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| Lakeside Business Center, 2821 Bolton Road, Orange Park, FL. |
ORANGE PARK, FL,
November
24, 2020– Marcus & Millichap (NYSE:
MMI), a leading commercial real estate brokerage firm specializing
in investment sales, financing, research and advisory services, announced the
sale of Lakeside Business Center, a 25,880-square foot industrial
property located in Orange Park, FL,
according to Justin W. West, regional manager of the firm’s 
Justin W. West
Jacksonville office. The asset sold for $1,300,000.
Peter Catanzaro and Edward F. Duke III, investment specialists in Marcus & Millichap’s Jacksonville office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust.
"Investors were attracted to the property due to the potential upside by increasing occupancy in a rapidly growing Orange Park, FL submarket," says Duke.
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| Peter Catanzaro |
"The buyer was sourced from the Central Florida area and was looking to invest in the Jacksonville, FL MSA.”
Lakeside Business Center is located at 2821 Bolton Rd
in Orange Park, FL. The subject property has significant upside as the current
occupancy rate is 80 percent.
However 72
percent of which is derived from three tenants (Baker Distributing, All Kids
Care, Exodus Harvest). Baker Distributor’s, a tenant since 1983, occupies 41%
of the total space and is the only tenant on a triple-net lease.
These factors combined with potential completion of the sister office building proposed on the eastern edge of the parcel, allows the investor to experience stable cash flow day one, with a tremendous opportunity to increase the income stream within the first twelve months of ownership.
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| Edward F. Duke III |
Justin W. West
Vice President /
Regional
Manager,
Jacksonville, FL
(904) 672-1400
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