Merritt Properties Acquires 200,000 Square Foot Industrial Park In Jacksonville For $19.6M

The industrial property located at 5022 Gate Parkway in Jacksonville encompasses 26.75 acres and features a total square footage of 200,000. The asset was acquired for a transaction amount of $19,600,000, resulting in a price per square foot of $98. This property was 60% occupied at the time of sale and is slated for conversion to Class A light industrial use with planned enhancements including drive-in docks.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $19,600,000
• Square Footage: 200,000
• Price per Square Foot: $98
• Address: 5022 Gate Parkway
• Market: Jacksonville
• Buyer: Pat Franklin & Gary Swatko - Merritt Properties
• Seller: Taurus Investment Group
• Broker Representatives: Karl Johnston & Traci Jenks - Cushman & Wakefield

Merritt Properties, represented by Pat Franklin and Gary Swatko, has acquired this industrial park through receivership. The deal was facilitated by brokers Karl Johnston and Traci Jenks from Cushman & Wakefield. Following the acquisition, the property will be renamed Merritt at Gate Parkway.