InLight Completes Roundtrip Jacksonville Sale and Exchanges Into Four-Property Portfolio

JACKSONVILLE, Fla. - Jan. 3, 2024 - PRLog -- InLight Real Estate Partners has successfully closed on the disposition of a last-mile industrial facility at premium pricing after acquiring the asset in 2021, representing the firm's third roundtrip sale in Jacksonville to date. InLight strategically reinvested the proceeds through a 1031 exchange into a four-property sale-leaseback with a well-established business, Woodsman Kitchens and Floors.

The sale of 1030 Ellis Road North included a 142,850-square-foot warehouse on nearly 7 acres featuring tilt wall construction, front-load orientation and a 21' clear height. The building is demised into two suites with a total of 14 dock doors, one drive-in door and 170' to 210' truck courts. Boasting a superior infill location in the coveted Westside submarket, the site provides unparalleled regional connectivity by virtue of its access to major interstates (95, 295 and 10), CSX and Norfolk Southern intermodal terminals, deep-water JAXPORT marine terminals (Dames Point, Blount Island and Tallyrand) and Jacksonville International Airport.

InLight initially acquired the asset as a value-add opportunity with its family office, InLight Capital, as Limited Partner (LP) and infused $800,000 into the project. Capital improvements included TPO overlay on the built-up roof, insulation replacement, dock seal improvements, major landscaping upgrades, electrical panel updates and electrical capacity upsizing. At the time of sale, the property was fully occupied by existing tenants Mitnet and Dupuy, with InLight converting Dupuy from a sublease to a direct lease during its ownership.

"We had fantastic partners at every stage of this deal, from our LP to our capital markets partners, and most importantly in these volatile times, our buyer," said Charles Margiotta, Senior Vice President of Investments based in InLight's Ponte Vedra office. "Jacksonville is one of our key markets and where we are headquartered. We see the investment in the city firsthand every day and are confident that Jacksonville is well-positioned to continue growing as an industrial hub for many years to come."

Following the disposition, InLight executed a 1031 exchange to acquire the Woodsman industrial portfolio in the supply-constrained Southside submarket. The portfolio includes four separate industrial properties totaling 145,873 square feet on 12 combined acres. The properties facilitate operations such as fabrication, storage, office and sales for Woodsman Kitchens and Floors, the leading provider of cabinetry, countertop, flooring and design services in the greater North Florida market.

InLight has continued to rapidly expand its diverse portfolio since founding the company in 2021. The transactions mark the 5th investment in Jacksonville and 27th project overall, accounting for approximately $600 million in total capital deployment.

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