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West Jacksonville

Updated Oct 29, 2024

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

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

West Jacksonville

$2,870,000

Building Size

Asset Type

Land

Closing

Jun 29, 2023

About this deal

AI

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 Richardson

Newmark

Broker

$2.9M

vol

1 deal

Broker

Los Angeles Land Market Snapshot

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.53%

Cash-on-Cash

-1.58%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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