Bham CRE firm closes $49M purchase

Bham CRE firm closes $49M purchase

Birmingham’s GCP recently closed on a large purchase in Florida.

The industrial real estate company bought an 872,627-square-foot warehouse in Jacksonville, Florida, for $49 million. Wells Fargo provided financing for the transaction.

The building, Northport Logistics Center, is occupied by Gildan Activewear and Grimes Logistics and is located less than three miles from the Jacksonville Port Authority.

The seller in the deal was Real Capital Solutions out of Colorado.

“Northport is a significant addition to GCP’s portfolio in terms of quality and location,” said Jacksonville-based Peter Crolius, regional director/investments for GCP. “The purchase provides additional scale to our Florida holdings and aligns with GCP’s focus on acquiring Class A distribution facilities in growth markets throughout the Southeastern U.S.”

GCP has been actively growing its portfolio of logistics, bulk distribution, light manufacturing and ecommerce properties throughout the Southeast over the past few years.

View original article from Birmingham Business Journal here