Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Central Park, a 217,990-square foot Industrial Park located in Jacksonville, FL. The asset sold for $10,050,000.
Douglas K. Mandel, Nicholas Hanson and Randall Jackson, investment specialists in Marcus & Millichap’s Fort Lauderdale, Orlando and Jacksonville offices, had the exclusive listing to market the property on behalf of the seller, Taurus Investments. The buyer, was also secured and represented by Mandel, Hanson and Jackson.
“Investor demand for industrial product remains very strong. We conducted a multi-round bidding process, which resulting in 16 competitive bids from a wide range of buyers. The deal traded for over 15 percent above the listed price, which further demonstrates the strong demand for industrial properties and the scarcity premium being paid by investors to secure assets”, stated Mandel.
Central Park is located at 3728 Phillips Highway in the San Marco Submarket of Jacksonville, FL. The property was built in 1989 and was just over 50 percent occupied at the time of sale.
“The lack of value-add deals throughout major markets in Florida combined with solid growth fundamentals for the Jacksonville MSA made this a very competitive deal.” Added Hanson.
About Marcus & Millichap (NYSE: MMI)
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
