By Hanno van der Bijl – Real Estate Reporter, Birmingham Business Journal
Original Post from Birmingham Business Journal
Nov 16, 2020 Updated Nov 16, 2020, 3:50pm CST
Birmingham-based GCP recently sold its Fund I industrial portfolio to a group of institutional investors in one of the biggest real estate deals in the country to close this year.
Jefferson and Shelby County public records show the buyer was Exeter Property Group, one of the largest real estate investment managers in the world.
Exeter Property Group did not immediately respond to requests for comment.
The $800 million portfolio deal included industrial properties in Alabama, Georgia, Florida and the Carolinas. According to Jefferson and Shelby county public records, Exeter Property Group received financing for the deal from the New Jersey and Atlanta offices of MetLife Investment Management for a maximum of $396.6 million.
Totaling more than $152 million, the transactions for Alabama’s Jefferson and Shelby counties closed Oct. 29. Here’s a breakdown of what the Philadelphia-based real estate giant paid for the 11 properties in those counties that were part of the portfolio.
$68,603,406
Totaling 950,920 square feet, Gazelle One, Two and Three on Jefferson Metropolitan Parkway in McCalla sold for $72.14 per square foot.
$18,908,670
Totaling 443,971 square feet, BN Park, consisting of three buildings, in Ensley sold for $42.59 per square foot.
$13,134,917
The 192,070-square-foot Lyon Lane building in Oxmoor sold for $68.39 per square foot.
$4,708,099
The 48,000-square-foot Industrial Lane building in Oxmoor sold for $98.09 per square foot.
$43,962,081
Totaling 783,000 square feet, Shelby Commerce Park One and Four in Calera sold for $56.15 per square foot. Shelby Commerce Park Five on 50 acres sold for more than $2.8 million, or almost $56,000 an acre.
The Alabama portion of the portfolio includes other properties such as Moody Commerce Park Two on U.S. Highway 78 in St. Clair County as well as Airport Distribution Center and Quality Circle in Huntsville.
It is expected to be among the largest real estate transactions in the country this year, fueled by a greater demand for warehouse space in response to an acceleration in e-commerce due to the coronavirus pandemic.
Founded in 2006, Exeter Property Group’s U.S. headquarters are located in Philadelphia and its European office is based in London. The company specializes in acquiring, developing, leasing and managing industrial, office and related business park properties. With nearly $20 billion in AUM, the firm is among the largest real estate investment managers in the world, according to the company’s website.
The company recently paid $85 million for a vacant, 1.2-million-square-foot distribution center at 3419 Ritner Highway in Newville, Pennsylvania. The seller was Artemis Real Estate Property and the building, located at Exit 37 of I-81, was developed on speculation. Exeter also recently acquired a vacant 800-square-foot warehouse in Dallas, Texas.
