CBRE Group Inc. announced that it facilitated the off-market acquisition July 13 of Airport Industrial Park, an eight-building small-bay warehouse distribution center in North Jacksonville.
BRC Florida Holdings L.L.C. of Jacksonville sold the project, which totals 230,000 square feet of space.
It is on 22.5 aces at 14476 Duval Place W. Property records show it was built between 2001-11.
The release did not disclose the purchase price. The deed was not recorded as of early July 14.
CBRE said Ben Stewart and Kyle Fisher with CBRE Industrial & Logistics represented the buyer, a joint venture between East Capital Partners and Tramview Capital Management.
CBRE has been retained to market the property for lease. Spaces range from 2,250 square feet to 10,000 square feet.
East Capital Partners Co-Founder David Archibald said the group partnered with Tramview Capital Management on the deal “as we expand into the small-bay industrial space, one which we find especially compelling given Jacksonville’s sound fundamentals and strong projected growth in the long term.”
He said the property “offers an attractive basis, below-market rents, and development potential on excess land.”
The distribution center was 100% occupied by 51 tenants at the time of sale.
The property is near the interchange of Interstates 95 and 295, and within 10 minutes of Jacksonville International Airport and 20 minutes of the Jacksonville Port.
The release said the property also offers tenants quick access to nearby retail centers and other developments in Jacksonville’s Northside submarket.
“Airport Industrial Park provides a unique opportunity to acquire an infill, well-leased property with excellent airport, highway, port, and rail access in a growing market with pent up demand for well-located, small-bay industrial product,” said Tramview Capital Management Managing Partner Rob Davies said in the release.
Stewart, CBRE first vice president, said the buyer “realized there is an opportunity to improve the current facility and develop more buildings on the property, which should serve the market well. Right now, there is high demand from tenants for space in the Northside submarket of Jacksonville, meanwhile there is limited inventory.”
According to CBRE Research, the vacancy rate for industrial properties in Jacksonville is 4.5%.
East Capital Partners, based in Darien, Connecticut, is a privately owned real estate investment company that invest in off-market institutional real estate and developments in the Eastern United States on behalf of its own account, pension funds and other institutions and individuals.
Tramview Capital Management, based in Beachwood, Ohio, is a value-oriented real estate investment management firm focused on investing in institutional-quality real estate in targeted growth markets across the U.S., according to the release.