Distribution facility in Florida sells

MIAMI, July 21, 2022 – JLL Capital Markets announced today that it has closed the sale of 600 Whittaker, a 469,830-square-foot, 100-percent-leased, multi-modal distribution facility in Jacksonville, Florida.

JLL marketed the property on behalf of the seller, LRC Properties and Machine Investment Group. AEW Capital Management acquired the asset free and clear of existing debt.

The property is currently leased to Constellation Brands, a Fortune 500 company that is among the nation’s largest beer, wine and spirits distributors.

The property’s location affords it excellent Southeastern U.S. logistics connectivity via the CSX railway network, as well as access to Jacksonville’s major demand drivers and interstate highways.

The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Managing Director Luis Castillo, Director Cody Brais and Senior Managing Director Luke Pope.

“LRC Properties and Machine Investment Group successfully executed on their business plan to renovate and re-tenant 600 Whittaker,” said Castillo. “JLL has been extremely active in Jacksonville, both for capital market and brokerage transactions and remain bullish on the long-term prospects for that growth market.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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LRC Properties is an experienced commercial real estate firm focused on East Coast commercial real estate investments. Headquartered in the New York City metro area, with offices in Charlotte and Durham, North Carolina and Charleston, SC, LRC concentrates in acquiring core plus and value add properties in improving markets. LRC focuses on creating above-market returns for its investment partners by providing substantial value to the properties it purchases through operations, repositioning, restructuring and redeveloping, utilizing a “hands-on” management approach. LRC also strives to make a positive impact in the communities where it owns property, through its vision and social programming. For more information on LRC Properties, visit www.lrcprop.com

Machine Investment Group is a real estate investment platform focused on opportunistic, distressed and special situations across the United States. Founded by former senior executives from Garrison Investment Group, Machine invests primarily in the middle market, where its reputation as a reliable counterparty, its solutions-oriented approach and extensive lender relationships distinguishes the firm from the competition. Machine's strict risk discipline, institutional operating processes and well-developed sourcing network has been cycle-tested and is designed to deliver consistent, opportunistic returns while minimizing losses.

For over 40 years, AEW Capital Management, L.P. (AEW) has provided real estate investment management services to investors worldwide.   One of the world’s leading real estate investment advisors, AEW and its affiliates manage $94.8 billion of property and securities in North America, Europe and Asia (as of March 31, 2022)[1].  Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum.  AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Düsseldorf, Hong Kong, Seoul, Singapore, Sydney and Tokyo, as well as additional offices in seven European cities.  For more information please visit www.aew.com.

[1] Gross asset value as of March 31, 2022. Total AEW AUM of $94.8 billion includes $43.9 billion in assets managed by AEW Europe SA and its affiliates and $259 million in advisory/subadvisory, wrap and other accounts for which AEW Capital Management provides only a model portfolio.