News Summary

CIP Real Estate has acquired the Imeson Commerce Center in Jacksonville for $53.75 million, significantly boosting the area’s industrial landscape. This Class A facility spans 422,136 square feet and is 100% leased to RoadOne Intermodal Logistics. This acquisition marks a pivotal moment for CIP’s expansion in Jacksonville, with plans for further growth including another industrial park acquisition expected by October 2025, adding to a robust portfolio across Florida. Despite challenges in the local industrial market, this investment highlights Jacksonville’s strategic importance for logistics.

Jacksonville Welcomes New Industrial Development with Imeson Commerce Center Acquisition

Big news on the real estate front! Jacksonville has just seen a significant boost in its industrial landscape with the recent acquisition of the Imeson Commerce Center by CIP Real Estate, a firm known for its extensive work in commercial and industrial real estate. Based out of Irvine, California, CIP Real Estate made waves by purchasing this massive property for a whopping $53.75 million.

All About Imeson Commerce Center

The Imeson Commerce Center is no small potato—spanning a grand total of 422,136 square feet, this single Class A industrial building is located at 1000 Imeson Park Blvd.. Freshly completed in 2023, this state-of-the-art facility is already making a name for itself by being 100% leased to RoadOne Intermodal Logistics, which just so happens to be North America’s largest independent intermodal logistics provider. Talk about the dream tenant!

A New Era for CIP Real Estate in Jacksonville

This acquisition marks CIP Real Estate’s first venture into Jacksonville, and it’s clear they are making a splash. Eric Smyth, the CEO of CIP Real Estate, recently expressed enthusiasm for this opportunity, signaling a commitment to expanding the company’s footprint in this bustling area. After all, Imeson is just the beginning—CIP has plans for even more growth in the pipeline.

Future Developments on the Horizon

Looking ahead, CIP Real Estate is set to gain even more ground with another industrial park acquisition expected to close by October 2025. Once this deal wraps up, the company’s total portfolio in Jacksonville will swell to over 850,000 square feet. But that’s not all! They are also gearing up to start construction on a new 330,000-square-foot industrial project in Tampa, which is slated to kick off by July. It’s safe to say Florida is becoming a major player in CIP’s strategic plans, with a total portfolio projected to surpass 1.8 million square feet across the state.

What Makes Imeson Commerce Center Stand Out?

The Imeson Commerce Center isn’t just about its size; it also boasts some remarkable features. With 36-foot clear heights, the building’s design optimizes storage and operational efficiency. For those who love logistics, the center includes 81 dock-high doors, making loading and unloading a breeze, along with 260 car parking spaces and 180 trailer parking spaces—perfect for the hustle and bustle of logistics operations. To top it off, the property has been partially demised to offer 103,000 square feet of air-conditioned warehouse space, adding another layer of versatility.

Strategically Located

One of the recent property’s shining elements is its strategic location. Positioned near key logistics hubs like JAXPORT and major routes such as Interstates 95 and 295, the Imeson Commerce Center is well-suited for businesses that rely on efficient transportation and distribution channels. It’s a logistics dream come true!

Market Snapshot

6.9% year-over-year. In the first quarter of 2023 alone, Jacksonville saw a negative net absorption of about 250,000 square feet. So, while the Imeson Commerce Center is a big win, the market is navigating through some mixed signals.

Conclusion

In summary, Jacksonville’s industrial scene is definitely heating up thanks to the Imeson Commerce Center acquisition by CIP Real Estate. With strategic planning and growth on the horizon, it looks like there’s plenty more to come for this vibrant market. Keep an eye on Jacksonville; it seems the best is yet to come!