Airport East Property LLC, a joint venture between East Capital Partners and Tramview Capital Management, paid $24.5 million July 13 for Airport Industrial Park, an eight-building small-bay warehouse distribution center in North Jacksonville.
Aetna Life Insurance Co. of Hartford, Connecticut, issued a $15.3 million mortgage to the venture, which is based in Westport, Connecticut.
BRC Florida Holdings L.L.C. of Jacksonville sold the project, which totals 230,000 square feet of space on 22.5 aces at 14476 Duval Place W. Property records show it was built between 2001-11.
A July 13 news release did not disclose the purchase price.
The deed and mortgage were executed July 13 and recorded July 17 with the Duval County Clerk of Court.
CBRE said Ben Stewart and Kyle Fisher with CBRE Industrial & Logistics represented the joint venture of 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.
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.
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.