JACKSONVILLE, August 18, 2021 – Birmingham based Graham Capital announced today that it has closed on the $25M acquisition of a two class-B warehouses in Jacksonville’s Westside submarket. The acquisition marks the 5th transaction within Graham Capital’s Fund I, which targets value-add and opportunistic industrial properties in the Southeast.
The two properties, located at 7051 Stuart Avenue and 1550 N. Ellis Road, total 370,000 SF and are 100% leased to 4 tenants with a weighted average lease term remaining of ~3.5 years. The properties provide stable cashflow, supported by a strong tenancy and a prime, infill location in Jacksonville’s largest industrial submarket. Upside opportunity exists through increasing below market rents and expansion capability.
The Jacksonville properties are flexible, multi-tenant buildings strategically located at the interchange of I-10 & I-295, allowing immediate access to the entirety of the Jacksonville population and seamless connectivity to the rest of the region. The Westside submarket continues to remain extremely tight and post significant rent growth. The overall Jacksonville market has experienced 8.6% average annual rent growth over the past 5 years.
“We are excited to plant a flag in the Jacksonville market and continue our strategy of acquiring functional, infill industrial product”, said Matthew Graham. “The Stuart and N. Ellis properties offer stability, but also the opportunity to drive value through rent growth and expanding the buildings.”
Graham Capital is a real estate private equity firm based in Birmingham, Alabama, focused on acquiring and developing highly functional distribution centers in high-growth Southeastern industrial markets.