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Prime Realty’s Eric Bumgarner and Joseph M. Turri Close on 53,000 SF Warehouse

By: Tyler Saldutti on September 30, 2016 | comment(s)

A company that recycles used electronics will be creating 30 jobs over the next two years in Northwest Jacksonville after buying a 53,000-square-foot warehouse in Northwest Jacksonville at 3722 Bright Ave.
The company, E-Tech Management USA Inc, collects precious metals from used electronics and then ships them around the world, said Prime Realty broker Eric Bumgarner, who brokered the transaction between E-Tech Management and seller Antonio Estevez.

Bumgarner said the property was in complete disarray in 2014 when Estevez bought it for $150,000.
“The roof was shot, electric was ripped out, office was shot, plumbing had to be replaced and it was spray painted all over the place,” he said. “It was in about the worse condition possible.”
However, the property was still functional and Estevez used it for the past two years to run a business that refurbished printers to sell to overseas clients.
Bumgarner said that in January 2015 when he first took the assignment, Jacksonville’s industrial market was a little soft and “nothing like it is now.”
“I’d say the industrial market really started heating within the last 12 months, and once that happened we started getting a lot more interest in the property,” he said.
Benny Yeung, the owner of E-Tech Management USA, reached out to Bumgarner about another property, but the Prime Realty broker realized that Yeung’s business would work well in the Northwest warehouse. Eventually, buyer and seller agreed to a purchase price of $730,000.

Bumgarner said that Yeung, who wasn’t immediately available for comment, still got a good deal on the property as the sales price of $14 per square foot is still below what similar buildings offering the same functionality.
This building offers dock high access, outside storage, a rail spur and a 20-foot clear height. Bumgarner said buildings with similar functionality routinely are sold in the $25 per square foot range.
Also, Jacksonville wasn’t the only place that Yeung looked before deciding on 3722 Bright Ave. to buy. Yeung also looked in Savannah, but couldn’t find any property at a comparable price. Bumgarner said that some similar sized warehouses in that port city are being marketed at much higher prices.
Also, Jacksonville provided other strategic advantages, he said.
• Available workforce
• Jax Port
• Cost of living
• Quality of life
• Cost of real estate
• Strategically located to reach a large portion of the US population by truck in a short amount of time

After about a month of him examining the Savannah market he made his mind up on Jacksonville, Bumgarner said.

Derek Gilliam
Reporter - Jacksonville Business Journal

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