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Jax Daily Record Wednesday, Apr. 13, 202204:50 AM EST

Investor group pays $16.8 million for Stuart Avenue warehouses

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Redfearn Capital and Angelo Gordon & Co. bought the 8-acre Westside property.

A group that includes Delray Beach-based Redfearn Capital paid $16.8 million for three West Jacksonville industrial buildings that total 156,165 square feet.

The 8.01-acre property is at 7051 Stuart Ave. and 6982 Highway Ave.

It comprises an 82,415-square-foot building developed in 1969; a 50,000-square-foot structure built in 2016; and a 23,750-square-foot warehouse built in 2008.

The property is near Interstates 295 and 10.

American Tire Distributors is the tenant, according to Redfearncapital.com. The site says the building is being expanded by 50,000 square feet.

It says American Tire Distributors agreed to extend its lease for 10 years upon completion of the addition.

The deed was signed March 30 and recorded with the Duval County Clerk of Courts on April 12.

AG-RC Stuart Avenue Owner L.L.C. bought the property from JAX Westside Partners LLC, part of Birmingham, Alabama-based Graham Capital.

JAX Westside paid $12.85 million for the property Aug. 18, 2021.

State corporate records show that JAX Westside Partners is led by Matthew Graham of Graham & Co. As authorized officer, Graham signed the deed.

AG-RC comprises Redfearn and New York City-based Angelo Gordon & Co. L.P, a real estate investor.

Redfearncapital.com says the group’s portfolio comprises more than 150 active tenants and more than  $400 million of assets under management. 

It says tenants include ABC Building Supply, Plantronics Inc., UPS, Builders FirstSource, Sherwin Williams, Trane Inc and other local and national tenants. 

Redfearn Capital says it intends to grow its portfolio in the Southeast United States and Colorado by targeting opportunistic real estate investments with a focus on industrial, flex warehouse, medical office and office. The targeted transaction size is between $5 million and $50 million.

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