CenterSquare Investment Management has acquired eight industrial properties, totaling 382,000 square feet located in infill submarkets of Jacksonville, Fla. The portfolio was acquired in a joint venture with Somerset Properties.
The financial terms were not disclosed.
The portfolio is 100 percent occupied by a diversified rent roll of 21 tenants with an average tenure of 11 years. The properties are functional infill warehouses with 22’ average clear heights, large truck courts, combination dock-high & grade-level loading, and convenient access to major transportation infrastructure.
CenterSquare, in partnership with Somerset, will execute on a value-added business plan, improving the properties by immediately executing $1 million of capital improvements. Investments in the properties’ parking lots, exterior, signage, roof sealing, and interior lighting will bring the portfolio in line with market standards and create significant value for tenants and in
