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Navy-occupied industrial building sells for $8 million

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A real estate investment firm recently purchased a facility in Jacksonville used for military training.

Faropoint, which focuses on last-mile distribution, acquired 11660 Central Parkway for $8.3 million. Daniel Burkhardt and Jason J. Purdy of NAI Hallmark represented Faropoint in the transaction. Eric Bumgarner of Colliers International Northeast Florida represented seller Murali Holdings LLC.

The 65,806-square-foot building is 100% occupied by the Navy for use as a training facility. Marketing materials show the property was built in the 1980s but had a $16 million improvement project in 2021.

The deal is the latest in an incredibly active Jacksonville area industrial market. Experts say 2021 was one of the biggest years for industrial property in the area, and they expect 2022 to continue to see strong interest from potential tenants, investors and developers.

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Related Experts

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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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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Joseph Turri

Director

Jacksonville

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