Manulife Investment Management headed an investor group that acquired a 333,728-square-foot cold storage facility in Jacksonville, Fla. Commercial Edge reports that Saxum Real Estate was the previous owner. JLL secured $68.3 million in financing for this acquisition.

Completed in 2024, Arcadia Jacksonville is located within Imeson Industrial Park in the North Jacksonville submarket. The facility is fully leased to Arcadia Cold Storage & Logistics, a major third-party logistics provider in North America.

The JLL Capital Markets team representing Manulife IM was led by Melissa Rose, Michael Klein, Wells Waller, Nicole Barba and Preston Bacon.

Saxum broke ground on the build-to-suit facility at 9765 N. Main St. in 2023. The developer financed its construction with a $76.8 million loan from Commerce Bank of Kansas City.