JACKSONVILLE, Fla. – August 24, 2022 – Westmount Realty Capital, LLC announces the sale of a property from its Florida industrial portfolio, the fully-occupied 4055 Deer Park Boulevard in St. Augustine. The 246,818-square-foot, climate-controlled industrial warehouse is located in one of the most desirable distribution submarkets in the Florida region.
The warehouse was built in 1994 and the 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 and also benefits from a recent roof replacement.
“Deerpark is an excellent value-add investment opportunity with top-notch tenant KeHE, one of the largest and most respected organic and specialty food distributors in the country,” said Nick Sands, Westmount’s managing director of acquisitions in the Southeast. “Florida’s rapid growth leaves almost no vacancy in this submarket and even less throughout the overall marketplace for air conditioned/cold storage space.”
The Deerpark facility sits on 25 acres, is 45 miles from Jacksonville and 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 among the top 10 metro areas for job growth according to Axios.
“Deerpark is a fantastic opportunity for stable in-place cash flow, strong mark-to-market upside, a strategic location with direct access to major highways, as well as expansion potential with vacant land to the south,” said Cliff Booth, Westmount’s founder & chairman. “The buyer will also benefit from Jacksonville’s popularity and fast population growth in the past couple of years along with the city’s diverse manufacturing base.”
About Westmount Realty Capital
Westmount Realty Capital, LLC is a private Dallas-based owner and operator specializing in value-add, opportunistic and core plus investments. For over 35 years, our time-tested and relationship-driven approach to commercial real estate investment has generated superior returns and earned the trust of numerous U.S. and foreign institutional and private capital sources. For additional information, contact www.westmountrc.com.
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