South Jacksonville warehouse sold for $27.18 million

A pair of New York-based investment firms are the buyer and seller.


  • By Monty Zickuhr
  • | 9:56 p.m. August 19, 2024
  • | 4 Free Articles Remaining!
The Saddle Creek Logistics Services warehouse at 12751 Gran Bay Parkway W. in South Jacksonville.
The Saddle Creek Logistics Services warehouse at 12751 Gran Bay Parkway W. in South Jacksonville.
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The Saddle Creek Logistics Services warehouse at 12751 Gran Bay Parkway W. in South Jacksonville sold Aug. 15 for $27.18 million.

The buyer was AG-RC III Gran Bay Owner L.L.C., according to the Duval County Clerk of Courts.

In a Aug. 20 news release, Delray Beach-based private equity commercial real estate company Redfearn Capital says it acquired the warehouse.

“Expanding our presence in Jacksonville is a key strategic move for Redfearn as we continue to build a robust portfolio in one of the Southeast’s most dynamic logistics hubs,” said Alex Redfearn, founder and CEO. “This acquisition not only enhances our footprint in the region but also aligns with our long-term vision of investing in high-quality assets that drive value for our investors.”

State records show AG-RC III Gran Bay Owner L.L.C. headquartered at TPG Angelo Gordon in New York City. Redfearn and TPG Angelo Gordon have been doing deals together. In May, they acquired an eight-building industrial portfolio in Jacksonville for $47.8 million.

Redfearn Capital says it has more than $700 million of assets under management. 

TPG Angelo Gordon says on its website it is an investment firm that manages about $78 billion in assets.

The seller was New York-based Brookfield Properties through G&I IX 12751 Gran Bay LLC. Brookfield Properties manages real estate on behalf of Brookfield Asset Management.

Property records show the 355,508-square-foot warehouse was built in 1997. It sits on 22.37 acres.

Brookfield acquired the property in 2017 for $17.49 million.

The Daily Record reported in February that Saddle Creek was issued a permit to convert a break room, locker room and offices to additional warehouse space, increasing it to 362,125 square feet.

This story has been updated with new information from Redfearn.


 

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