Realterm Picks Up IOS Duo in Jacksonville
Student Transportation of America fully occupies the properties.
Realterm has purchased two industrial outdoor storage properties totaling 12.1 acres in Jacksonville, Fla. The company paid nearly $9.4 million for the collection, according to Jacksonville Business Journal. A private individual sold the assets in a transaction arranged by Colliers.
Student Transportation of America fully occupies both properties. The company is one of the largest school transportation providers in North America and serves more than 1.2 million students spread across 325 school districts.
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The first asset is a 4.6-acre site including a 17,600-square-foot maintenance facility at 5703 Commonwealth Ave. The 1996-completed building features six drive-through bays, one wash bay and two points of ingress and egress.
The second property occupies 7.5 acres at 1142 Peavy Road. It includes a 6,900-square-foot building that came online in 2005, featuring four drive-through bays and two points of ingress and egress.
Located in the metro’s West Side submarket, the properties are adjacent to each other in an area with access to major regional transportation arteries, such as interstates 10 and 295, linking the western side of the metro to North Florida, Tallahassee and the Atlantic Coast. Jacksonville International Airport is 16 miles away, while JAXPORT is within 22 miles.
Colliers Executive Vice Presidents Jimmy Ullrich and Eric Bumgarner, Associate Vice Presidents Michael Macchia and Michael Cassidy, together with Senior Associate Gordon Olson, facilitated the transaction.
Realterm’s IOS play
The current industrial outdoor storage investment was the latest in a series of notable deals that Realterm closed this year.
In January, the company paid $111 million for a portfolio of 22 IOS properties spread across nine states, primarily in the Sunbelt, The collection was 95 percent leased at the time of the sale.
A month later, Realterm issued a credit facility to GreenPoint Partners, used to fund the purchase of six properties spread across five states, including Florida. The buyer, through its Outpost platform, used a tranche of the $300 million loan to finance that acquisition.
But the most significant transaction closed in August, when Realterm issued a $672 million IOS portfolio financing alongside Starwood Property Trust, the largest of its kind. The 78-property collection, owned by Stonemont Financial Group and Cerberus Capital Management, totals 830 acres across 33 U.S. markets.
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