A flex warehouse in Gran Park at The Avenues in South Jacksonville sold June 30 for $15 million – 62% more than what it sold for less than a year ago.
The 12.67-acre property is at 10475 Fortune Parkway southeast of The Avenues mall.
The buyer was the Faropoint real estate investment firm of Hoboken, New Jersey, through FIVF III (K-Facility) TRS LLC. Faropoint says it focuses on last-mile industrial properties and has acquired more than 500 warehouses in the U.S.
The seller was Singapore-based Mapletree Investments through Napier Logistics (USLOG 1) Assets LLC. Mapletree bought the property Nov. 27, 2024, for $9.28 million from Thomson Logistics Assets LLC, another entity held by Mapletree.
Thomson Logistics Assets LLC acquired the property in 2018 for $13.7 million from Exeter Property Group.
Property records show the site comprises two buildings constructed in 1992 totaling 112,397 square feet.
One tenant in the building is Quality Stones, a natural stone importer.
The Jacksonville property was part of a $328 million sale of 30 properties in Florida, Georgia, New Jersey, Pennsylvania and Texas to Faropoint.
John E. Huguenard and Trent Agnew of JLL represented Mapletree in the transaction.
“This portfolio is a strategic addition to our platform and reinforces Faropoint’s conviction in the long-term fundamentals of infill industrial real estate,” said Ohad Porat, chief investment officer at Faropoint, in a news release. “It advances the scale and discipline we apply to our investment strategy as we continue growing across key U.S. logistics corridors.”
This story has been updated to add information about the overall deal.