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.”
LCR also partnered with Machine Investment Group on the $36.23 million acquisition of 2 Dell Parkway in Nashville, a 288,860 s/f warehouse and office property with significant development rights.
“This was a unique opportunity to add two opportunistic industrial assets to our growing portfolio, both located within leading national distribution hub markets,” said Eric Rosenthal, Managing Partner of Machine.
“These latest acquisitions typify our focus on market selection; given the strength of the industrial sector throughout the Southeast, with demand far outpacing supply for large, modernized warehouse and distribution space, 600 Whittaker Road and 2 Dell Parkway are poised for continued success. We are pleased to announce these strategic acquisitions in collaboration with our partner LRC and look forward to enhancing both assets through our planned repositioning and renovation programs.”