This 152,000 square foot warehouse distribution center was acquired from Nissan. The property is located in the Bay Meadows submarket within the Southside market area of Jacksonville. This location is heavily in-filled with mature business parks and limited warehouse competition.
We purchased the property at 40% of replacement cost with Nissan as a tenant through 12/31/04. The strategy is to lease the property into a strong market at less than the current market rental rate. Don Fort of Perimeter Realty is our local partner on this project.
Executive Summary
- Address
- 8743 Western Way
Jacksonville, Florida - Description
- The property is a 152,000 square foot warehouse distribution facility previously owned by Nissan. The facility is ideally suited for warehouse distribution for one or two tenants. The building is in excellent condition.
- Location
- The facility is located in the Bay Meadows section of Jacksonville, which is south of the CBD along I-95 and Route 1. This location is heavily in-filled with mature business parks with limited warehouse competition for the Western Way product.
- Investment Rationale
- The strategy is to lease the property to one or two tenants at 30% less per square foot than the submarket average rental rate. The property was acquired at substantially below replacement cost. Prospect has teamed up with Don Fort of Perimeter Realty to manage the property. Don has built and owned 758,000 square feet of office/warehouse space in the Jacksonville Area since 1973. We anticipate the lease-up time will take up to 18 months.