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CenterSquare IM announces the sale of Jacksonville service industrial portfolio
Transactions - MAY 21, 2024

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CenterSquare IM announces the sale of Jacksonville service industrial portfolio

by RELEASED

CenterSquare Investment Management announced the sale of a service industrial portfolio consisting of eight properties located in Jacksonville, Fla. Acquired in December 2020, the portfolio encompasses 380,589 square feet of service industrial space located in the high-barrier-to-entry west side and south side infill submarkets of Jacksonville.

Capital improvements made to the portfolio following its acquisition included restriping all parking lots, improving property exteriors, upgrading interior lighting, making roof repairs and installing new signage. The portfolio was 100 percent leased at the time of acquisition with below-market rents, resulting in mark-to-market (MTM) upside. The portfolio sold in May 2024.

“This latest transaction marks another outsized realization within the service industrial sector,” said Rob Wasenius, senior vice president of private real estate at CenterSquare. "The sector's ability to maintain high occupancy rates with a durable and d

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