Stoic Equity Continues Southeast Expansion with Tallahassee Industrial Purchase

Stoic Equity Partners is continuing to expand its footprint in the Southeast – this time with a Tallahassee, Florida industrial purchase.

Woodlane Circle Commerce Park spans 48,750 square feet and is designed for multiple tenants. It features 19 units.

Stoic said in a statement that the leases at the property are priced 30 percent under market value – but it sees the asset producing “strong returns” in the future.

“The addition of Woodlane Circle Commerce Park is a great boost to Stoic’s growing multi-tenant flex industrial portfolio,” Grant Reaves, co-founder and managing director of Stoic Equity Partners, said.

“This property offers tremendous upside, and we’re already realizing that potential with new leases being signed at higher rates.”

While the purchase will mark the real estate investment firm’s first in Tallahassee – it has been quite active in the Southeast this year. Earlier this month, Stoic acquired a 65,000-square-foot multi-tenant industrial property in Little Rock, Arkansas. In March, the company made multiple industrial purchases – one for a 90,300 square feet portfolio in Atlanta that also contains office space, with the others being  two assets totaling 286,098 SF, in Louisville Kentucky, and Jackson, Mississippi.

With the latest purchase of Woodlane Circle Commerce Park, the firm now manages more than 925,000 SF of commercial space in the Southeast.

In the country, industrial demand is growing, as wages from consumers increase and inflation eases. Prologis Research’s U.S. Industrial Business Indicator expects net absorption to increase gradually in the second quarter. However, limited supply could become an issue for logistics firms looking to buy.

Stoic said it continues to “focus on identifying and capitalizing on high-potential investment opportunities within the flex industrial sector.”