InLight, Ares Management JV Lands $82M for Industrial Project
The development will comprise nearly 900,000 square feet.
Affinius Capital LLC has originated an $82.3 million loan to finance the development of Eastport Logistics Park, a master-planned four-building, 890,000-square-foot Class A industrial development in Jacksonville, Fla.
The borrower was a joint venture of InLight Real Estate Partners and an Ares Management Real Estate fund. The loan will be used for lease-up of the project in addition to construction.
As currently planned, the first phase of Eastport Logistics Park will feature four buildings with clear heights of 32 to 36 feet, 135- to 185-foot truck court depths, 222 dock doors, 418 trailer parking stalls and 691 car parking spaces.
The two larger buildings (100 and 200) will total approximately 312,000 square feet, and the two smaller buildings (300 and 400) will total about 132,000 square feet. The second phase will offer build-to-suit options as large as 688,000 square feet.
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The development’s location in Jacksonville’s Northside submarket is just off I-295, 5 miles from the I-95 interchange and 4 to 5 miles from the Port of Jacksonville’s Dames Point, ICFT CSX and Blount Island terminals. The project also has the capability for rail service by CSX, a main line of which abuts the property to the north.
The park is scheduled to deliver in the first quarter of 2026.
Languid activity
The industrial real estate sector in Jacksonville’s Northside submarket has an overall vacancy of 5.7 percent on an inventory of about 32.5 million square feet, according to a fourth-quarter report from Cushman & Wakefield. Net absorption in the latest quarter was a negative 84,000 square feet, which was about on par for the region as a whole. This reflected a surge in deliveries of warehouse/distribution space with little preleasing.
Just after New Years, Affinius Capital provided a $77.4 million loan to ForeFront Commercial Real Estate, in conjunction with an Ares Management Real Estate fund, for their development of West Worth Commerce Center, a 992,000-square-foot industrial campus in Fort Worth, Texas.
Last fall, Affinius collaborated with Bank OZK on two loan deals.
The pair extended a $135 million loan to a joint venture of DECA Cos. and Wildcat Capital Management for the development and lease-up of an 850,000-square-foot industrial property in Perris, Calif.
They also loaned $83.8 million to a joint venture between Lincoln Property Co. and Goldman Sachs for the construction and lease-up of Waterstone, an 894,000-square-foot, four-building industrial development in Kyle, Texas, near Austin.
In each transaction, Bank OZK was the senior lender, while Affinius originated the subordinate portion of the note.
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