Stoic Equity Partners closes on 286,098 square feet of investment assets; first two assets in new fund, SEP Industrial Holdings I LLC

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Mar 11, 2024, 08:44 ET

Daphne, Alabama-based private equity real estate firm Stoic Equity Partners breaks into Louisville, Ky. market and expands commercial portfolio in Jackson, Miss.

DAPHNE, Ala., March 11, 2024 /PRNewswire/ -- Stoic Equity Partners has closed on the purchase of two flex industrial assets–the first two closings associated with its latest fund, SEP Industrial Holdings I. The assets include the 127,323 square foot Commonwealth Business Center located on Bluegrass Parkway in Louisville, Ky., and the 158,775 square foot portfolio consisting of Interchange Business Park and 110 Metroplex in the Jackson, Miss. MSA.

The company's acquisition of the Commonwealth Business Center (CBC) marks its first investment in the Louisville MSA. CBC is comprised of two buildings with a combined 127,323square feet of flex space. Originally developed in 1987, the property underwent significant renovation in 2016. At acquisition, the asset was 88% occupied across its 31 office/warehouse suites. The property will undergo renovations to increase its ratio of warehouse to office space to meet demand and increase occupancy throughout the investment period.

"The Commonwealth Business Center stands as a cornerstone asset as the first closed property in our SEP Industrial Holdings I LLC fund. Nestled in a thriving area of Louisville, it is poised to serve its office/warehouse tenants reliably. This property represents a prime opportunity for us as a high-performing asset with significant upside potential through targeted renovations," remarked Grant Reaves, Co-Founder and Managing Director of Stoic.

The second acquisition Stoic has purchased in the fund, the Jackson MSA Portfolio, is unique in the area, offering both loading docks and drive-in access, generous clear heights, and immediate access to major interstates, retail corridors and office parks. The portfolio consists of four tilt-up construction buildings, all with new roofs installed within the last six years. The properties feature warehouses with 16-20 FT clear heights and ample truck court space.

Jeremy Friedman, CEO and Co-Founder of Stoic Equity Partners states, "Our previous success and continued confidence in the Jackson, MS market led to our desire to acquire the Interchange and Metroplex portfolio, adding an additional 158,775 square feet to our industrial portfolio in the Jackson MSA. Our confidence in this market's potential grows as we witness increasing industrial demand. These properties have a long history of delivering strong returns and aligns with our strategy for cashflow and value-add returns. We are grateful for the support of our JV partner, fund investors and Jackson, MS trade partners for helping make this investment a reality."

The addition of these properties brings Stoic's total portfolio to over 786,900 square feet and $79MM in acquisition and development assets. Stoic continues to focus on expanding its flex industrial portfolio in 2024 with multiple assets currently under contract closing within the coming months.

About Stoic Equity Partners
Stoic Equity Partners is a Daphne, Ala.-based commercial real estate investment firm committed to pursuing value-add and opportunistic commercial real estate acquisitions and developments throughout the Southeast. Co-founders Jeremy Friedman and Grant Reaves, both seasoned commercial real estate brokers, united their expertise to establish Stoic Equity Partners. Following their experience in investment real estate through brokerage, the founders transitioned to managing commercial real estate investments as sponsors and managers.

For more information about Stoic Equity Partners and its innovative approach to real estate investment, please visit its official website: stoicEP.com.

SOURCE Stoic Equity Partners