Jacksonville, Fla. (July 7, 2016) — Newmark Grubb Phoenix Realty Group (NGPRG) recently completed a $10.5 million sale of a 588,000 square foot industrial facility located at 5245 Commonwealth Avenue, in Jacksonville, Fla.
Tower Investments, LLC of Woodland, Calif., purchased the building from FT-WD Property LLC. Formed in 1989, Tower Investments, LLC is a real estate investment and development company that invests its own capital and self-manages a diverse portfolio of real estate and debt instruments secured by real estate throughout the United States.
FT-WD Property LLC was represented by John Richardson, President/Principal and Bryan Bartlett, Senior Vice President/Principal with NGPRG.
NGPRG has been the exclusive leasing team on the property for over 10 years, which involved deals with past tenants Michaels Stores, Jefferson Smurfit and Dupuy Silo over the years.
Located on Jacksonville’s Westside, in the largest industrial submarket, the multi-tenant manufacturing and warehouse distribution facility is situated on approximately 28 acres of land. The property is 100% leased to two tenants, Fanatics and Dickinson Fleet Services.
About Newmark Grubb Phoenix Realty Group
Newmark Grubb Phoenix Realty Group is a full-service commercial real estate company serving Northeast Florida and Southeast Georgia. The firm has completed more than 100 million square feet of transactions since its inception in 1993. Today, Newmark Grubb Phoenix Realty Group provides industrial, office, retail and investment brokerage services representing tenants, buyers, landlords and sellers, as well as third-party and institutional investors of every size. Through Newmark Grubb Knight Frank, one of the world’s leading commercial real estate advisory firms, our clients have access to opportunities in every major market throughout the country, as well as across the globe. For further information, visit www.phoenixrealty.net or call 904.399.5222.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.