Newmark Grubb Phoenix Realty Group’s Bobby Gatling and Ladson Montgomery represented Petroleum Containment, Inc. in its $2.9 million acquisition of 8873 Western Way in Jacksonville, Fla. The 125,300-square-foot industrial property, situated on the southside of the city off of I-95 at Baymeadows Rd. and Southside Blvd., is currently vacant. Petroleum Containment will relocate from its 30,000-square-foot Downtown site.
“We have seen a dynamic industrial market in the first half of 2013 as users continue to acquire excellent buildings below replacement costs,” said Mr Gatling, first vice president, who also represented the seller, COFE Properties Fund 1, in the disposition with colleague Bryan Bartlett. In early June, Messrs. Gatling and Bartlett represented the fund in its sale of a warehouse/flex facility at 8813 Western Way.
About Newmark Grubb Phoenix Realty Group
Newmark Grubb Phoenix Realty Group is a full-service commercial real estate company serving Northeast Florida and Southeast Georgia. The firm has completed more than 30 million SF of transactions since its inception in 1993. Today, Newmark Grubb Phoenix Realty Group provides industrial, office, retail and investment brokerage services representing tenants, buyers, landlords and sellers, as well as third-party and institutional investors of every size. Through Newmark Grubb Knight Frank, one of the world’s leading commercial real estate advisory firms, our clients have access to opportunities in every major market throughout the country, as well as across the globe. For further information, visit www.phoenixrealty.net or call 904.399.5222.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 11,000 professionals, operating from more than 340 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.