International Real Estate Corp. of Boston has closed on the sale of the Coach Distribution Center in Jacksonville for $90.5 million. Trading for just over $106 per foot (a record high), the 851,696 square foot center is located at One Coach Way inside the Jacksonville International Tradeport. The center was built in 1994 on a 47 acre site that includes approximately 50,000 square feet of office space. The sale was brokered by Cushman & Wakefield.
“There’s just an incredible amount of capital worldwide that’s chasing cash-flow yield,” Cushman & Wakefield’s Executive Director Mike Davis said. “This property certainly provides that — it’s a long-term net lease with a marquee company.”
