LRC Properties purchases 469,830 s/f industrial property in Jacksonville for $29.6 million

Jacksonville, FL LRC Properties has purchased 600 Whittaker Rd. The 469,830 s/f industrial property is LRC Properties’ first industrial property in the area and its second property in the area’s commercial real estate marketplace. LRC Properties partnered on the deal with Machine Investment Group, purchasing the property for $29.6 million. The debt on the purchase was funded by Rialto Capital.

The warehouse property is located in the Northside submarket, one of the key submarkets in the region. The property features warehouse space, 32 ft. clear, loading areas, and plenty of trailer parking. LRC Properties plans to make cosmetic upgrades to the property and improve signage.

“We are excited to purchase the 600 Whittaker Rd. property. We wanted to expand our footprint in the Jacksonville region. It is strategically located near I-95, I-295, I-10, two ports, and rail access, making it ideal as a distribution hub for many companies. This is a key reason we are seeing great interest from potential users,” said Karie Nero, principal and CFO of LRC Properties. “600 Whittaker Rd. presented the right opportunity for us to jump into the industrial Jacksonville market with a property that fits perfectly into our firm’s industrial growth strategy.”

With this purchase, LRC Properties owns six million s/ft of commercial properties in the Southeast with assets under management more than $500 million. Its expanding portfolio also includes two recent purchases made in the past six months: the 640,000 s/f Technicolor Building in Memphis and a 288,000 s/f industrial property at 2 Dell Parkway in Nashville.