Featured Property: Navy Industrial in Jacksonville Is A Solid Investment
This week’s featured property is a 65,806 square foot industrial distribution facility recently acquired by Faropoint for $8,325,000, with NAI Hallmark representing. Located along Central Parkway, Jacksonville, the space is solely tenanted by the Department of the Navy, making the building a solid, ongoing investment with little risk of the disruption seen in shifting retail markets.
The beating heart of Jacksonville
The City of Jacksonville is well-known for its bustling economy, bolstered by the Port of Jacksonville and a strong, traditional naval presence. Overall, Duval County, where Jacksonville is seated, benefits from millions of dollars of direct stimulation from naval facilities and associated civilian industries.
Installations such as the Naval Air Station and Aviation Depot also contribute to employment and income opportunities in the area, offering up many solid opportunities for CRE and logistics investment.
The property, located at 11660 Central Parkway, is conveniently close to Interstate-295, which forms a beltway around the city. Combined with its proximity to the port, this means the facility is ideally suited for logistics deployments. As such, it will continue to be fully tenanted by the Department of the Navy under the new ownership agreement.
The continued uptick in the desirability of logistics assets makes investing in supply chain spaces like these a smart move going into the next few years, particularly given some uncertainty in other asset classes.
Building out Butler Corridor
The surrounding area, known as the Butler Corridor, is also in the process of being built out, with some large-scale residential and commercial developments on the cards. In part, sales of land belonging to Jacksonville’s Skinner family are driving the reimagination of the area, and bolstering future value for Jacksonville investors.
For more information regarding the acquisition of 11660 Central Parkway in Jacksonville, Florida, or any questions relating to investment sales, please contact NAI Hallmark at +1 904 363 9002.