Imeson Commerce Center_Property for Sale

1000 Imeson Park Boulevard, Jacksonville, FL, 32218, US

Imeson Commerce Center

Asset description

Jones Lang LaSalle, Inc. ("JLL") has been exclusively retained to market for sale Imeson Commerce Center (the "Property") – a newly delivered 422,136 SF rear-load industrial facility located within Imeson Industrial Park, Jacksonville's premier logistics park.

The Property is currently 100% occupied by RoadOne IntermodaLogistics ("RoadOne"), North America's largest intermodal trucking provider. This is RoadOne's third location within Imeson Park allowing them to significantly expand their Jacksonville operations. This highly functional rear-load facility was built in 2023 and features 36' clear heights, 125'-245' truck court depths, 310' building depth, ample loading, and has been partially demised to provide 103K SF of air conditioned warehouse space – a unique feature for buildings in this market and represents significant investment made by the tenant.

The Property also benefits from a strategic location in one of Florida's strongest and fastest growing markets, Jacksonville. Located less than 15 minutes from Jacksonville's central business district, Jacksonville International Airport, JAXPORT, I-95, I-295, and I-10, Imeson Commerce Center offers unparalleled last-mile, regional, and Southeast US logistics capabilities with the ability to reach over 16M people within a 4-hour drive.

Imeson Commerce Center provides investors with the rare opportunity to acquire a newly built, Class A industrial building in one of Jacksonville's best performing submarkets that is fully leased to a deeply entrenched North American intermodal tenant looking to aggressively expand in the market.

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Attributes

Building area net

422,136 sf

Building class

Year built

2023

Land area gross

29.57 acres

Occupancy

100%

Tenants

RoadOne IntermodaLogistics

WALT

4 years

Media

Investment highlights

Rare Opportunity To Acquire State-Of-The-Art Facility Leased To National Logistics Tenant

Institutional quality, 422,136 SF rear-load distribution facility 100% leased to the leading North American intermodal logistics provider in one of the country’s top performing port markets.
RoadOne considers Jacksonville a mission critical location to its Southeast US operations evident by its existing presence in the region and significant investment within Imeson Park.

Highly Entrenched Tenant With Strong Commitment To Jacksonville And Significant Investment In The Property

$2.3M investment by the tenant includes 81 dock levelers, fencing around the site, a guard shack, and 100,000 SF of climate-controlled warehouse – a rare and coveted building feature in the Jacksonville market.
The neighboring 248K SF RoadOne facility lies on a 23 acre site and presents the unique opportunity for RoadOne to create a logistics campus within Imeson Park which underscores their long-term commitment to The Property.

Strong & Stable In-Place Cash Flow

New construction limits near-term capital requirements and landlord responsibilities.
Landlord favorable NNN lease structure with $3M in-place NOI and strong 4% contractual annual escalations.
27% 5-year NOI growth and 37% 7-year NOI growth.

Highly Functional & Cutting-Edge Design Specifications

36’ clear heights, 310’ building depth, 260 auto spaces, and 180 truck/trailer spaces.
Efficient rear-load design with 81 total dock-high doors (1.92 dock-high doors per 10K SF), 2 total drive-ins, and 125’-245’ truck court depths.
ESFR sprinkler systems, LED lighting with motion sensors, and 2,000 Amp 277/480V 3 phase heavy power.
103K SF of climate-controlled warehouse space with an insulated demised space.

Attractive Jacksonville MSA Industrial Market Fundamentals

Jacksonville has experienced 14 consecutive years of positive net absorption bringing total absorption for 2024 to 2M SF with an additional 14M SF forecasted by 2029.
Exceptionally strong leasing fundamentals as evidenced by a tightened vacancy rate of 5% and positive absorption despite 4.9M SF of deliveries YTD.

Located In One Of The Fastest-Growing Industrial Markets & Submarkets In The US

The Jacksonville MSA has seen 103% in rent growth (15% CAGR) over the past five years and is forecasted to realize another 30% increase by 2029.
Industrial rents in the Northside submarket have exploded since 2019, realizing over a 140% (19% CAGR) increase and eclipsing the immense growth seen in the overall Jacksonville MSA market.