Cannon Commercial has secured $60 million in financing to purchase a 2 million-square-foot industrial portfolio consisting of two buildings. The properties, located in Jacksonville, Florida and Hammond, Louisiana, are fully leased to regional grocery chain Winn-Dixie. JLL was responsible for securing the 10-year fixed-rate CMBS loan.
The Jacksonville location is situated in the Riverside submarket and is only 12 miles away from Jacksonville International Airport. The Hammond site is strategically located between New Orleans and Baton Rouge, making it an ideal distribution center for Winn-Dixie’s parent company Southeastern Grocers (owned by ALDI).
Jeff Sause and Joshua Blank of JLL facilitated the deal. According to Sause, lenders were attracted to this deal due to Winn-Dixie’s long-term occupancy commitment as well as the prime locations of both assets within growing Southeast markets.
Cannon TTM is a subsidiary of Cannon Commercial – a private real estate investor with recent acquisitions including Wilshire Rodeo Plaza in Beverly Hills from Nuveen at a price tag of $211 million.
