Glenfield Capital’s April 2019 purchase of 420,000 square feet in Gramercy Woods marked its first acquisition in Jacksonville, Florida. It is also the first acquisition completed by Glenfield Capital implementing a strategic move to rebalance our portfolio with more stabilized assets in the Southeastern United States.
A highly desirable asset, Gramercy Woods has an average remaining lease term of 8 years and is occupied by a strong tenant roster including Aetna/CVS, SS&C Technologies, Oracle Corp., Kraton Corp. and Bank of America.
Gramercy Woods is located on the south side of Jacksonville, which is experiencing strong growth and a robust employment environment. Companies in Jacksonville are expanding and these companies want to be on the south side of the city. The area contains a heavy volume of newly constructed high-rent, heavily amenitized apartments. All of the south side of Jacksonville has seen growth in the number of upscale restaurants and amenities. Glenfield Capital is confident about the risk adjusted returns from this asset and sees further momentum in the growing south side Jacksonville submarket.