By Nick Blank – Reporter, Jacksonville Business Journal
Nov 3, 2022
An industrial multi-tenant Southpoint property has been purchased for $6.7 million, a sign of the continuing demand for industrial space on the First Coast.
The Richard Street Business Center consists of 49,572 square feet on 4.33 acres. The property is located between Philips Highway and I-95, near The Bolles School and St. Vincent’s Ascension Southside Hospital. The buyer, Richard Center LLC, is registered to Hao Li.
The building was built in 1969. It was bought in 2014 for $825,000 from First Atlantic Bank, which had foreclosed on the property earlier that year. The previous sale was in 2006 for $1.86 million.
Current tenants of the fully leased property include Epsilon Systems Solutions and various automotive-related tenants. The property was renovated in 2017.
The sale was brokered by Tyler Saldutti and Conrad Boylan of Prime Realty. He said the sale showed the resiliency of interest in regional industrial properties despite high interest rates.
“We were glad to see that the transaction held together in a rising interest rate environment,” Saldutti said. “The demand in owning industrial is strong to survive the turmoil of capital markets.”
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