Stonepeak Buys 1.8 MSF Logistics Portfolio
The assets are situated in one of Florida’s largest port markets.
Alternative investment firm Stonepeak, specializing in infrastructure and real assets, has acquired nine logistics properties totaling 1.8 million square feet near the Port of Jacksonville in Jacksonville, Fla.
This shipping market continues to see positive demographic trends and upgrades. The port is investing more than $1 billion over the next five years to improve access and utilization of this critical transport infrastructure, which lifts 1.3 million 20-foot equivalent units (TEUs) annually.
CSX, Norfolk Southern and the Florida East Coast Railway are key railroad infrastructure support systems for the port’s traffic.
Jacksonville’s population of 1.7 million has grown four times the national average since 2013 and is expected to grow twice the national average over the next decade, according to Stonepeak.
Simpson Thacher & Bartlett LLP served as legal counsel, and JLL served as Stonepeak’s financial advisor.
Jacksonville’s logistics market is growing
According to Alex Redfearn of Redfearn Capital, Jacksonville’s logistics and industrial market is experiencing significant growth and has quickly become one of Southeast’s most dynamic logistics hubs.
He told Commercial Property Executive that Jacksonville is strategically located near major transportation networks, has a pro-business climate and has an expanding workforce.
“It has become a critical entry point for goods coming into the U.S.,” said Redfearn, whose company now owns over 1.4 million square feet in Jacksonville.
“Recent investments in port infrastructure, including enhanced container handling capabilities, have increased Jacksonville’s capacity to support higher international trade 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 fully leased to Saddle Creek Logistics, an omnichannel, integrated supply chain company. It also recently secured $18.7 million to finance the acquisition.
Stonepeak’s portfolio expansion
The company has been busy expanding its footprint this year.
In September, Stonepeak acquired two logistics assets totaling 1.1 million square feet in Fort Worth, Texas, from institutional investors advised by J.P. Morgan Asset Management, using a $57 million loan from PGIM Real Estate for the acquisition.
In April, Stonepeak acquired a three-building, 1.7 million-square-foot rail-served fully leased logistics portfolio at CenterPoint Intermodal Center–Joliet/Elwood—the largest inland port in North America—from CenterPoint Properties. The deal went for $125 million, according to IPE Real Assets. The properties are in Elwood, Ill., at 26318-26634 S. Walton Drive, 21561 Mississippi Ave., and 26634 Mississippi Ave.
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