8451 Western Way
8451 Western Way, Jacksonville, Florida 32256
NAI, as exclusive advisor, is privileged to present the opportunity to acquire 8451 Western Way in Jacksonville, Florida 32256 (the “Property”). The Property consists of a single-story, multi-tenanted industrial/office building consisting of 289,850 square feet. The Property is situated on approximately 20.72 acres of land adjacent to Interstate 95 and just south of Baymeadows Road.
Centrally located just south of the intersection of I-95 and Baymeadows Road with over 85,000 average daily vehicle trips. In addition, US-1 is less than one mile away and I-295 is less than four miles away.
- High Barrier to Entry Infill Location: Centrally located just south of the intersection of I-95 and Baymeadows Road with over 85,000 average daily vehicle trips. In addition, US-1 is less than one mile away and I-295 is less than four miles away.
- Strong In-Place Cash Flow with Diversified Tenancy: The Property is 99.2% leased to a diversified and stable tenant mix including Conser Moving and Storage, Total Military Management, Jacksonville Juniors Volleyball Association and Niles Building Products.
- High Average Weighted Lease Term Remaining: The average weighted remaining lease term is 8.08 years (as of 05/01/20).
- Limited Supply of Industrial Properties: There is a limited availability of industrial property in this submarket. Current submarket vacancy stands at below 4% and rent growth (YOY) is almost 8%.
- Strong Demographics: The submarket has strong and improving demographics with a population of 505,334 and average household income of $79,281, within a 5-mile radius of the Property. There are also over 346,453 daytime employees within this same radius.
- Limited Landlord Responsibility: Leases are structured as NNN and modified gross with limited landlord responsibilities. In addition, significant capital has been invested in building systems and tenant spaces.
3/10/2020 5:17:44 PM
3/27/2020 6:16:57 PM