Stonepeak has aquired a logistics portfolio in an area in Jacksonville, Florida that has shown some encouraging demographic trends.
In total, with the purchase, the alternative investment firm is adding nine assets to its footprint. The portfolio spans 1.8 million square feet.
All of the properties are within proximity of the Port of Jacksonville, home to 1.3 million twenty-foot equivalent units (TEUs) each year. Also, the port is pouring $1 billion over the next five years into improving transport access and utilization.
Since 2013, Jacksonville’s population has grown by four-fold the national average since 2013, according to data revealed by Stonepeak. Plus, the 1.7 million figure is anticipated to double over the next 10 years, the company said.
“We are excited to add these assets to our growing portfolio,” said Phill Solomond, senior managing director and head of real estate at Stonepeak, in a statement.
“We believe that high-quality real estate adjacent to transport infrastructure will continue to outperform given its mission-critical role in local and national supply chains.”
This year, Stonepeak has continued to stay active on the industrial acquisition front. Over the summer, the company purchased a Dallas-Fort Worth 1.1 million square foot property portfolio. And earlier this year, Stonepeak added a 1.7 million square foot logistics asset portfolio in Chicago.
But the New York-based firm isn’t exclusive to just industrial assets. It also invests in healthcare, technology, residential, and supply chain real estate properties. Stonepeak manages roughly $70 billion in assets.
For the past eight quarters in the industrial sector, record supply has pushed vacancy rates higher in the top 25 regions, according to a report from Colliers. However, things are starting to flip. In the second quarter of 2024, the amount under construction was 225.2 million square feet, a drop of 49.8% year-over-year.