The office and industrial developer paid Union Labor Life Insurance Co. of Washington, DC $8.25 million or $31.13 per sf for the 15-year-old, 265,000-sf office and distribution center. Thrown into the deal were 18.5 adjoining acres.
"The purchase was a value-added, below-replacement cost purchase that was 72% occupied at sale," Karl Johnston, an investment specialist for the Jacksonville office of Cushman & Wakefield of Florida Inc., tells GlobeSt.com. "ESC plans a strong, hands-on approach to capture additional occupancy for the distribution center."
Johnston negotiated for the seller. Easton Sanderson represented itself. Commonwealth Commerce Center was constructed in stages from 1988 to 1998. The property has 21 tenants paying an average asking rental rate of $7 per sf.
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