JACKSONVILLE, FL—A former Mercedes-Benz USA warehouse is now home to the Compass Rose Foundation, a non-profit Florida-chartered organization. COFE Fund One-Western Way, LLC sold the property for $5.2 million a year after acquiring it.
“This property represents a great adaptive reuse that fits my client's long-term goals while addressing the targeted future education demands for adult secondary education,” says Bruce Jackson, a CBRE first vice president, who represented the buyer. “They simply could not pass up the opportunity to acquire this 'tailor-made' campus.”
Compass is creating an education and training center, known as J-Tech, with emphasis on automotive technology, diesel technology, heavy equipment repair, manufacturing technologies, commercial truck driving, and logistics management for the greater Jacksonville area. J-Tech will be a vocational institution of higher learning, focusing on short-term diploma and occupation associate programs training students in high-demand trades.
Located at 8813 Western Way, the property was a former Mercedes-Benz USA Vehicle Processing Facility constructed in 1976. It sits on 16 acres fronting Interstate 95 on Jacksonville's south side.
Built by Mercedes-Benz to be its National Intake and Training Center, the physical plant comes complete with a number of classrooms, training laboratories, student lounge, and a large assembly or ”community” room for hosting employers and local trade associations. An added benefit that this location provides is its instant recognition from within the automotive and heavy equipment industries located in northeast Florida and southeast Georgia.
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