(Carl Cronan is editor of Real EstateFlorida.)
JACKSONVILLE, FL-Schafer Development LLC has sold a 75-acre parcel at its New Berlin Commerce Park here to Atlanta-based Oakmont Industrial Group. The new owner plans to proceed with a 386,000-sf industrial project at the site to be completed later this year.
Steve Schafer, president of the Farmington Hills, MI-based industrial and manufacturing firm, tells GlobeSt.com that the site has all the proper entitlements, making the deal more attractive. He would not disclose a specific price for the sale, other than to say it exceeds $10 million.
"Oakmont basically gave us an offer we couldn't refuse," Schafer says. "We had a quick closing. It was good for us and it was good for them."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
