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CIP Real Estate Pays $54M for Jacksonville Asset

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JLL advised the sellers of the newly built distribution center. The post CIP Real Estate Pays $54M for Jacksonville Asset appeared first on Commercial Property Executive.

CIP Real Estate has acquired Imeson Commerce Center, a recently completed 422,136-square-foot Class A distribution center in Jacksonville, Fla. JLL Capital Markets advised the sellers, North Signal Capital and Fox Capital Partners. The transaction’s dollar value was $53.8 million.

Imeson Commerce Center is part of Imeson Industrial Park in Jacksonville, Fla. *Image courtesy of JLL Capital Markets*

The project was delivered in 2023 and is fully leased to RoadOne IntermodaLogistics, a leading North American intermodal trucking provider.

Imeson Commerce Center features 36-foot clear heights, 81 dock-high doors, 180 parking spaces for trailers and 260 spaces for cars. In addition, the rear-load facility has been partially demised to provide 103,000 square feet of air-conditioned warehouse space.

The 29.6-acre property is at 1000 Imeson Park Blvd. in Imeson Industrial Park, a major logistics hub that’s less than 15 minutes from downtown Jacksonville, Jacksonville International Airport, JAXPORT, as well as I-95, I-295 and I-10.

The JLL Capital Markets Investment Sales and Advisory team included Senior Managing Director Luis Castillo, Managing Director Cody Brais, associate Taylor Osborne and analyst David Orta Jr.

Sluggish start to 2025

Jacksonville’s industrial space market is getting off to a slow start this year, with overall vacancy rising 180 basis points year-over-year to 6.9 percent and roughly a quarter-million square feet of negative net absorption in the first quarter, according to a new report from CBRE. In addition, this was Jacksonville’s first quarter of negative absorption since 2019.

One of the major concerns in this international trade–centered market is the federal government’s use of tariffs as a trade weapon. The Port of Jacksonville is the largest by volume in Florida and the 14th-largest in the U.S., as well as the nation’s second-leading port for vehicles (ro-ro traffic).

In January, CIP acquired an 809,230-square-foot Class A industrial park in Mesa, Ariz., from Canyon Partners Real Estate LLC, the real estate direct investing arm of Canyon Partners LLC, for $168.3 million. Cushman & Wakefield brokered the sale of Broadway 101 Commerce Park and arranged the $93.8 million acquisition loan from institutional investors advised by J.P. Morgan Asset Management.

The post CIP Real Estate Pays $54M for Jacksonville Asset appeared first on Commercial Property Executive.