Three West Jacksonville Industrial Properties Sold for $14.6 Million
Jacksonville, FL – December 11, 2023
In a significant real estate transaction, three industrial properties in West Jacksonville were sold on December 11 for a total of $14.6 million. The seller, A-B Properties Inc. of Jacksonville, transferred ownership of the warehouses, which also include office spaces, to Palm Leaf Holdings GP LLC, based in Oak Brook, Illinois. The transaction was processed through the subsidiaries A-B Distributors Inc. and Maropa Inc.
Palm Leaf Holdings GP LLC secured two mortgages totaling $9.25 million for the purchase. One of the loans amounts to $4.1 million from Coventry Health Care of Illinois Inc., while the other loan is for $5.15 million from Coventry Health Care of Missouri Inc. Both mortgages are set to mature on January 1, 2029.
Details of the Properties
The properties involved in the sale include:
1. 1057 Ellis Road N.: This 89,004-square-foot building sits on 5.57 acres and was constructed in 1979. Currently, it is leased to Solar Energy Labs. A-B Properties acquired this site back in February 1996 for $1.664 million.
2. 1123 Ellis Road N.: This structure has a size of 14,769 square feet and was built in 1963. The property spans 3.55 acres and includes an adjacent building at 5555 W. First St., which is 24,739 square feet and was constructed in 1971. The tenant for this site is Markham Endeavors, a Jacksonville-based trucking company.
3. 1500 Industrial Blvd.: This industrial structure covers 39,000 square feet and is located on 1.38 acres. Built in 1955, it was previously leased to Neptune Wholesale and Liquidations.
Significance of the Sale
This transaction reflects the ongoing development and investment activity in the Jacksonville area, particularly in the industrial sector. Such properties have become valuable as e-commerce and logistics companies continue to expand their operations, making them attractive targets for investors. The sale marks another chapter in the evolution of West Jacksonville’s industrial landscape.
With the acquisition by Palm Leaf Holdings, the expectations are set high for how these properties will be utilized going forward. Investors are keen on these types of assets, given the consistent demand for warehouse and distribution centers.
The details surrounding the financing of the acquisition underscore the increasing confidence in the real estate market, despite broader economic challenges. The fact that both mortgages are set to mature in 2029 indicates a long-term investment outlook from Palm Leaf Holdings GP LLC.
In summary, the sale of these three industrial properties on December 11 for $14.6 million marks a notable event in Jacksonville’s real estate market. As the demand for industrial spaces continues to rise, developments like this signal a robust investment climate in the region. The community will be observing how these properties are developed under new management as the industrial sector thrives.
