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.
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