Manulife IM Buys Jacksonville Cold Storage Facility
JLL secured $68 million in financing for this acquisition.
Manulife Investment Management, alongside Harel Insurance Investments and Financial Services Ltd., has acquired Arcadia Jacksonville, a 333,728-square-foot cold storage facility in Jacksonville, Fla. The previous owner was Saxum Real Estate, according to CommercialEdge information.
JLL secured $68.3 million in financing for this acquisition. The five-year, fixed-rate loan was issued by an insurance company.
Completed in 2024, Arcadia Jacksonville is located within Imeson Industrial Park in the North Jacksonville submarket. The facility is fully leased to Arcadia Cold Storage & Logistics, a major third-party logistics provider in North America.
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The acquisition is part of Manulife IM’s strategy to expand its footprint in high-demand sectors and leverage strategic relationships for future growth. The firm is focused on high barrier to entry industrial assets in areas with limited supply because they are expected to perform well and be positioned for future growth.
The JLL Capital Markets team representing Manulife IM was led by Senior Managing Directors Melissa Rose and Michael Klein, Director Wells Waller, Associate Nicole Barba and Analyst Preston Bacon.
A cold storage facility in Jacksonville
Saxum broke ground on the build-to-suit facility at 9765 N. Main St. in 2023. The developer financed its construction with a $76.8 million loan from Commerce Bank of Kansas City, Mo., that was due to mature in January 2027, the same source shows.
The cold storage property features flexible temperature zones ranging from -20 to 35 degrees Fahrenheit, 50-foot clear heights, 32 dock-high doors, 62 trailer parking stalls with ground power and a 210-foot truck court depth. The warehouse has a total capacity of 44,000 pallets.
Arcadia Jacksonville’s location provides quick access to interstates 95, 295 and 10 as well as Jacksonville International Airport and CSX Intermodal. JAXPORT, the 10th largest port in the United States, is 5 miles from the industrial park.
Jacksonville cold storage growth
A recent report by JAXPORT noted Arcadia Cold is just one of numerous players in the growing cold storage market located in Jacksonville. More than 10 companies including Lineage, which has three sites, operate in the metro.
Seaonus has been a constant presence in Jacksonville since 1987. Lineage, the world’s largest cold storage provider, has been there since May 2019. Other major companies include FlexCold, Axionlog and FreezPak Logistics, which just opened a 275,000-square-foot facility at 8730 Somers Road. In June, FreezPak’s partnership obtained $72 million in financing to build the 20-acre facility that offers 53,000 pallet positions.
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