CIP Real Estate Expands Presence in Jacksonville with New Acquisition

CIP Real Estate's latest acquisition, the Imeson Commerce Center in Jacksonville.

News Summary

CIP Real Estate makes its debut in Jacksonville by acquiring the Imeson Commerce Center for $53.75 million. This 422,136-square-foot facility, 100% leased to RoadOne Intermodal Logistics, signifies a growing footprint for CIP in the industrial market. With plans for additional projects in Florida, CIP aims to expand its portfolio significantly. The strategic location near key logistics hubs enhances the center’s value, even as the local industrial space market experiences shifts.

Exciting News for Jacksonville: CIP Real Estate Expands Its Footprint!

Jacksonville has become a hot spot for industrial real estate, with the recent buzz surrounding the Imeson Commerce Center. This sprawling 422,136-square-foot facility has officially joined the portfolio of CIP Real Estate, a company based in sunny Irvine, California. Their purchase price? A cool $53.75 million—what a hefty investment!

The Property Overview

The Imeson Commerce Center, found at 1000 Imeson Park Blvd., is a single Class A industrial building that just hit the market, having been completed in 2023. What makes this property even more interesting is that it is currently 100% leased to RoadOne Intermodal Logistics, which is no small player. As the largest independent intermodal logistics provider in North America, RoadOne has created a buzz and will surely make this location a hive of activity.

CIP Real Estate’s Foray into Jacksonville

This acquisition marks CIP Real Estate’s first venture into the Jacksonville market, and the initial reaction is one of enthusiasm. With the completion of the Imeson facility, CIP’s Jacksonville footprint is set to grow substantially. They have plans for another industrial park acquisition that’s expected to close in October 2025, which will further increase their total portfolio to over 850,000 square feet in this flourishing area.

The Numbers Behind the Deal

So, what’s behind the grand vision for this property? The Imeson Commerce Center boasts impressive specifications, including 36-foot clear heights, 81 dock-high doors for seamless logistics operations, and ample parking with 260 car parking spaces and 180 trailer parking spaces. The building has also been partially demised, providing 103,000 square feet of air-conditioned warehouse space—a real gem for climate-sensitive goods!

Strategic Location

Its strategic location near key logistics assets such as JAXPORT and major highways like Interstates 95 and 295 further enhances its attractiveness. For businesses needing quick access to shipping routes and transportation networks, this location is pure gold!

Market Trends in Jacksonville

6.9% year-over-year, and the first quarter of 2023 revealed a negative net absorption of about 250,000 square feet. This suggests that while some properties are snagging tenants, the general market is experiencing some growing pains.

The Bigger Picture

CIP isn’t stopping in Jacksonville either. They’re also gearing up to break ground on a new 330,000-square-foot industrial project in Tampa by July. Anticipating the future, CIP’s total portfolio in Florida is expected to surpass an impressive 1.8 million square feet following these transactions. It appears that Florida is increasingly becoming a focal point for CIP’s strategic growth plans!

Closing Thoughts

The Imeson Commerce Center acquisition is a noteworthy addition to Jacksonville’s industrial landscape. With large-scale operations and robust logistics capabilities, this property is likely to serve as a fundamental pillar for CIP’s plans in Northeast Florida and beyond. As the industrial real estate market continues to evolve, it will be exciting to watch how these developments shape the future for Jacksonville and its bustling economy!