Tramview Capital Management and East Capital Partners Complete Sale of 230,000-SF Jacksonville Industrial Portfolio
BEACHWOOD, OHIO — Tramview Capital Management and East Capital Partners have completed the sale of the Airport Jax Small Bay Portfolio, an eight-building, 230,000-square-foot small-bay industrial park situated on approximately 29 acres in Jacksonville, Florida's Northside industrial submarket, the firms announced July 31.
The portfolio is located less than one mile from Interstate 95 and approximately 2.5 miles from Jacksonville International Airport, positioning it as a last-mile distribution hub with direct access to the region's major transportation infrastructure.
Portfolio Overview and Property Specifications
Constructed between 2001 and 2011, the Airport Jax Small Bay Portfolio features front-load and cross-dock building configurations, clear heights ranging from 19 to 25 feet, abundant parking, and a dedicated industrial outdoor storage component. The combination of functional specifications and infill location has driven demand from local and regional tenants throughout the Jacksonville market.
In addition to the 230,000 square feet of existing rentable space, the joint venture secured site plan approval during its ownership for the development of an additional 65,000-square-foot light industrial building on 6.5 acres of excess land. That land currently generates ancillary parking and storage income, providing embedded development optionality for the incoming owner.
Value-Add Business Plan Execution
Tramview Capital Management and East Capital Partners originally acquired the portfolio in an off-market transaction in July 2023, at which time the property was fully leased to a diverse mix of tenants paying significantly below-market rents. Over the approximately three-year hold period, the joint venture executed roughly 248,000 square feet of leases — exceeding the portfolio's total rentable area — achieving significant increases in new and renewal lease rents over the average in-place rents at acquisition. The venture also extended the portfolio's average lease term, reducing near-term rollover risk and stabilizing cash flow ahead of the disposition.
The sponsors described the outcome as dramatically increasing net operating income and overall asset value. Sale price and cap rate were undisclosed.
Principals Comment on the Transaction
"This transaction represents exactly the type of investment strategy East Capital Partners seeks to execute — sourcing high-quality off-market opportunities, creating value through active asset management, and delivering a successful outcome for our investors," said David Archibald, Co-Founder of East Capital Partners. "We are especially grateful for the outstanding partnership with Tramview throughout the investment. Their collaborative approach and shared long-term vision made this a true success story from acquisition through disposition, and we're proud of what we accomplished together."
"Tramview is pleased to have partnered with East Capital Partners on the Airport Jax Small Bay Portfolio investment," said Robert Davies, Managing Partner of Tramview Capital Management. "We were able to acquire a well-located, in-fill property at an attractive basis, and East Capital Partners did an excellent job of leading execution of our venture's business plan to bring rents to market levels and extend out the portfolio's average lease term, dramatically increasing NOI and value, allowing us to deliver a strong return for our investors."
Market Context and Strategic Significance
The sale reflects continued investor interest in small-bay, infill industrial product in growth logistics markets. Jacksonville's Northside industrial submarket, anchored by proximity to Interstate 95 and Jacksonville International Airport, serves regional distributors, service providers, and last-mile users seeking access to the Jacksonville metropolitan area and the broader Southeast corridor.
The three-year hold period aligns with a standard value-add cycle for light industrial assets, during which the joint venture completed the bulk of its rent-roll mark-to-market strategy and delivered entitled land for future expansion. The presence of an industrial outdoor storage component and the 6.5-acre development pad are features that have drawn increasing attention from institutional and private capital targeting infill industrial opportunities.
The buyer was not identified in the announcement.
About the Firms
Tramview Capital Management is a value-oriented real estate investment management firm focused on institutional-quality real estate in targeted growth markets across the United States. The firm's leadership has overseen approximately $5 billion of equity invested globally across all property types and throughout the capital stack on behalf of institutional clients, wealth management firms, and high-net-worth individuals.
East Capital Partners is a privately owned real estate investment firm focused on acquiring and developing off-market commercial real estate opportunities throughout the Eastern United States. Led by a team with more than $7 billion of investment experience across all major property types, East Capital Partners invests on behalf of its own balance sheet, institutional investors, and select high-net-worth individuals. The firm's value creation strategies include operational enhancements, leasing, capital improvements, repositionings, adaptive reuse, and ground-up development.
Sources: Tramview Capital Management