TriGate Capital JV Sells Jacksonville Distribution Facility

JACKSONVILLE, FL—JLL Capital Markets has closed the sale of Grainger Distribution Center, a new, fully leased 297,000-square-foot industrial facility here.

Sources familiar with the deal tell GlobeSt.com that the price was $25,425,000.

JLL marketed the property on behalf of the seller, a joint venture led by TriGate Capital, LLC. The buyer was undisclosed.

Completed in December 2019, Grainger Distribution Center is home to W.W. Grainger, Inc., a Fortune 500 business-to-business distributor of maintenance, repair and operating supplies whose revenues reached $11.20 billion in 2018 and currently holds A+ and A3 investment-grade credit ratings from Standard & Poor’s and Moody’s Investment Service. The facility features a 32-foot clear height, 65 dock-high doors, two drive-in doors, ESFR fire suppression, LED high-bay lighting, deep truck court and low office finish.

A JLL spokesperson tells GlobeSt.com that W.W. Grainger has a five-year lease on the building and there was a significant amount of interest in it.

Located on 75 acres at 6590 Pritchard Rd., Grainger Distribution Center is in the Crossroads Distribution Center Park within Jacksonville’s Westside industrial submarket, the largest and most active submarket in Jacksonville. The property has easy access to the entire Jacksonville MSA via Interstate 495 along with Interstate 95, which connects the entire eastern United States.

“This was a high-quality, functional industrial asset in one of the best locations in the Jacksonville market,” said Britton Burdett, JLL Capital Markets managing director. “The seller received strong pricing, and the buyer acquired a great asset that should perform very well for them over their ownership period and beyond.”