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Colliers International Facilitates $1+ Million Cash Purchase of Jacksonville Industrial Property

April 20th, 2020 · Leave a Comment

Colliers International’s Jacksonville office has facilitated the purchase of an industrial property located at 11749 New Kings Road in Jacksonville’s Northwest submarket.

Eric Bumgarner, CCIM, Senior Director of Colliers International’s Jacksonville office, represented both parties in the $1,025,000 cash deal, which closed on April 13, 2020.

Flying Colors Group, L.P., purchased four buildings totaling 25,000 square feet of warehouse and office space, situated on 22 acres zoned for light industrial. This transaction marks Flying Colors Group’s twelfth investment in Northeast Florida since 2016, bringing their holdings in the region to more than 434,000 square feet of industrial space.

The group, which has historically focused on single-tenant net leased industrial properties with strong deal fundamentals, purchased this property as a vacant speculative investment to lease to one large user or several smaller tenants. Site improvements are anticipated to begin in the third quarter of 2020.

Prior to the sale, O.E. Smith & Sons, Inc. (the seller) grew their real estate portfolio from a five-acre parcel purchased in 1974 to nearly 32 acres through continuous acquisitions over the past 46 years. The company has retained ownership of 10 acres to continue providing services for wells, pumps and septic tanks, just as it has since 1940.

The property was on the market for less than two months before going under contract with Flying Colors Group.

Colliers International’s Jacksonville office will lead leasing operations for the property. For leasing information, call 904-252-1249 or email eric.bumgarner@colliers.com.

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