial sector during the second quarter of this year saw a 210-basis-point increase in overall vacancy year-over-year, rising to 5.0 percent, according to a Cushman & Wakefield market report. Additionally, more than 1.5 million square feet were completed in the first half of the year, representing a 43.3 percent drop from the same period in 2023.

Last month, Bixby Capital Management acquired two industrial facilities in Jacksonville for $53.5 million through Bixby Land Co. Link Logistics sold the properties.

Earlier this year, a joint venture between Redfearn Capital and TPG Angelo Gordon purchased a Jacksonville portfolio for $47.8 million. Somerset Properties and CenterSquare Investment Management sold the eight buildings totaling 380,589 square feet.