Chicago private equity firm: “Jax is a priority” (Courtesy of the Jacksonville Business Journal) — Chicago-based private equity group Timber Hill Group purchased three Jacksonville area properties for a combined $9.5 million.
All three properties are industrial and related to logistics, which the company said was what made them attractive for acquisition.
“Jacksonville is a priority for investment and location was the main driver for this acquisition,” said Timber Hill CEO Cary Goldman. “It is a growing and thriving city that has many of the attributes we look for in a logistic-centric market including a major seaport, rail intermodal, and excellent highway access.”
All together, the three properties consist of more than 50 acres.
Timber Hill bought 15.76 acres at the corner of Old Kings Road and Soutel Drive, where it plans to develop a build-to-suit line haul facility. The seller was Sono Partners.
It also purchased a 14-acre managed truck parking lot at 6200 Soutel Drive from Picket Drive Properties LLC and Soutel Drive Properties LLC. The property is fully leased to transportation and logistics firms.
The third property was 23 acres at 4419 Imeson Road, which is an outdoor storage yard fully leased to TRAC Intermodel. Velox4 Properties LLC was the seller.
Timber Hills’s joint venture partner for its TH Logistics Fund I is Champion Realty Advisors. The JV has plans to acquire $150 million in logistics-centered property in the next 12 to 18 months.
“We continue to seek properties that fit our investment criteria and that diversify our holdings within the industrial and logistics related real estate market segment,” said Champion CEO J.D. Salazar.