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