Tramview and East Capital Partners Acquire Jacksonville Cold Storage Facility

in News
0

BEACHWOOD, OHIO (July 10, 2023) – A joint venture between Tramview Capital Management (“Tramview”) and East Capital Partners recently completed the off-market acquisition of a 76,991 SF industrial cold storage facility located at 5400 Longleaf Street in the growing Jacksonville, FL market. The infill property is situated in the highly desirable Westside Submarket and provides multiple points of access to major markets and distribution channels through its close proximity to three interstate highways, JAXPORT – Florida’s largest container port by volume, and three rail lines.

The purpose-built cold storage facility is 100% leased to What Chefs Want, a private produce and food distributor serving supermarkets, as well as over 16,000 restaurants nationally. The approximately 5.65-acre property contains excess land allowing for additional trailer and outdoor storage, along with the potential to add approximately 30,000 SF of additional space in a market with strong demand for institutional cold storage space and minimal vacancy.

Drew DeWitt, Co-Founder of East Capital Partners, stated “We are excited to partner on this off-market deal with Tramview and begin to expand into the rapidly growing Jacksonville, FL cold storage market. We intend to make significant improvements to the building to maintain its strong competitive position within the market.”

Rob Davies, Managing Partner of Tramview, also commented, “We are excited to partner with East Capital Partners to acquire this well-located, functional property in a growing market at attractive pricing. The investment provides a healthy cash flow profile, along with value-add potential to enhance income and generate strong returns for our investors.”

ABOUT EAST CAPITAL PARTNERS:
East Capital Partners 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 our own account, pension funds and other leading institutions and individuals. East’s approach to value creation ranges from the less intensive – improving existing operations, leasing, and renovations – to more intensive activity such as major repositioning, change of use, and ground-up development. For more information, please visit https://eastcp.com.

ABOUT TRAMVIEW CAPITAL MANAGEMENT:
Tramview Capital Management 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. Tramview leadership has overseen and managed approximately $5 billion of equity invested globally across all property types and throughout the capital stack on behalf of institutional clients (e.g. pension funds, sovereign wealth funds, endowments, foundations), wealth management firms, and high net worth individuals. For more information, please visit https://tramview.com.

 

 

Karim Jiwani

Controller / Director of Operations

Karim Jiwani joined Tramview Capital Management in 2023 and is the Controller and Director of Operations, with responsibilities including financial and risk management, reporting, operations, and tax. Previously, he was at Carta, where he was an Assistant Fund Controller, with a focus on financial reporting and compliance, with managerial and client responsibilities for over 60 funds. Prior to joining Carta, Mr. Jiwani worked at Rock Ventures, where he was the Fund Controller with responsibility for the financial accuracy and reporting of over 40 funds. Mr. Jiwani started his career at KPMG, where he was a Senior Audit Associate, specializing in auditing private equity and venture funds ranging from approximately $50 million to $1+ billion in AUM. Mr. Jiwani received a Master of Accounting degree from the University of North Carolina (Kenan-Flagler Business School) and a Bachelor of Architecture degree from Southern Polytechnic State University. Mr. Jiwani is also a Certified Public Accountant.

Charles Myerson

Partner

Charles Myerson is a Partner at Tramview Capital Management, where he is responsible for sourcing, evaluating, structuring, and managing investments. Previously, he was a Senior Director at Tishman Speyer, where he focused on acquisitions for the greater NYC market and led the firm’s expansion into Pittsburgh. He also held responsibilities for asset management, development, and debt and equity capital markets. Prior to joining Tishman Speyer, Mr. Myerson worked for Silverpeak Real Estate Partners in Atlanta and London, focusing on the asset management, restructuring, and disposition of residential, hospitality, and office investments, in addition to portfolio level responsibilities. Mr. Myerson received an MBA from Columbia Business School, a BBA in Real Estate from the University of Georgia, from which he graduated Summa Cum Laude, and he is a CFA Charterholder.

Nicole Smeader

Sr. Vice President, Investor Relations

Nicole Smeader is a Senior Vice President at Tramview Capital Management with responsibility for developing and maintaining investor relationships. Previously, she was an Associate Partner at The Townsend Group, where she held multiple roles focusing on the firm's marketing and business development efforts, overseeing broker-dealer compliance, and relationship management for the firm's commingled fund clients. Prior to joining Townsend, Ms. Smeader was an Associate in the Investment Property Group at CBRE. Ms. Smeader received a JD from Case Western Reserve University School of Law, an MBA from The Weatherhead School of Management at Case Western Reserve University, and a BS from John Carroll University.

Josh Comiter

Vice President

Josh Comiter is a Vice President at Tramview Capital Management, which he joined in 2021. Josh focuses primarily on the evaluation, underwriting, and due diligence of new acquisitions, as well as the asset management of existing investments. Previously, he was a Senior Analyst at Starwood Property Trust (“Starwood”), where he focused on CMBS B-Piece Acquisitions as a member of the investment management team. Josh simultaneously worked out distressed debt within Starwood’s Special Servicer, LNR. Mr. Comiter was also a Rotational Analyst at Starwood Property Trust. Mr. Comiter received both an MSRE in Commercial Real Estate and a BABA in Urban Planning and Real Estate from the University of Florida.

Beau VandeWalle

Vice President

Beau VandeWalle joined Tramview Capital Management in 2021, where he serves as a Vice President, focusing primarily on the evaluation, underwriting, and due diligence of new acquisitions, as well as the asset management of existing investments. Previously, he was a member of the investment team at WHI Real Estate Partners, where he focused on opportunistic investments, spearheading asset management and investment management activities. Prior to joining WHI Real Estate Partners, Mr. VandeWalle was a Rotational Analyst at Starwood Property Trust. Mr. VandeWalle received a BBA in Finance and Real Estate from the University of Wisconsin-Madison.

Robert Davies

Managing Partner, Founder

Rob Davies is the Managing Partner of Tramview Capital Management, overseeing the firm’s investment activities, portfolio management, and overall strategy and operations. Previously, he was a Partner at The Townsend Group, where he was Head of the Special Situations Group, with responsibility for Townsend’s global direct real estate investment activities. In addition, Mr. Davies was a Portfolio Manager for several discretionary investment funds, totaling approximately $1.8 billion in equity commitments. Prior to joining The Townsend Group in 2011, Mr. Davies was a Vice President at ING Clarion Partners, where he focused on real estate investments in the Western U.S. Prior to, he worked for Discovery Land Company, where he focused on acquisition, project management, and finance activities. He also spent three years as an investment banker for ING Barings Furman Selz. He was a Director of SonomaWest Holdings from 2006 until the company was taken private in 2011. Mr. Davies received an AB degree in Economics from Duke University and an MBA from the Stanford Graduate School of Business.