Six-building industrial purchase marks IWH Capital’s second acquisition in Jacksonville, Florida

CBRE has facilitated the purchase of a six-building industrial park in Jacksonville. IWH Capital purchased the property from GF Florida for $35 million, marking IWH Capital’s second acquisition in the market.

Kyle Fisher and Ben Stewart with CBRE Industrial & Logistics represented IWH Capital in the transaction and have been retained to market the property for lease.

IWH Capital is a family-owned real estate investment company, run by brothers Adrian and Michael Haas. The company focuses on last-mile industrial facilities and currently owns more than three million square feet of industrial assets in the Mid-Atlantic, Midwest, and Southeast.

“We are excited by this new acquisition as IWH continues to expand its footprint in Florida. Small-bay industrial assets are in limited supply, but tremendous demand. We are focused on capitalizing on this subsect of the industrial asset class that has the greatest growth trajectory,” said IWH Capital Managing Partner Michael Haas.

IWH Industrial Park is located at the northeast corner of the intersection of Baymeadows Road and Philips Highway. At the time of sale, the property was 92% occupied by 22 tenants in the automotive, electronics, healthcare, and HVAC industries.

The 300,000-square-foot park features six buildings with small bay industrial and flex space in the Southside submarket of Jacksonville.

• Monterey is a 61,688-square-foot building with warehouse (78%) and office (22%) space, seven docks, two ramps, five grade-level doors, and 20-foot clear height. It’s located at 8168-8190 Baymeadows Way W.
• Madison is a 57,000-square-foot building with warehouse (95%) and office (5%) space, seven docks, one ramp, and 22-foot clear height. It’s located at 7750 Bayberry Road.
• Lexington is a 9,632-square-foot office building with nine-foot clear height located at 7750-1 Bayberry Road.
• Palatka is a 40,000-square-foot building with warehouse (65%) and office (35%) space, two dock doors, one ramp, two grade level doors, and 18-foot clear height. It’s located at 7861-7875 Bayberry Road.
• Denver is a 70,140-square-foot building with warehouse (76%) and office (24%) space, nine dock doors, one ramp, two grade level doors, and 22-foot clear height. It’s located at 7829-7859 Bayberry Road.
• Charleston is a 66,800-square-foot building with warehouse (67%) and office (33%) space, four dock doors, one ramp, and 22-foot clear height. It’s located at 7749-7787 Bayberry Road.

“The Southside submarket is a highly sought-after location for businesses looking to service Jacksonville households,” said CBRE Associate Kyle Fisher. “From IWH Industrial Park’s location, tenants can reach the entire Jacksonville MSA within a 20-minute drive. The park has an excellent mix of suite sizes available with dock-high and grade-level loading to accommodate a wide range of businesses.”

CBRE First Vice President Ben Stewart added, “The accessibility and affordability of labor is one of the reasons why companies find industrial operations in Florida attractive. The quality of the labor supply is above the national average while the cost is below national average.”

To contact IWH Capital, email Michael Hass at [email protected] or Adrian Hass at [email protected].