New York-based Redfearn Capital sold a South Jacksonville warehouse for $37.39 million June 30, according to a news release.<\/p>\n
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.<\/p>\n
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.<\/p>\n
\u201cWhen we acquired 12751 Gran Bay Parkway, we were confident in both the property\u2019s fundamentals and Jacksonville\u2019s long-term trajectory as one of the Southeast\u2019s premier logistics markets,\u201d said Alex Redfearn, founder and CEO of Redfearn Capital.<\/p>\n
\u201cRealizing 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.\u201d<\/p>\n
Saddle Creek Logistic Services has leased the building since 2011. It is an alcohol and beverage distribution hub.<\/p>\n
The warehouse is on 22.4 acres and was built 1997. It has 30 dock doors with 24-foot clear ceilings.<\/p>\n
The warehouse is positioned to be able to serve 60 million customers within an eight-hour drive, according to the release.<\/p>\n
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