Singapore investment group pays $23.9 million for properties that sold for $10.2 million in 2015.
A Singapore investment group paid $23.9 million for three Gran Park at the Avenues buildings that sold for $10.2 million in 2015.
Mapletree Investments PTE Ltd. bought the properties April 13 from Exeter Industrial REIT III LLC, which acquired them from Flagler Development Co. LLC three years earlier.
Exeter Property Group is based on Conshohocken, Pennsylvania. The properties are in Southside.
Mapletree Investments bought:
• Buildings 100 and 200 on almost 12.7 acres at 10475 Fortune Parkway comprising a one-story, 55,881-square-foot warehouse-flex building and a one-story, 42,413-square-foot office building, both developed in 1992. Those sizes are shown on property appraiser records.
Mapletree, through Thomson Logistics Assets LLC, bought the property for $13.7 million.
Exeter sold it through Exeter 10475 Fortune LLC. It paid $5.5 million for it in May 2015.
• Building 300, a one-story warehouse-distribution building on about 9.5 acres at 7498 Fullerton St., built in 1996. Property records show it is 151,009 square feet.
Mapletree, through Finlayson Logistics Assets LLC, paid $10.2 million for the property.
Exeter sold the property through Exeter 7498 Fullerton LLC. Exeter bought it in May 2015 for $4.7 million.
Together, that's an increase of 134.3 percent.
A Mapletree spokeswoman said the company was not able to comment.
Mapletree.com says it is a leading real estate development, investment and capital management company headquartered in Singapore.
It says Mapletree manages four Singapore-listed real estate investment trusts and six private equity real estate funds, which hold a diverse portfolio of commercial, retail, residential, logistics, industrial and mixed-use properties in Asia Pacific, the United Kingdom and the United States.
Mapletree says it established a network of offices, including a U.S. and Canada office in New York.