{"id":1004735842,"date":"2024-11-05T04:26:34","date_gmt":"2024-11-05T12:26:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004735842"},"modified":"2024-11-05T04:26:36","modified_gmt":"2024-11-05T12:26:36","slug":"stonepeak-buys-1-8-msf-logistics-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/stonepeak-buys-1-8-msf-logistics-portfolio\/","title":{"rendered":"Stonepeak Buys 1.8 MSF Logistics Portfolio"},"content":{"rendered":"\n

Alternative investment firm Stonepeak, specializing in infrastructure and real assets, has acquired nine logistics properties totaling 1.8 million square feet near the Port of Jacksonville in Jacksonville, Fla.<\/p>\n\n\n

\n
\"J.P.<\/a>
In an earlier transaction this year, Stonepeak has acquired Alliance Gateway 61 and Alliance Gateway 53 in Fort Worth, Texas. Image courtesy of Stonepeak<\/em><\/figcaption><\/figure><\/div>\n\n\n

This shipping market continues to see positive demographic trends and upgrades. The port is investing more than $1 billion over the next five years to improve access and utilization of this critical transport infrastructure, which lifts 1.3 million 20-foot equivalent units (TEUs) annually.<\/p>\n\n\n\n

CSX, Norfolk Southern and the Florida East Coast Railway are key railroad infrastructure support systems for the port\u2019s traffic.<\/p>\n\n\n\n

Jacksonville\u2019s population of 1.7 million has grown four times the national average since 2013 and is expected to grow twice the national average over the next decade, according to Stonepeak.<\/p>\n\n\n\n

Simpson Thacher & Bartlett LLP served as legal counsel, and JLL served as Stonepeak’s financial advisor.<\/p>\n\n\n\n

Jacksonville’s logistics market is growing<\/h2>\n\n\n\n

According to Alex Redfearn of Redfearn Capital, Jacksonville’s logistics and industrial market is experiencing significant growth and has quickly become one of Southeast’s most dynamic logistics hubs.<\/p>\n\n\n\n

He told Commercial Property Executive<\/em> that Jacksonville is strategically located near major transportation networks, has a pro-business climate and has an expanding workforce.<\/p>\n\n\n\n

\u201cIt has become a critical entry point for goods coming into the U.S.,\u201d said Redfearn, whose company now owns over 1.4 million square feet in Jacksonville.<\/p>\n\n\n\n

\u201cRecent investments in port infrastructure, including enhanced container handling capabilities, have increased Jacksonville\u2019s capacity to support higher international trade volumes.\u201d<\/p>\n\n\n\n

\n\n\n\n

READ ALSO<\/strong>: How Infrastructure Investment Drives Industrial Space Growth<\/a><\/p>\n\n\n\n

\n\n\n\n

In August, Redfearn Capital acquired a 363,000-square-foot warehouse, Gran Bay Parkway at 12751 Grand Bay Parkway in Jacksonville from Brookfield for $27 million. The property is fully leased to Saddle Creek Logistics, an omnichannel, integrated supply chain company. It also recently secured $18.7 million to finance the acquisition.<\/p>\n\n\n\n

Stonepeak’s portfolio expansion<\/h2>\n\n\n\n

The company has been busy expanding its footprint this year.<\/p>\n\n\n\n

In September, Stonepeak acquired two logistics assets<\/a> totaling 1.1 million square feet in Fort Worth, Texas, from institutional investors advised by J.P. Morgan Asset Management, using a $57 million loan from PGIM Real Estate for the acquisition.<\/p>\n\n\n\n

In April, Stonepeak acquired a three-building<\/a>, 1.7 million-square-foot rail-served fully leased logistics portfolio at CenterPoint Intermodal Center\u2013Joliet\/Elwood\u2014the largest inland port in North America\u2014from CenterPoint Properties. The deal went for $125 million, according to IPE Real Assets. The properties are in Elwood, Ill., at 26318-26634 S. Walton Drive, 21561 Mississippi Ave., and 26634 Mississippi Ave.<\/p>\n","protected":false},"excerpt":{"rendered":"

The assets are situated in one of Florida\u2019s largest port markets. <\/p>\n","protected":false},"author":3568,"featured_media":1004728192,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,1591,21742,32781],"tags":[32796,52386],"class_list":["post-1004735842","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-jacksonville","category-latest","category-southeast","tag-jll","tag-stonepeak"],"acf":[],"yoast_head":"\nStonepeak Buys 1.8 MSF Logistics Portfolio - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Stonepeak has acquired nine logistics assets totaling 1.8 million square feet near the Port of Jacksonville in Jacksonville, Fla.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/stonepeak-buys-1-8-msf-logistics-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stonepeak Buys 1.8 MSF Logistics Portfolio\" \/>\n<meta property=\"og:description\" content=\"Stonepeak has acquired nine logistics assets totaling 1.8 million square feet near the Port of Jacksonville in Jacksonville, Fla.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/stonepeak-buys-1-8-msf-logistics-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-05T12:26:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-05T12:26:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/Alliance-Gateway-61-.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"789\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Richard Berger\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/stonepeak-buys-1-8-msf-logistics-portfolio\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/stonepeak-buys-1-8-msf-logistics-portfolio\/\",\"name\":\"Stonepeak Buys 1.8 MSF Logistics Portfolio - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/stonepeak-buys-1-8-msf-logistics-portfolio\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/stonepeak-buys-1-8-msf-logistics-portfolio\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/Alliance-Gateway-61-.jpg\",\"datePublished\":\"2024-11-05T12:26:34+00:00\",\"dateModified\":\"2024-11-05T12:26:36+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6d4c5f1b2f682b3604ad9fe73c19fed7\"},\"description\":\"Stonepeak has acquired nine logistics assets totaling 1.8 million square feet near the Port of Jacksonville in Jacksonville, Fla.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/stonepeak-buys-1-8-msf-logistics-portfolio\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/stonepeak-buys-1-8-msf-logistics-portfolio\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/stonepeak-buys-1-8-msf-logistics-portfolio\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/Alliance-Gateway-61-.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/Alliance-Gateway-61-.jpg\",\"width\":789,\"height\":600,\"caption\":\"J.P. 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