CenterSquare Investment Management has acquired an eight-property industrial portfolio based in Jacksonville, Florida. No financial terms were disclosed. The portfolio was acquired in a joint venture with Somerset Properties.
On December 24, 2020, CenterSquare Investment Management closed on the purchase of an eight property, 382,000 square foot industrial portfolio located in Jacksonville, FL.
The Jacksonville Industrial Portfolio consists of eight industrial properties totaling 382,000 square feet located in infill submarkets of Jacksonville, FL. The Portfolio is 100% occupied by a diversified rent roll of 21 tenants with an average tenure of 11 years. The properties are functional infill warehouses with 22’ average clear heights, large truck courts, combination dock-high & grade-level loading, and convenient access to major transportation infrastructure. The Portfolio was acquired in a joint venture with Somerset Properties, an active investor in the Jacksonville market with a strong track record of repositioning properties.
CenterSquare, in partnership with Somerset, will execute on a value-added business plan, improving the properties by immediately executing $1 million of capital improvements. Investments in the properties’ parking lots, exterior, signage, roof sealing, and interior lighting will bring the portfolio in line with market standards and create significant value for our tenants and investors.
For more information about CenterSquare’s Value-Added Private Equity Real Estate Investment Strategy, please contact:
CenterSquare Investment Management LLC
Founded in 1987, CenterSquare Investment Management LLC is a real asset manager focused on listed real estate, private equity real estate, private real estate debt and listed infrastructure investments.
To learn more, please visit us at www.centersquare.com