Description

Jones Lang LaSalle ("JLL") is pleased to present the exclusive opportunity to acquire the Greenland Road and Westside Small Bay Industrial Portfolio (the "Portfolio" or "Properties"), a strategically positioned 48,000 square foot small bay industrial portfolio comprising four buildings in Jacksonville, Florida. Currently 81.7% occupied, the Portfolio benefits from Jacksonville's exceptionally strong small bay industrial market, which has experienced 98.9% rental rate growth and averaged 97.6% occupancy since 2017. Built between 1989 and 2006, the Properties feature functional small bay infrastructure with 30 grade-level doors and 16' to 18' clear heights, supporting diverse tenant requirements across a wide range of users. With month-to-month tenancies comprising 15.3% of occupied RSF, the Portfolio offers new ownership immediate optionality to capture mark-to-market opportunities or convert to longer-term leases in a supply-constrained market where small bay inventory growth has been limited to just 2.6% since 2021.

The Portfolio's rent roll consists of essential-service tenants including auto repair, contractor, and trades users, providing stability and reduced vacancy risk. Additionally, Westside Small Bay Park sits on 4.76 acres, offering future development potential on excess land. Positioned in Florida's leading growth market with 12.2% population growth since 2020, the Properties benefit from surrounding retail, healthcare, and multifamily amenities while trading at a significant discount to replacement cost. The Greenland Road and Westside Small Bay Industrial Portfolio represents a compelling opportunity to acquire small bay industrial product in one of Florida's most dynamic markets.

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