Jacksonville industrial property offloaded for $77.5M

Los Angeles-based Colony Northstar bought the 1.27-million-square-foot property from Atlanta-based Pattillo Industrial Real Estate

Larry Callahan
Larry Callahan

An Atlanta-based firm sold 1.27 million square feet of industrial property in Jacksonville for $77.5 million.

Pattillo Industrial Real Estate got $61 per square foot for four buildings on 75 acres at Westside Industrial Park near Pritchard Road and Interstate 295.

The new owner, Los Angeles-based Colony Northstar, also bought a distribution center in North Jacksonville last summer for $24.05 million.

Larry Callahan, chief executive officer of Patttillo, told the Jacksonville Daily Record in an email that the buildings are fully leased.

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Pattillo plans to use proceeds from the sale “to fund an active pipeline of speculative industrial buildings and build-to-suit projects,” Callahan said in the email.

Pattillo had owned the four buildings at Westside Industrial Park since 1986.

The Atlanta-based firm is developing two other industrial properties at the industrial park: a 272,000-square-foot speculative warehouse and a 450,000-square-foot center for BMW of North America for regional distribution of auto parts. [Jacksonville Daily Record]Mike Seemuth