JACKSONVILLE, Fla., Sept. 12, 2022 /PRNewswire/ -- Emerald Creek Capital (ECC) announces the recent sale of a single-tenant, climate-controlled industrial facility for $21.85 million outside of Jacksonville, Florida. ECC's Opportunity Fund (ECCOF) acquired the 246,818 square foot warehouse at an attractive basis in partnership with a vertically integrated operator that owns and manages over 10 million square feet of industrial real estate. The off-market acquisition closed in October 2021.
"We are excited to announce the sale of the property, which highlights the market's strong demand for well-located industrial assets," said Tom Hollins, ECCOF Managing Director and Co-Head of Acquisitions. "Given the supply / demand dynamics within the Jacksonville industrial market, and the below market in-place rent, we were able to opportunistically sell the asset to generate an excellent return for investors."
The Class A warehouse is comprised of 10% cold storage space and is 100% leased through June 2025 to KeHe Distributors. KeHe is a strong credit tenant and one of the country's largest specialty food distributors with 16 distribution centers across the United States. This location employs 200 of KeHe's 5,500 employees, and the asset also features land to expand the building by 100,000 square feet.
The facility is ideally located for distribution with immediate access to Interstate 95 and proximity to Interstate 295. The property is located 25 miles south of Jacksonville, the largest city in the state and the fifth fastest-growing city in the country, according to Forbes.
"Secular tailwinds in consumer buying patterns and the growth of e-commerce continue to drive tenant demand for warehouse and distribution space, both nationwide and in the greater Jacksonville market," said Christian Galanti, ECCOF Managing Director and Co-Head of Acquisitions. "The ECCOF platform will continue to focus on investment opportunities that can benefit from these trends."
Founded in 2009, Emerald Creek Capital (ECC) is a real estate investment firm that has sponsored 11 asset-based debt funds and originated over $2.6 billion in commercial loan transactions. At the end of 2021, Emerald Creek launched the ECC Opportunity Fund to target asset acquisitions with value-add, lease up, and repositioning strategies alongside experienced regional operating partners. The strategy has a nationwide reach with a core focus on primary markets in the southeastern and southwestern United States. To date, ECCOF has acquired four multifamily properties and three industrial properties in Florida, Texas, New York, and Virginia totaling over $200 million in real estate acquisitions.
SOURCE Emerald Creek Capital