Mike Davis, Rick Brugge, Michael Lerner and Tyler Newman Represented Exeter Property Group in the Sale of 11902 Central Parkway to Colony Northstar
JACKSONVILLE, FL, December 22, 2017 – Cushman & Wakefield announced today that it has negotiated the sale of 11902 Central Parkway, an ±85,000-square-foot, single-tenant industrial building in Jacksonville’s Southside industrial market.
The Cushman & Wakefield Capital Markets team of Mike Davis, Rick Brugge, Michael Lerner and Tyler Newman represented Conshohocken, PA-based Exeter Property Group in the disposition. Los Angeles-based investor Colony Northstar acquired the building for $6.1 million ($71.55 per square foot).
11902 Central Parkway is a manufacturing and distribution facility developed in 1997. The dock-high building features 24-foot clear heights, an ESFR (Early Suppression, Fast Response) fire safety system; T-5 lighting, 10 loading doors, and heavy electric service.
The property is located on a ±4.9-acre site at 11902 Central Parkway in Eastpark at Town Center. This location is adjacent to the University of North Florida and is situated amidst Jacksonville’s major suburban office and industrial parks, including Deerwood Park, Southpoint, Flagler Center, Deerwood Center, and Cypress Plaza. 11902 Central Parkway is less than one mile east of Interstate 295, offering exceptional access to the Jacksonville MSA, Central Business District and surrounding commercial and retail support services.
11902 Central Parkway is fully occupied by IEM, America’s largest manufacturer of electrical distribution and power quality equipment. IEM has occupied the property since 2011. The building houses IEM’s testing facility and provides full systems integration testing for a wide range of electrical power applications, control systems, and equipment.
“11902 Central Parkway drew tremendous interest from investors due to its ideal location, strong Southside market fundamentals and stable tenancy,” said Brugge.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.