Growth Capital Partners, previously known as Graham Commercial Properties, sold two Jacksonville holdings Oct. 29 for $63.6 million to Exeter Property Group.
Deeds recorded Nov. 19 with the Duval County Clerk of Courts show that GCP:
• Sold the 871,952-square-foot NorthPort Logistics Center for $55.34 million through GCP-Northport LLC. GCP paid $49 million for the property in 2019.
The warehouse, built in 2009, sits on 77.2 acres at 11530 New Berlin Road in North Jacksonville.
Exeter Property Group bought it through ES 11530 New Berlin LLC.
• Sold Bayberry 7970 and 7980 for $8.27 million through GCP Bayberry LLC.
GCP bought Bayberry for $3.9 million in 2009.
The property comprises 54,427- and 53,032-square-foot distribution warehouses at 7970 and 7980 Bayberry Road built in 1978 on 5.7 acres in the Baymeadows area.
Exeter bought the property through ES 7970-7980 Bayberry LLC.
GCP is based in Birmingham, Alabama.
Exeter Property Group is based in Conshohocken, Pennsylvania.
The two properties are part of GCP’s Fund I portfolio.
REBusinessonline.com reported Nov. 13 that GCP sold its Fund I portfolio, which comprises 47 industrial properties totaling 11.6 million square feet, to an undisclosed group of institutional investors for $800 million.
The real estate news site said the portfolio comprises 11 properties in Alabama totaling 2.9 million square feet; 13 properties in Georgia totaling 2.9 million square feet; seven properties in Florida totaling 2.3 million square feet; seven properties in North Carolina totaling 1.9 million square feet; and nine properties in South Carolina totaling 1.6 million square feet.
The properties were 98% occupied at the time of sale, it said.
The site reported that John Huguenard of JLL’s Chicago office brokered the transaction on behalf of GCP.
The site said GCP was under contract to sell its Fund I portfolio before the pandemic, but the initial buyer decided not to complete the sale.
“In August, GCP was approached by several institutional investors who ultimately made unsolicited offers to acquire the Fund I portfolio,” said GCP co-founder Gardner Lee in the report.
GCP, founded 2013, operates, develops and manages industrial properties within the U.S. Sunbelt markets.
Exeter Property Group operates as a real estate investment management firm, specializing in the acquisition, development, leasing, and management of industrial and related business park properties.