Jacksonville is a high-priority market for the investor that bought Flagler Development’s Jacksonville International Tradeport property.
It might buy more.
Evergreen Industrial Properties, a TPG Real Estate company based in Oakland, Calif., provided a statement that it is actively seeking to grow its portfolio in select markets throughout the U.S., with Jacksonville a high-priority one.
Catellus Development, also a TPG company based in Oakland, formed the Florida LLC that made the purchase.
“Jacksonville remains a target market for Evergreen, and the company will selectively look to expand our presence in the market,” said the statement.
Evergreen owns more than 100 industrial buildings nationally totaling more than 12 million square feet. The Jacksonville-area ownership, including 600 Wells Road in Orange Park, boosts its area holdings to more than 1 million square feet, nearing 10 percent of its portfolio.
Evergreen said it also is evaluating properties in Tampa and Orlando.
TPG Real Estate is the real estate platform of TPG, a global private investment firm based in Fort Worth, Texas.
The acquisition, in addition to its size, also is notable because it puts some Flagler properties into the hands of TPG Capital, which wanted to buy Flagler’s real estate holdings in Orlando, Miami and Jacksonville in 2012. That deal didn’t take place.
TPG formed Evergreen Industrial Properties to buy, own and manage light industrial assets throughout the U.S.
Catellus, which was acquired by TPG in December 2010, provides asset management and shared services to Evergreen.
Catellus’ officers formed the Florida limited liability company that bought Flagler’s Tradeport property. That company, Lightning PropCo V LLC, also is based at Catellus’ Oakland, Calif., address. It registered with the state May 6.
Lightning PropCo paid $37.15 million for eight warehouse-distribution buildings, totaling more than 903,000 square feet of space on 64.7 acres. It bought the property May 15.
“Evergreen intends to invest the time and capital necessary to make the Jacksonville International Tradeport a top-tier location for industrial tenants in Jacksonville,” said the statement.
TPG has $67 billion in assets under management. It was founded in 1992.
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