Stonepeak has received $120 million to fund its industrial nine portfolio purchase in Jacksonville, Florida.
The lender on the deal is PGIM Real Estate. The move marks the real estate finance provider's third loan to Stonepeak in 2024. Most recently, PGIM gave its borrowing partner a $57 million loan to fund an industrial portfolio in Fort Worth, Texas. That was then followed by $74.5 million in funding for a three industrial assets in Chicago, Illinois.
"PGIM Real Estate continues to identify attractive investment opportunities in the industrial sector, particularly in growing logistics markets like Jacksonville, with its strategic access to ports,” Tom Goodsite, managing director PGIM, who led the financing for the firm, said in a statement.
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"We have a strong owner and operator in Stonepeak and appreciate that these transit focused assets have strong, sustained fundamentals. We’re excited to help Stonepeak secure this acquisition.”
The Jacksonville portfolio totals 1.8 million square feet, with all the properties within proximity of the Port of Jacksonville, which brings in 1.3 million twenty-foot equivalent units (TEUs) each year.
High supply has led to challenges in the national industrial market. In the third quarter, 54 million square feet was completed, outpacing 22 million square feet of net absorption, according to a Marcus & Millichap report. That drove up the vacancy rate to 6.6 percent, which is the highest national average in 10 years. However, supply is starting to slow down. Just roughly 210 million square feet of construction is expected in 2025, compared with approximately 315 million square feet set for this year, according to Marcus & Millichap.
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