Regional Food Bank of Northeast Florida
- 1814 Industrial Boulevard, Jacksonville, FL 32254
- Property Type:
- Cold Storage
- Cap Rate:
- 7.02% cap
- Square Feet:
- 47,017 sqft
- Lot Size:
- 1.50 acres
- Price Per Square Foot:
- Year Built:
- Fully Operational Cold Storage Facility
- One-Year Sale-Leaseback with Regional Food Bank of Northeast Florida Including Two Six-Month Options
- Eight Steet-Facing Dock Doors to Allow for Ease of Loading and Unloading
- Facility Has Been Well Kept By Regional Food Bank with Repairs and Maintenance to Coolers and Freezers
- Jacksonville Boasts a Robust Civilian Labor Force of 828,000
- Located in the West Side Jacksonville Submarket with a 3.1% Vacancy Rate
- West Side Submarket Has Seen an Average Rent Growth of 16.4% Over the Last 12 Months
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 1814 Industrial Boulevard in Jacksonville, Florida, occupied by the current owner, Regional Food Bank of Northeast Florida. The subject property consists of approximately 47,017 square feet of cold storage space and is situated on 1.5 acres of land. The asset features three fully operational cold storage rooms with freezer capabilities, and eight street-facing dock-high doors to allow easy loading and unloading. Upon sale of the property, Regional Food Bank of Northeast Florida plans to execute a one-year sale-leaseback. In recent years, the current owner has kept the facility in good condition, making repairs to both the coolers and freezers.
The subject property is situated within West Side, a large submarket containing 36.1 million square feet of industrial space. Logistics facilities account for the largest proportion of local supply, consisting of 75 percent of inventory. Industrial demand continues to remain historically high in 2022. Annual net absorption in Q4 2022 rose to 1.1 million square feet, 150 percent higher than the 10-year average. Over the past four quarters, the vacancy rate in West Side has fallen to 3.1 percent. Limited supply has helped push annual market rent growth to an all-time high of 16.4 percent during this time. Market rents averaged $6.74 per square foot, offering tenants an 18 percent discount compared to the overall market. West Side’s strong fundamentals have attracted a record amount of development in 2022. As of Q4, 4.5 million square feet of industrial space was underway, representing 12.5 percent of inventory. Despite the pending new supply, the vacancy rate is expected to remain low in the near-term as absorption outpaces deliveries (CoStar).
Situated just southeast of the Georgia-Florida border, Metro Jacksonville is home to 1.6 million residents, with 925,000 living in the major city. Businesses benefit from a sizeable civilian workforce of 829 thousand people. Jacksonville’s proximity to the sea plays an essential role in the local economy. The seaport, known as JAXPORT, is one of the largest ports in the region and is equipped to handle cargo, cruise ships, and local ferry services. In addition to JAXPORT, the Jacksonville economy is anchored by its military bases, tourism, and paper mills. Residents of Metro Jacksonville enjoy a high quality of life with 50 miles of shoreline, major attractions such as the World Golf Hall of Fame, and a variety of entertainment, including the Jacksonville Jaguars of the NFL (Marcus & Millichap Research Services).