PGIM Supplies $120M Acquisition Loan for Jacksonville Industrial Portfolio
By Andrew Coen November 15, 2024 7:00 am
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Alternative investment firm Stonepeak has sealed $120 million of acquisition financing for the purchase of a nine-asset industrial portfolio in Jacksonville, Fla., Commercial Observer can first report.
PGIM Real Estate provided the loan from its core debt strategy. The logistics properties are in infill locations and encompass 1.8 million square feet near the Port of Jacksonville.
The purchase price and seller were not identified.
Tom Goodsite, managing director at PGIM Real Estate, led the transaction.
“PGIM Real Estate continues to identify attractive investment opportunities in the industrial sector, particularly in growing logistics markets like Jacksonville, with its strategic access to ports,” Goodsite said in a statement. “We have a strong owner and operator in Stonepeak and appreciate that these transit focused assets have strong, sustained fundamentals.”
Stonepeak announced the acquisition last week and noted that the Port of Jacksonsville ships 1.3 million 20-foot equivalent units annually and is investing more than $1 billion over the next five years to enhance access to the transportation of this important infrastructure in the shipping industry. The firm also stressed that Jacksonville’s logistics capabilities are supported by a rail network featuring the CSX, Norfolk Southern and the Florida East Coast Railway along with growing population trends.
“We believe that high-quality real estate adjacent to transport infrastructure will continue to outperform given its mission-critical role in local and national supply chains,” Phill Solomond, senior managing director and head of real estate at Stonepeak, said in a statement.
The $120 million loan marked PGIM’s third transaction for an industrial acquisition involving Stonepeak this year. The private lender also provided a $57 million loan in September for Stonepeak to purchase a two-property portfolio in Fort Worth, Texas, and $74.5 million of acquisition financing in April for it to acquire three assets in Chicago.
Andrew Coen can be reached at acoen@commercialobserver.com
