An industrial property in one of Jacksonville’s tightest submarkets recently sold for more than $5 million.
The property at 3440 Evergreen Ave., which consists of two buildings built in 1945, sold for $5.3 million. Jimmy Ulrich and Michael J. Macchia of Stan Johnson Co. brokered the transaction.
The seller was a local private investor, and the buyer was an individual investor named Sunday Xu from Los Angeles, according to information from Stan Johnson Co.
“This sale was more than a sale – it was the culmination of a multi-generational family ownership of the property, first as the owner-user, and later as the owner-investor,” said Ullrich. “In an interesting turn of events, the winning bidder was a California investor who is an owner-user turned national real estate investor, so Mr. Xu was able to understand and work through some of the nuances of a 70-year-old family-owned property.”
The property consists of 115,500 total square feet and is fully leased to KME America Marine & Tube Fitting. It is located close to Jaxport, in an area that has a vacancy rate of less than 3%.
KME contracts with the U.S. Navy, and it fabricates copper alloy pipes for shipping and offshore.
“Selling KME was a pleasure,” Ullrich said. “The property offered a great combination of lease term, market and property type. Therefore, we experienced a feeding frenzy of buyer activity. We received more than a dozen bids and six of them were at full asking price.”
The deal is one more example of the First Coast's attractive industrial submarket of commercial real estate, which has seen numerous investment sales this year as well as new developments to try and meet a high demand for industrial space.