Westmount Realty Capital Acquires Second Property in Florida with 246,818-Square-Foot Warehouse Facility Near Jacksonville

JACKSONVILLE, Fla. –– October 27, 2021 – Westmount Realty Capital, LLC is pleased to announce the purchase of the fully-occupied 4055 Deer Park Boulevard in St. Augustine. The 246,818-square foot warehouse sits on 25 acres and is 45 miles from Jacksonville. The property is Westmount’s second recent acquisition in Florida.

The warehouse space is fully leased to KeHE Distributors, one of the nation’s top wholesale food distributors with 16 distribution centers across North America. KeHE has been a tenant since 2008. This location employs 200 of KeHE’s 5,500 employees, and the asset also features land to expand the building by 100,000 square feet.

“Deer Park is an in-demand, value-add investment opportunity with a top-notch tenant,” said Nick Sands, Westmount’s Florida industrial market leader. “There is almost no vacancy in this submarket and even less throughout the overall marketplace for air conditioned/cold storage space. KeHE is also one of the largest and most respected organic and special food distributors that experienced a significant boost in earnings due to COVID-19. Even prior to the pandemic, the company’s sales volumes demonstrated good growth as the specialty food industry skyrocketed.”

Westmount was drawn to the asset’s institutional quality and attractive basis opportunity in one of the most desirable distribution submarkets in the Florida region. The asset was built in 1994 and is currently undergoing a roof replacement.

The Deer Park facility has immediate access to Interstate 95 and proximity to I-295. Nearby Jacksonville is the largest city in the state and is the fifth fastest-growing city in the country, according to Forbes. It was also called the No. 2 up-and-coming city, according to Time Magazine.

“We have a quality tenant in a building that is partially refrigerated and 100% air conditioned,” said Cliff Booth, Westmount’s chairman. “The proximity to Jacksonville, the thirteenth most populous in the United States, is also ideal with its diverse manufacturing base. It’s a rail, air and highway focal point and a busy port of entry, with Jacksonville International Airport, ship repair yards and extensive freight-handling facilities.”

Westmount acquired another Florida property in Tampa in May of this year, expanding its portfolio in the southeastern region. Interstate Business Park is a seven-building suburban office/flex property. The 121,918-square-foot business park also has a small portion of warehouse space available.

 


 

About Westmount Realty Capital

Westmount Realty Capital, LLC is a time-tested, privately held, Dallas-based commercial real estate company that has achieved exceptional performance, with a core team in place, for more than 30 years. Westmount is seen as an innovator and leading-edge company in the industry and is a relationship-driven trusted operating partner of numerous U.S. and foreign institutional and private capital sources. The company is active within the U.S., specializing in value add and opportunistic investments, and has navigated successfully through multiple market cycles. For additional information, contact www.westmountrc.com.

 

For more information, contact:

Westmount Realty Capital, LLC

info@westmountrc.com

 



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