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Jax Daily Record Monday, Jul. 17, 2017 2 months ago

Ivanhoé Cambridge pays $53 million for Tradeport buildings

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Eight structures sell for $16 million more than 2 years ago.

Canadian global investor Ivanhoé Cambridge paid almost $53.2 million for eight Jacksonville International Tradeport buildings Tuesday as part of its acquisition of Evergreen Industrial Properties.

The North Jacksonville properties total more than 903,000 square feet of space on 64.7 acres.

Ivanhoé Cambridge announced Thursday that it completed the purchase of Evergreen from TPG Real Estate. It did not announce terms of the deal.

Evergreen owns and operates more than 150 light-industrial properties, comprising about 16 million square feet of space in 18 major markets, including Seattle, Denver and Charlotte.

Ivanhoé Cambridge said in the release that Evergreen’s facilities offer strategic infill locations to distribution, e-commerce and light manufacturing customers with a focus on “last-mile” distribution.

Evergreen bought the Jacksonville properties from Flagler Development in May 2015 for $37.15 million. At the time, it provided a statement that it was actively seeking to grow its portfolio in select markets across the U.S. and that Jacksonville was a high-priority one.

Evergreen sold the property for $16 million, or 43 percent more than it paid for it two years ago.

Evergreen is based in Oakland, California. TPG Real Estate is the real estate platform of TPG, a global private investment firm based in Fort Worth, Texas. TPG formed Evergreen to buy, own and manage light-industrial assets throughout the U.S.

Through IC Industrial REIT, Ivanhoé Cambridge Inc. of Calgary, Alberta, bought the Jacksonville properties from Lightning Propco V LLC.

Lightning Propco is part of TPG Real Estate II Management LLC of San Francisco.

The Jacksonville properties sold were:

  • 1420 Vantage Way S., about 12 acres, 147,000 square feet, built in 1998, $9.27 million.
  • 13920 Alvarez Road, about 9.5 acres, 134,711 square feet, built in 2003, $7.83 million
  • 1460 Vantage Way S., about 9.5 acres, 96,569 square feet, built in 1998, $7.18 million.
  • 13291 Vantage Way, about 7.4 acres, 111,411 square feet, built in 1996, $6.77 million.
  • 1350 Tradeport Drive, about 7.4 acres, 98,541 square feet, built in 1989, $6.19 million.
  • 1371 Tradeport Drive, about 6.9 acres, 116,784 square feet, built in 1995, $5.85 million.
  • 13910 Alvarez Road, about 7.6 acres, 116,934 square feet, built in 2000, $5.39 million.
  • 13340 International Parkway, about 4.4 acres 81,107 square feet, built in 1997, $4.71 million.

Ivanhoe Cambridge says on its ivanhoecambridge.com site that it invests “in high-quality properties and real estate companies in select cities around the world” with “a long-term view to generate optimal, risk-adjusted returns”

It was founded in Quebec in 1953.

“We are very enthusiastic about this acquisition. We started looking at companies in the industrial real estate sector over two years ago with the intention of making a strategic investment in this asset class,” said Arthur Lloyd, president of the Office North America at Ivanhoé Cambridge, in a news release.

“We believe we have found the right fit with Evergreen. We continue to look for opportunities as we plan to grow our industrial business in the years to come,” he said.

The release said Evergreen focuses on infill, multitenant assets of less than 250,000 square feet in locations “that are well-positioned to serve the needs of last-mile users in growing metropolitan centers.”

TPG Real Estate created Evergreen in 2014 with the acquisition of 7.5 million square feet of space. Through 11 acquisitions, Evergreen acquired an additional 127 properties in 18 targeted markets.

TPG Real Estate Partner Avi Banyasz said in the release that Evergreen “is well-positioned to continue to grow under Ivanhoé Cambridge’s ownership.”

 

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@MathisKb

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