- The nine-property portfolio is located near Jacksonville’s port, a major logistics hub with a $1B infrastructure investment plan.
- Jacksonville’s population has grown at 4x the national rate since 2013 and is expected to 2x again over the next decade.
- The acquisition continues Stonepeak’s aggressive industrial sector growth, adding to recent purchases in Dallas-Fort Worth and Chicago.
NY-based Stonepeak has acquired a 1.8 MSF industrial portfolio in Jacksonville, comprising nine properties near the Port of Jacksonville.
This strategic acquisition aligns with Stonepeak’s focus on assets that support supply chain infrastructure, capitalizing on Jacksonville’s growing importance as a logistics hub.
Jacksonville in Focus
The Port of Jacksonville, which handles 1.3M TEUs annually, has earmarked $1B for infrastructure improvements over the next five years. This move is anticipated to further boost logistics and industrial demand in the region.
Stonepeak’s properties, benefiting from proximity to these upgrades, are poised to capture demand as transport and logistics efficiencies improve.
Jacksonville’s population has grown at 4x the national average since 2013, with further growth projected to double the population to 1.7M over the next decade, according to Stonepeak.
This population surge, combined with increasing industrial demand, positions Jacksonville as an attractive target for logistics investments.
Expanding Footprints
Stonepeak’s Jacksonville acquisition builds on recent industrial purchases, including a 1.1 MSF portfolio in Dallas-Fort Worth and a 1.7 MSF portfolio in Chicago.
The firm, which manages $70B in assets, has diversified its holdings across sectors, investing in healthcare, technology, residential, and logistics properties.
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Industrial Trends
According to a Colliers report, industrial real estate has experienced high vacancy rates in the top 25 regions due to record-breaking supply.
However, supply has decreased significantly, with under-construction industrial space falling by nearly 50% YoY as of Q2. This shift may indicate a more balanced market in which well-located assets like Stonepeak’s Jacksonville properties can outperform.
Why It Matters
Stonepeak’s acquisition of the Jacksonville portfolio underscores a strategic move to capture value in a high-growth market benefiting from population increases and substantial infrastructure investments.
Positioned near the expanding Port of Jacksonville, these assets are expected to play a critical role in the region’s logistics network, enhancing Stonepeak’s presence in the industrial sector.
