LRC Properties has purchased 600 Whittaker Road in Jacksonville, FL. The 469,830 square foot industrial property is LRC Properties’ first industrial property in Jacksonville and its second property in the Jacksonville commercial real estate marketplace.
LRC Properties partnered on the deal with Machine Investment Group, purchasing the property for $29.6M. The debt on the purchase was funded by Rialto Capital.
The warehouse property is located in the Northside submarket of Jacksonville, one of the key submarkets in the region. The property features warehouse space, 32 foot clear, loading areas, and plenty of trailer parking. LRC Properties plans to make cosmetic upgrades to the property and improve signage.
“We are excited to purchase the 600 Whittaker Road property. We wanted to expand our footprint in the Jacksonville region. It is strategically located near I-95, I-295, I-10, two ports, and rail access, making it ideal as a distribution hub for many companies. This is a key reason we are seeing great interest from potential users,” said Karie Nero, Principal and CFO of LRC Properties.
“600 Whittaker Road presented the right opportunity for us to jump into the industrial Jacksonville market with a property that fits perfectly into our firm’s industrial growth strategy.”
With this purchase, LRC Properties owns approximately six million square feet of commercial properties in the Southeast with assets under management more than $500 million. Its expanding portfolio also includes two recent purchases made in the past six months: the 640,000 s/f Technicolor Building in Memphis and a 288,000 s/f industrial property at 2 Dell Parkway in Nashville.
Headquartered in New York, LCR targets value add properties in growth markets. Machine Investment Group, which was founded by former senior executives from Garrison Investment Group, Andy Kwon and Eric Rosenthal, invests primarily in the middle market.
