NEW YORK--(BUSINESS WIRE)--Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced the acquisition of nine logistics assets totaling 1.8 million square feet in Jacksonville, Florida.
The assets are strategically located near the Port of Jacksonville, which lifts 1.3 million TEUs annually and is investing more than $1 billion over the next five years to improve access and utilization of this critical transport infrastructure. Jacksonville’s transport infrastructure is further supported by an extensive rail network anchored by CSX, Norfolk Southern, and the Florida East Coast Railway. Jacksonville has also seen positive demographic trends, with a 1.7 million population that has grown 4x the national average since 2013 and is expected to grow by 2x the national average over the next decade.
“We are excited to add these assets to our growing portfolio,” said Phill Solomond, Senior Managing Director and Head of Real Estate at Stonepeak. “We believe that high-quality real estate adjacent to transport infrastructure will continue to outperform given its mission-critical role in local and national supply chains.”
Most recently, Stonepeak acquired a 1.1 million square foot logistics portfolio located in the Alliance submarket of Dallas-Fort Worth, Texas. Earlier this year, Stonepeak acquired a 1.7 million square foot logistics portfolio located adjacent to the BNSF and Union Pacific intermodal terminals in Chicago, Illinois.
Stonepeak’s real estate team invests thematically in real estate assets that demonstrate infrastructure characteristics. The team invests in high conviction sectors including supply chain, residential, healthcare, and technology real estate. With the benefit of the strength and insights of the broader Stonepeak platform, the team targets opportunities supported by strong macro tailwinds that have durable cash flow profiles, embedded demand drivers, high barriers to entry, inflation protection, and are mission critical to the businesses and communities they serve.
Simpson Thacher & Bartlett LLP served as legal counsel and Jones Lang LaSalle served as financial advisor to Stonepeak.
About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $70 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include communications, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, and Abu Dhabi. For more information, please visit www.stonepeak.com.
