In Jacksonville, Florida, Stonepeak Partners has earned a 2025 CoStar Impact Award, as voted on by local judges with knowledge of the market, for its industrial portfolio acquisition.
Stonepeak, an alternative investment firm specializing in infrastructure and real assets, paid $191.24 million to Blackstone for nine logistics properties totaling just over 1.8 million square feet. The portfolio sold for just over $100 per square foot.
Recently, Stonepeak also acquired a 1.1-million-square-foot logistics portfolio located in the Alliance submarket of Dallas-Fort Worth. In the last year, the company acquired a 1.7-million-square-foot logistics portfolio located adjacent to the BNSF and Union Pacific intermodal terminals in Chicago.
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-person population that has grown at a pace four times the national average since 2013, and is expected to grow by twice the national average over the next decade.
About the deal: The properties are located near the Port of Jacksonville, which lifts 1.3 million 20-foot equivalent units annually and is investing more than $1 billion over the next five years to improve access and utilization of this critical transport infrastructure. All nine properties in this portfolio are currently fully leased, according to CoStar data.
What the judges said: "I chose the Stonepeak purchase due to the size and investment they are making to the Jacksonville industrial market. This sale represented 20% of the entire market for 2024," said Steve Harriss, a senior field research analyst for CBRE. Tyler Saldutti, the founder and CEO of Prime Realty, echoed Harriss by adding that "the size of this transaction is where the significance is."
They made it happen: Stonepeak represented itself in the transaction. Mike Davis, Rick Brugge, Rick Colon and Dominic Montazemi of Cushman & Wakefield represented Blackstone.