(Save the date: RealShare Industrial 2012 comes to The Bankers Club, Miami, December 5 – 6.)
JACKSONVILLE, FL—With the Panama Canal expansion drawing closer to completion, port cities like Miami and Jacksonville are seeing a surge of interest from investors. Global Income Trust just acquired an 817,632-square-foot distribution center in Jacksonville for $42.5 million.
Located on a 53-acre site, the building was constructed in 2008. Samsonite fully occupies the class A industrial building. Samsonite’s lease runs through Feb. 2018 with two five-year renewal options.
“The asset met the primary investment objectives of the Global Income Trust—high quality real estate leased to strong companies in markets that are well positioned for the long term,” Rick Coe, Chief Investment Officer at CNL Financial, which manages Global Income Trust. “The Panama Canal expansion will create operation efficiencies that will reduce shipping costs ultimately benefiting all east coast ports.”
The industrial building is located on Yeager Road in the 1,500-acre Imeson International Industrial Park and serves as the primary North American distribution center for Samsonite. It is positioned 1.2 miles from Interstate 95 and has direct access to the Jacksonville Port Authority and Jacksonville International Airport, making it an ideal location for supply chain logistics operations.
“Jacksonville is well positioned as a regional intermodal hub with excellent access to major interstates, railways and a deepwater port,” says Coe. “Additionally east coast port markets are recovering faster than the broader industrial market.”
Jacksonville is Florida’s most populous city and the 40th largest metropolitan statistical area in the United States. The city functions as Florida’s main entry point for goods being shipped from abroad. The Samsonite facility joins other properties in Global Income Trust’s portfolio, including suburban office buildings, a distribution center in Texas and three value retail centers in Germany.