Marcus & Millichap Handles $1.3 Million Sale of Lakeside Business Park in Orange Park, FL

Lakeside Business Center, 2821 Bolton Road, Orange Park, FL.

 

ORANGE PARK, FL, 

 Justin W. West

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 

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.

Peter Catanzaro

"The industrial space was primarily anchored by Baker Distributing, a National Distributor of HVAC/R parts and equipment and has served as their primary location in the Orange Park area since approximately 1983.

"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.

Edward F. Duke III

CONTACT:

  Justin W. West

Vice President /

 Regional Manager,

Jacksonville, FL

(904) 672-1400