Boca Raton firm sells Jacksonville’s largest commercial building for $47.8M

Built in 1974, the 1.7 million-square-foot distribution center within two miles of Interstate 95 has a 74 percent occupancy rate

Jun.June 16, 2018 05:10 PM

One Imeson Distribution Center in Jacksonville (Credit:

A 43-year-old distribution center in Jacksonville with a 74 percent occupancy rate sold for $47.8 million, almost three times the price the previous owner paid.

Real Capital Solutions acquired the 1.7 million-square-foot property from Boca Raton-based IP Capital Partners for about $28 per square foot.

IP Capital Partners bought the property, called One Imeson Distribution Center, the largest commercial building in Jacksonville, for $16.3 million in 2011 and renovated it from 2012 to 2015.

The distribution center at 1 Imeson Park Boulevard in north Jacksonville is next to U.S. Highway 17 and within two miles of Interstate 95.

Built in 1974, the property has slightly less than 1.5 million square feet of industrial space and almost 250,000 square feet of office space.

Major tenants include Venus Swimware, KoMyo America, General Dynamics and Barcardi.

A five-man team with brokerage firm Cushman & Wakefield represented the seller in the transaction: Rick Brugge, Mike Davis, Karl Johnston, Michael Lerner and Tyler Newman. – Mike Seemuth

Related Articles

Rendering of Bridge Point 595 and Kevin Carroll

Bridge Development nabs $60M loan for Davie industrial project

3208 Northwest 72 Avenue and Blackstone CEO Stephen Schwarzman (Credit: Google Maps and Getty Images)

Blackstone buys industrial portfolio near Miami airport for $56M

Tim Tebow and his home in South Jacksonville's Glen Kernan Golf & Country Club (Credit: Getty Images, Estately)

Take 2: Tim Tebow pays $3M for second house in gated community in Florida

Opportunity Zone in Jacksonville is site of bank-financed apartment development

Public Storage CEO Ronald Havner (Credit: Twitter)

Public Storage picks up industrial portfolio in Miami-Dade for $63M

JPMorgan Chase Bank lends $36M for Pompano Beach industrial development

Trio of industrial buildings in Riviera Beach Opportunity Zone sell for $11.7M

Google to invest $13B in real estate across the US