LA group pays $48M for Samsonite warehouse

December 18, 2015

Tuesday, December 15, 8:59 AM EST

By Karen Brune Mathis, Managing Editor | Financial News and Daily Record

Griffin Capital Corp. of California paid $48 million Friday for an Imeson International Industrial Park mega warehouse leased by luggage company Samsonite LLC.

Griffin Capital, through The GC Net Lease (Jacksonville) Investors LLC, bought the Samsonite distribution center from Orlando-based GIT Imeson Park FL LLC.

The deed was recorded Monday with the Duval County Clerk of Court.

Griffin Capital said this morning the property was part of a larger portfolio comprising three assets leased to blue-chip companies that it believes are leaders in their industries.

It said the property was fully leased to Samsonite LLC under a long-term lease that expires in November 2024.

Property records show the almost 820,000-square-foot warehouse was built in 2008 on 53.35 acres at 10480 Yeager Road. The property is assessed by the Duval County Property Appraiser at almost $31.63 million.

The seller, Global Income Trust Inc., a real estate investment trust, bought the center in 2012 for $42.5 million.

The trust said in 2012 the Class A industrial building serves as the primary North American distribution center for Samsonite. Imeson is in North Jacksonville near Interstate 95, Jacksonville International Airport and the Jacksonville port.

Global Income Trust’s managers are officers with CNL Growth Properties and CNL Financial Group. The trust had purchased the property from Imeson West I LLC, led by Imeson developer Daniel Webb of Orlando.

Global Income Trust is advised by CNL Global Income Advisors LLC, an affiliate of the REITs’ sponsor, CNL Financial Group.

Griffin Capital is a privately held Los Angeles-based investment and asset management company. It and its affiliates have acquired or built about 43 million square feet of space since 1995.

The portfolio comprises about 27 million square feet of space in 29 states, along with property in the United Kingdom, representing about $4.8 billion in asset value.

Griffin Capital said it plans to hold the asset within its portfolio for the foreseeable future.

It doesn’t have any current plans to specifically target assets in Jacksonville for acquisition, but said it is constantly looking for quality assets to acquire across the country.



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