Southeast Toyota Distributors pays $39.5 million for Florida Gateway Logistics Park property

Southeast Toyota Distributors pays $39.5 million for Florida Gateway Logistics Park property (Courtesy of the Jacksonville Daily Record) — Developers of Florida Gateway Logistics Park in Westlake Industrial Park sold Building 3 and expansion property to the neighboring Southeast Toyota Distributors LLC for almost $39.5 million.

DRI/CTR Jax Phase I LLC sold the 416,000-square-foot Building 3 and some additional property March 8 to SET WL QI LLC 2023. SET WL appears to stand for Southeast Toyota Westlake.

Westlake Industrial Park is along Pritchard Road, west of Interstate 295, in far west Jacksonville.

JLL Executive Managing Director Luke Pope (pictured above) and Senior Vice President Ross Crabtree represented the seller in the deal. 

Pope and Crabtree represent the owners in leasing Florida Gateway Logistics Park, which is at 9909 Pritchard Road.

Newmark Executive Managing Director Jason Schrago in Orlando represented Southeast Toyota Distributors in the sale.

Southeast Toyota paid $38.27 million for the building and $1.2 million for an expansion parcel of about 4.5 acres that would allow for another 100,000 square feet.

Southeast Toyota owns and operates a Toyota processing and distribution facility on 250 acres at 9985 Pritchard Road next to Florida Gateway Logistics Park.

California-based CT Realty in partnership with Diamond Realty Investments LLC bought 251 acres at Westlake on April 29, 2021, from Southeast Toyota Distributors LLC of Deerfield Beach for $19.5 million.

DRI/CTR JAX Phase I LLC bought the vacant land to develop the more than $300 million, 3.2 million-square-foot, eight-building Florida Gateway Logistics Park.

The first phase is 164 acres. The city approved initial site clearing Aug. 24, 2021.

The city issued permits April 18 and April 20, 2022, for Evans General Contractors to build the three buildings in the first phase of Florida Gateway Logistics Park totaling 1.72 million square feet of space.

The costs for the initial three buildings were shown on plans as:

• Building 2 at 300,240 square feet and a construction cost of almost $13.52 million. The foundation is $230,680.

• Building 3 at 416,000 square feet and $15.88 million. The foundation is $285,520.

• Building 8 is 1,000,350 square feet at $34.31 million. The foundation is $668,440.

The first three buildings at Florida Gateway Logistics Park total 1.7 million square feet. Five more buildings are anticipated.

Counting the construction and foundations, site clearing and electrical work, the costs total $67 million.

JPMorgan Chase financed the first phase at $71.825 million.

The next phases will add more space. The remaining five buildings range from 250,200 to 600,000 square feet.

Pope said Building 3 is completed and Buildings 2 and 8 are near completion.

He said multiple tenants are in discussion for those two buildings.

Southeast Toyota Distributors is part of JM Family Enterprises Inc. of Deerfield Beach.

The jmfamily.com site says JM Family Enterprises is a privately held, diversified company founded in 1968 by automotive pioneer Jim Moran when he partnered with Toyota Motor Sales to help expand the automaker’s presence in the U.S. market. 

The site says Southeast Toyota Distributors is the world’s largest independent distributor of Toyotas.

It distributes vehicles, parts and accessories to 177 independent Toyota dealerships in Alabama, Florida, Georgia, North Carolina and South Carolina. 

It says vehicles manufactured in North America and Japan are processed at the company’s facilities in Jacksonville and in Commerce, Georgia. 

Southeast Toyota Distributors also supports dealers through regional sales and marketing, customer service, accessory development and sales, fleet sales, and transportation and logistics.