BEACHWOOD, OHIO (July 13, 2023) – A joint venture between Tramview Capital Management (“Tramview”) and East Capital Partners has closed the off-market acquisition of Airport Industrial Park, an eight-building small-bay warehouse distribution center in Jacksonville, FL totaling 230,000 square feet.
Ben Stewart and Kyle Fisher with CBRE Industrial & Logistics facilitated the transaction, representing the buyer in the acquisition. CBRE has been retained to market the property for lease, including spaces ranging from 2,250 square feet up to 10,000 square feet.
“We are excited to partner with Tramview Capital Management on another off-market 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,” said East Capital Partners Co-Founder David Archibald. “The property offers an attractive basis, below-market rents, and development potential on excess land.”
Located at 14476 Duval Place W., the distribution center was 100% occupied by 51 tenants at the time of sale. The property sits minutes northwest of the interchange of Interstates 95 and 295, and within 10 minutes of Jacksonville International Airport and 20 minutes of the Jacksonville Port. It 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.
CBRE First Vice President Ben Stewart added, “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%.
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.
ABOUT EAST CAPITAL PARTNERS:
East Capital Partners is a privately owned real estate investment company that invests 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 CBRE GROUP:
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.