Different funding agency Stonepeak, specializing in infrastructure and actual property, has acquired 9 logistics properties totaling 1.8 million sq. toes close to the Port of Jacksonville in Jacksonville, Fla.
This delivery market continues to see optimistic demographic traits and upgrades. The port is investing greater than $1 billion over the subsequent 5 years to enhance entry and utilization of this essential transport infrastructure, which lifts 1.3 million 20-foot equal items (TEUs) yearly.
CSX, Norfolk Southern and the Florida East Coast Railway are key railroad infrastructure assist methods for the port’s visitors.
Jacksonville’s inhabitants of 1.7 million has grown 4 instances the nationwide common since 2013 and is anticipated to develop twice the nationwide common over the subsequent decade, based on Stonepeak.
Simpson Thacher & Bartlett LLP served as authorized counsel, and JLL served as Stonepeak’s monetary advisor.
Jacksonville’s logistics market is rising
In response to Alex Redfearn of Redfearn Capital, Jacksonville’s logistics and industrial market is experiencing vital development and has rapidly change into considered one of Southeast’s most dynamic logistics hubs.
He advised Industrial Property Government that Jacksonville is strategically positioned close to main transportation networks, has a pro-business local weather and has an increasing workforce.
“It has change into a essential entry level for items coming into the U.S.,” mentioned Redfearn, whose firm now owns over 1.4 million sq. toes in Jacksonville.
“Latest investments in port infrastructure, together with enhanced container dealing with capabilities, have elevated Jacksonville’s capability to assist increased worldwide commerce volumes.”
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In August, Redfearn Capital acquired a 363,000-square-foot warehouse, Gran Bay Parkway at 12751 Grand Bay Parkway in Jacksonville from Brookfield for $27 million. The property is totally leased to Saddle Creek Logistics, an omnichannel, built-in provide chain firm. It additionally not too long ago secured $18.7 million to finance the acquisition.
Stonepeak’s portfolio growth
The corporate has been busy increasing its footprint this 12 months.
In September, Stonepeak acquired two logistics property totaling 1.1 million sq. toes in Fort Price, Texas, from institutional traders suggested by J.P. Morgan Asset Administration, utilizing a $57 million mortgage from PGIM Actual Property for the acquisition.
In April, Stonepeak acquired a three-building, 1.7 million-square-foot rail-served totally leased logistics portfolio at CenterPoint Intermodal Middle–Joliet/Elwood—the most important inland port in North America—from CenterPoint Properties. The deal went for $125 million, based on IPE Actual Property. The properties are in Elwood, Sick., at 26318-26634 S. Walton Drive, 21561 Mississippi Ave., and 26634 Mississippi Ave.
