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Karis Cold Acquires Land In Westlake Industrial Park, West Jacksonville For $2.87M

Property Image
SOLD
$2,870,000
John (J.R.) Richardson
Bryan Bartlett

California

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Land
Sold 06/29/2023
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Property Image
SOLD

Karis Cold Acquires Land In Westlake Industrial Park, West Jacksonville For $2.87M

West Jacksonville

See Similar Deals
Land
Sold 06/29/2023
John (J.R.) Richardson
Bryan Bartlett
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Land
Transaction Type:Sale

Karis Cold has acquired a 24.17-acre land in West Jacksonville's Westlake Industrial Park for $2.87 million. The property is located along Pritchard Road and is designated for the development of a 265,264-square-foot cold storage warehouse. The facility will include loading docks and office space, with the potential to accommodate multiple tenants.

Summary of transaction details:

  • Property Type: Land
  • Transaction Amount: $2,870,000
  • Address: Along Pritchard Road in Westlake Industrial Park
  • Market: West Jacksonville
  • Buyer: Karis Cold - Ken Verne
  • Seller: Westlake Land Management Inc
  • Brokers: John Richardson & Bryan Bartlett - Newmark Phoenix Realty Group
  • Acres: 24.17

The buyer, Karis Cold, represented by Ken Verne, purchased the land from Westlake Land Management Inc. The deal was facilitated by brokers John Richardson and Bryan Bartlett from Newmark Phoenix Realty Group.

Players

John (J.R.) Richardson
Newmark
John Richardson
1 deal$2.9M volume(904) 399-5222
BROKER
Bryan Bartlett
Newmark
Bryan Bartlett
2 deals$13M volume(904) 399-5222
BROKER

Details

SOLD
IMAGE: Bryan Bartlett, Ken Verne & John Richardson DATE: 06/29/2023 ADDRESS: Along Pritchard Road in Westlake Industrial Park MARKET: West Jacksonville ASSET TYPE: Land ~ ACRES: 24.17 BUYER: Karis Cold - Ken Verne SELLER: Westlake Land Management Inc BROKERS: John Richardson & Bryan Bartlett - Newmark Phoenix Realty Group SALE PRICE: $2,870,000 NOTE: Karis Cold has acquired land in West Jacksonville's Westlake Industrial Park for $2.87 million, intending to develop a 265,264-square-foot cold storage warehouse with loading docks and office space. The facility has the potential to accommodate multiple tenants.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$153,066.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$10,196.50
Cash-on-Cash Return-1.27%
Monthly Debt Service$13,605.26
Annual Debt Service$163,263.17