The newly acquired Imeson Commerce Center in Jacksonville, now fully leased to RoadOne Intermodal Logistics.
CIP Real Estate has made headlines by acquiring the Imeson Commerce Center in Jacksonville for $53.75 million. This new Class A industrial facility spans 422,136 square feet and is fully leased by RoadOne Intermodal Logistics. This investment signals CIP’s commitment to expanding its presence in Florida, with plans for additional industrial projects on the horizon. The strategic location near JAXPORT and major highways enhances the site’s potential for logistics and distribution, marking a significant positive shift for Jacksonville’s industrial market amidst rising vacancy rates.
Exciting developments are taking shape in Jacksonville, Florida! The city is welcoming a major new player to its industrial landscape as CIP Real Estate, a well-known firm from irvine, California, just made waves by acquiring the Imeson Commerce Center. The purchase price? A whopping $53.75 million! That’s a serious investment that suggests a bright future for this growing region.
The Imeson Commerce Center is no small affair, spanning an impressive 422,136 square feet. This single Class A industrial building was just completed in 2023, so it’s as fresh as can be! The facility boasts some remarkable features, including 36-foot clear heights, which offers plenty of vertical space for businesses. Storage will never be a problem with 81 dock-high doors, 260 car parking spaces, and 180 trailer parking spaces, ensuring smooth operations for its tenants.
Speaking of tenants, the Imeson Commerce Center is currently occupied by RoadOne Intermodal Logistics, the largest independent intermodal logistics provider in North America. With them on board, the property is already 100% leased, making it a solid investment right from the get-go.
This acquisition marks CIP Real Estate’s very first project in Jacksonville, but they aren’t stopping here. Excitingly, this property is part of a larger plan for CIP, with another industrial park acquisition set to close in October 2025. Once wrapped up, this will boost CIP’s local portfolio to over 850,000 square feet in Jacksonville alone!
But that’s not all! CIP Real Estate is also gearing up to begin construction on a new 330,000-square-foot industrial project in nearby Tampa by July of this year. Once these projects are complete, the company’s total footprint in Florida is expected to surpass a staggering 1.8 million square feet! That’s a lot of new space for businesses looking to thrive.
The Imeson Commerce Center isn’t just impressive in size and functionality; it’s also perfectly located. Being close to crucial logistics assets, such as JAXPORT and key highways like Interstates 95 and 295, makes this facility an ideal spot for businesses looking to enhance their logistics and distribution capabilities.
It’s worth noting that Jacksonville’s industrial space market is currently witnessing some changes. Vacancy rates have risen to around 6.9% year-over-year, and there was a net absorption decrease of about 250,000 square feet in the first quarter of 2023. This investment by CIP Real Estate could signal a positive turnaround as new and strategically located warehouse spaces become available.
Making this entire deal possible, JLL Capital Markets played a vital role by facilitating the sale and representing the sellers, who are identified as North Signal Capital and Fox Capital Partners. In addition, financing for this transaction was provided by Principal Life Insurance Company, cementing their belief in the future of Jacksonville’s industrial sector.
As the dust settles on this exciting acquisition, it’s clear that Jacksonville is on the brink of major industrial expansion. With the Imeson Commerce Center now in play, the city is ready to take the next leap forward. Keep your eyes peeled, because it looks like Jacksonville’s industrial scene is about to get a major boost!
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