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Faropoint buys industrial property on Philips Highway

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The New Jersey company paid $9.6 million for a building fully leased by Jaguar Power Sports and Setzer’s

Hoboken, New Jersey-based Faropoint bought a 100,625-square foot industrial building at 7720 Philips Highway on Feb. 28 for $9.6 million.

Robert T. Wolfenden Separate Living Trust sold it, according to a news release from the Colliers real estate firm.

Jaguar Power Sports and Setzer’s lease the property.

Eric Bumgarner, executive director of industrial brokerage services with Colliers, along with Colliers Director Joseph Turri and Senior Associate Michael Cassidy, represented the seller.
The warehouse and showroom, built in 1981, is fully leased.

Jaguar Power Sports moved into the building in May 2020. Setzer’s joined in August.

In December 2017, the Robert T. Wolfenden Separate Living Trust paid $5.075 million for the building in a sale-leaseback. It bought it from Ultimate Survival Technologies, which later was acquired by American Outdoor Brands and moved to Missouri.
Ultimate Survival Technologies bought the property from Haverty Furniture Companies in 2010 for $2.72 million.

Faropoint bought an industrial building at 11660 Central Parkway on Dec. 31 for $8.3 million. The 65,806-square-foot structure is leased by the U.S. Navy for a training facility.

Bumgarner was involved in that purchase as well.

“It’s not often where you see a tenant have the overall authority of approving a prospective buyer and requiring them to undergo federal background checks before issuing their decision,” he said. 

“That deal was unlike any deal I have seen before, and because of Faropoint’s ability to navigate that deal to a successful closing, they were clearly the best buyer for 7720 Philips Highway.”

 

Source: Jax Daily Record


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Eric Bumgarner

Executive Director

Jacksonville

Eric Bumgarner is an Executive Director of Industrial Brokerage Service with Colliers North Florida. Eric focuses his efforts primarily on the disposition and acquisition of industrial business parks, single tenant net leased industrial and self-storage facilities. His brokerage activities include both seller/landlord representation and buyer/tenant representation of sales and leases in the specialty of industrial land and buildings for local, regional and international companies. Eric has a reputation of being a key player in the Jacksonville, FL industrial market with having completed over 600 transactions throughout his career totaling 5.2M square feet. These transactions are valued at more than $300 million and has placed Eric among the top producers within Colliers.

Eric has relevant hands-on experience when it comes to understanding the needs of industrial users, as he has worked for multiple contracting companies in his younger years and is a veteran of the United States Air Force where he served in Operation Enduring Freedom maintaining the missile defensive systems on C-130 cargo planes.

Prior to joining Colliers International, Eric managed the industrial division at Prime Realty.

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Joseph Turri

Director

Jacksonville

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Michael Cassidy

Senior Associate

Jacksonville

Michael joined Colliers International | Northeast Florida in April 2019 as an Associate for the Bumgarner Industrial Team. As a third generation Floridian and a lifetime resident of Jacksonville, Michael has had the opportunity of creating strong connections with the local and regional market. He brings experience in sales, customer relationship management and financial analysis and his primary focus is to assist the Bumgarner Industrial Team while entering the market as an young professional and developing quality client relationships.

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