Becknell Industrial Senior Vice President Matt Hubert said the $32.7 million deal involving three of its Jacksonville properties is a recapitalization of the assets.
Hubert, senior vice president of leasing and development, said March 30 that Becknell recapitalized three properties with new partners – Equity Industrial Partners and Raith Capital Partners.
Deeds recorded with the Duval County Clerk of Courts show that Becknell sold property March 23 at 11001 Pritchard Road for $17.47 million; at 10089 N. Main St. for almost $12.77 million; and at 1333 Tradeport Drive for $2.45 million to a company led by Raith.
The 242,004-square-foot Pritchard Road warehouse was developed in 2010 and is fully leased, he said.
The 239,552-square-foot Main Street warehouse, developed in 1991 and renovated in 2012, is vacant and available for lease.
Becknell bought the properties in 2013.
It acquired the 30,304-square-foot Tradeport Drive building, developed in 1992, in 1997. It is fully leased.
According to raithcapital.com, Raith Capital Partners is a New York City-based private investment firm focused on commercial real estate debt and equity investment.
Equity Industrial Partners is a developer and operator of industrial warehouses, distribution and office facilities. It is based in Needham, Massachusetts. Its site is equityindustrial.com.
“Our previous financial partners was capitalizing on the opportunity to monetize its investment in the market,” Hubert said.
He said Becknell remains as owner and operator of the assets in partnership with Equity Industrial Partners.
“Becknell will continue to invest in Jacksonville through new development,” he said.
Becknell is based near Chicago and has an office in Indiana.
Becknell sold the Pritchard Road property in Westlake Industrial Park through Florida Becknell Investors 2011 LLC. Raith bought it through 11001 Pritchard Rd LLC.
Becknell sold the North Main Street property through Becknell Properties. Raith bought it through 10089 North Main St LLC .
Becknell sold the Tradeport Drive property through Becknell Properties. Raith bought it through 1333 Tradeport Dr LLC.
Becknell is active in the market.
Becknell Industrial owns about 250 net developable acres in Westlake Industrial Park.