Tampa’s Mike Davis and Rick Brugge, along with Jacksonville’s Karl Johnston and Tyler Newman, and Michael Lerner of Orlando, represented GIV Imeson, LLC in the sale of Jacksonville’s largest commercial building, One Imeson Distribution Center.
The two-story, 1,701,684-square-foot (sf) distribution and office building sold for $47.75 million. Totaling 72.5 acres, the property also includes a 12.3-acre container storage area, as well as a 24.2-acre future development site that can accommodate expansion and/or future build-to-suits within the park.
The buyer is Louisville, CO-based Arsenault Holdings, LLC.
One Imeson is comprised of 85% industrial space and 15% office space. Notable tenants include Bacardi, General Dynamics, Komyo America (Honda), Venus Swimware, the Jacksonville Supervisor of Elections, and Samsonite. The building was 74% occupied at time of sale.
“This two-story distribution center boasts an exceptional national tenant roster and strong upside potential,” said Mike. “With additional development land, outdoor storage, as well as quality back office space, One Imeson is positioned to accommodate a variety of industrial or office uses well into the future.”
The property is situated at One Imeson Park Boulevard within Imeson Industrial Park, which is the most centrally located industrial park in the Jacksonville market. It is located in the active Northside industrial submarket, which accounted for 90% of all absorption in the Jacksonville market during the first quarter of 2018.
The property was built in 1974 and was last renovated in between 2012 and 2015. Improvements included an entire new roofing system, new chillers, lighting upgrades, and various cosmetic improvements.
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