Key Takeaways
- • Graham Capital, a Birmingham-based real estate private equity firm, completed a $24.85 million acquisition of warehouse properties in West Jacksonville on August 18, 2021, with deeds recorded August 26.
- • The portfolio comprises 375,279 total square feet across five distinct industrial assets: a 219,114-square-foot 1974-built distribution center, an 82,415-square-foot 1969-built warehouse, a 50,000-square-foot 2016-built industrial center, a 23,750-square-foot 2008-built building, and a relocatable structure on approximately 18.2 acres of land.
- • Graham Capital closed this transaction as the fifth investment for Graham Capital Fund I, demonstrating continued deployment capital into Southeastern industrial real estate and reinforcing the firm's Jacksonville market presence.
- • The acquisition involved purchases from seller Samuel Easton and his affiliated Jacksonville-based LLCs across two separate locations: $12.85 million for the Stuart Avenue and Highway Avenue properties, and $12 million for the Ellis Road North properties, with 7 additional vacant acres included in the latter parcel.
Summary
Graham Capital of Birmingham, Alabama, deployed $24.85 million to acquire a portfolio of warehouse and distribution properties in Jacksonville's Westside submarket on August 18, 2021. The deeds were officially recorded with the Duval County Clerk of Courts on August 26. This transaction represents the fifth closed investment for Graham Capital Fund I and underscores the firm's continued commitment to acquiring institutional-quality industrial assets across the Southeastern United States.
The acquisition was structured through two separate purchases under the JAX Westside Partners LLC entity. The first component consisted of three buildings totaling approximately 156,165 square feet on 8 acres at 7051 Stuart Avenue and 6982 Highway Avenue, purchased for $12.85 million. These assets include an 82,415-square-foot warehouse constructed in 1969, a 50,000-square-foot industrial center built in 2016, and a 23,750-square-foot building developed in 2008. The second parcel, acquired for $12 million, encompasses a 219,114-square-foot distribution center built in 1974 and a small relocatable structure on 10.2 acres at 1550 Ellis Road North, including 7 vacant acres along Ellis Road North. Combined, the portfolio spans approximately 375,279 square feet of rentable industrial space.
All properties were purchased from seller Samuel Easton, the managing member of three Jacksonville-based limited liability companies that previously held the assets. According to Graham Capital's market positioning, the firm focuses on creating attractive risk-adjusted returns for investors through the acquisition and development of highly functional industrial assets. The company has an established history of investment activity in Jacksonville, suggesting this Westside acquisition aligns with its broader Southeastern expansion strategy during a period of elevated demand for last-mile and regional distribution infrastructure.
The acquisition was structured through two separate purchases under the JAX Westside Partners LLC entity. The first component consisted of three buildings totaling approximately 156,165 square feet on 8 acres at 7051 Stuart Avenue and 6982 Highway Avenue, purchased for $12.85 million. These assets include an 82,415-square-foot warehouse constructed in 1969, a 50,000-square-foot industrial center built in 2016, and a 23,750-square-foot building developed in 2008. The second parcel, acquired for $12 million, encompasses a 219,114-square-foot distribution center built in 1974 and a small relocatable structure on 10.2 acres at 1550 Ellis Road North, including 7 vacant acres along Ellis Road North. Combined, the portfolio spans approximately 375,279 square feet of rentable industrial space.
All properties were purchased from seller Samuel Easton, the managing member of three Jacksonville-based limited liability companies that previously held the assets. According to Graham Capital's market positioning, the firm focuses on creating attractive risk-adjusted returns for investors through the acquisition and development of highly functional industrial assets. The company has an established history of investment activity in Jacksonville, suggesting this Westside acquisition aligns with its broader Southeastern expansion strategy during a period of elevated demand for last-mile and regional distribution infrastructure.
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