Tramview Capital Management and East Capital Partners Acquire Small Bay Industrial Portfolio in South Florida

in News
0

Port St. Lucie

PORT ST. LUCIE, FLORIDA (February 18, 2025) – A joint venture between Tramview Capital Management and East Capital Partners recently completed the off-market acquisition of an 8-building, 133,172 SF, small bay industrial portfolio located in the thriving Port St. Lucie, FL market. The infill portfolio is strategically situated proximate to Interstate-95, an abundance of retail amenities, consumers, and the rapidly expanding residential base of Port St. Lucie with over 50,000 homes slated for development in the next five years.

Developed between 2019 and 2024, the portfolio offers state-of-the art specifications for tenants, including hurricane resistant glass, 18+-foot clear heights, abundant parking, desirable layouts, convenient access, and attractive facades. The most recent delivery, 500 NW Stadium Drive, was completed in November 2024 and is quickly leasing at compelling rental rates. The balance of the portfolio is approximately 95% leased to a diverse roster of tenants that cater to the expanding population base of Port St. Lucie County.

Over the past two years, small bay warehouses across many markets in Florida and nationally have exhibited strong leasing performance in terms of stable occupancy and strong rent growth, having outperformed other industrial property types. This performance is in part driven by the limited stock of small bay warehouses, the fact that they rarely trade, and that they are expensive to build, providing additional supply constraints to the asset class.

Drew DeWitt, Co-Founder of East Capital Partners, stated “We are excited to partner on this off-market deal with Tramview as we continue to expand our partnership across the East Coast. This portfolio was developed with the trade area’s tenants in mind, offering a variety of suite sizes, attractive clear heights, ample car and box truck parking, and an ability to easily divide or combine units, leading to ideal optionality in leasing the space. This flexibility in turn leads to greater tenant demand, tenant diversification, and more stable cash flow for our investors.”

Rob Davies, Managing Partner of Tramview, also commented, “We are excited to partner with East Capital Partners to acquire this well-located, functional portfolio 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 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 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 firm that focuses on off-market institutional commercial real estate and developments in the Eastern United States. East’s leadership has invested over $7 billion across all property types and throughout the capital stack on behalf of its own balance sheet, institutional clients (e.g. pension funds, sovereign wealth funds, endowments, foundations) and high net worth individuals. East’s approach to value creation ranges from the less intensive – improving existing operations, leasing, and renovations – to more intensive activities such as major repositioning, changes of use, and ground-up development. For more information, please visit https://eastcp.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

Senior Vice President

Beau VandeWalle joined Tramview Capital Management in 2021, where he serves as a Senior 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.