New York-based Redfearn Capital sold a South Jacksonville warehouse for $37.39 million June 30, according to a news release.
The July 7 release said Redfearn sold the property at 12751 Gran Bay Parkway to G3 Enterprises Inc., a manufacturer of wine, alcohol and beverage containers based in Modesto, California.
Redfearn bought the 349,670-square-foot warehouse two years ago from Brookfield Properties of New York for $27.18 million. The property gained $10 million in value due to capital improvements and other operational upgrades, the release said.
“When we acquired 12751 Gran Bay Parkway, we were confident in both the property’s fundamentals and Jacksonville’s long-term trajectory as one of the Southeast’s premier logistics markets,” said Alex Redfearn, founder and CEO of Redfearn Capital.
“Realizing a nearly $10 million increase in value in less than two years demonstrates the strength of disciplined acquisitions in markets with durable tenant demand and long-term growth potential.”
Saddle Creek Logistic Services has leased the building since 2011. It is an alcohol and beverage distribution hub.
The warehouse is on 22.4 acres and was built 1997. It has 30 dock doors with 24-foot clear ceilings.
The warehouse is positioned to be able to serve 60 million customers within an eight-hour drive, according to the release.