The External Affairs Minister said that he is travelling to Pakistan only to be a 'good member of the SCO'
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Gulf Islamic Investments (GII), a leading Shariah-compliant global financial services firm, announced the acquisition of The Concourse Office Park, a prominent suburban office campus in Jacksonville, Florida for a total investment value of approximately $50 million. This transaction marks GII’s first realty acquisition in Florida and the firm’s fourth US property acquired in the last 5 years. With this acquisition, the total value of GII’s US real estate portfolio stands at well over $250 million and reflects an increase of over 20 percent in the firm’s total real estate footprint in North America.
Mohammed Alhassan, founding partner and Co-CEO of Gulf Islamic Investments said: “We are excited to make this investment in The Concourse Office Park in Jacksonville, one of America’s fastest growing cities in the wake of the global pandemic. This acquisition is a testament to GII’s capabilities, speed and vigilance in sourcing and developing world-class real estate investment opportunities in some of the most coveted international markets. As we craft the next chapter of GII’s growth, expanding our realty portfolio in North America, with a special focus on tier 2 cities, will remain one of our utmost priorities.”
Developed between 1998 and 2001, The Concourse Office Park encompasses a total lettable area of 288,000 square feet and comprises three four-storey buildings - Concourse I, II and III - situated at 5200, 5210 and 5220 Belfort Road respectively. In addition to offering state-of-the-art facilities, the property is ideally suited to current public health standards and social distancing measures with exceptionally large common areas and numerous outdoor areas with greenery and walking trails.
Pankaj Gupta, founding partner and Co-CEO of Gulf Islamic Investments, said: “GII’s debut investment in Florida is anchored by our extensive analysis of the state’s positive economic dynamics, both at the macro and micro level. Not only is Florida the fourth largest US state in terms of GDP but it also boasts attractive lifestyle offerings, a minimal cost of living and low tax environment, all of which make it an ideal investment destination, ensuring property liquidity and income sustainability in the long-term. We are confident that this acquisition will prove a significant investment within GII’s growing North American property portfolio.”
The Concourse Office Park includes frontage on Interstate 95 and is centrally located in the Baymeadows neighborhood; the heart of Jacksonville’s coveted suburban Southpoint submarket. It routinely ranks as one of the best properties in the Southpoint sub-market commanding a continuous premium in terms of occupancy. Current occupancy stands at 87 percent with leading tenants from the healthcare space.
The property has been institutionally maintained with a multimillion capex program conducted over the past 3 years. As part of the transaction, GII also underwrote over $5 million in tenant improvements and capex over the investment period to strengthen the property’s positioning.
The Concourse Office Park was acquired in an off-market transaction. Legal advice was provided by Orrick Herrington & Sutcliffe, while the acquisition was made alongside Jack Sitt Real Estate.
Real estate remains an increasingly high conviction investment theme for GII. In March 2021, GII completed its largest real estate transaction to date: the landmark $301 million acquisition of Altaïs Towers, a commercial high-rise property located in the eastern Parisian suburb of Montreuil. Alongside Europe and the UK, North America represents a key market for GII with previous property acquisitions including a Dun & Bradstreet office in Allentown, Pennsylvania, the Realogy HQ in Madison, New Jersey and Grand Street Plaza in White Plains, New York. In the coming 6 months, the firm plans to strengthen and reinforce its position in commercial real estate in the US and deploy value-add strategies in the multi-family space. — business@khaleejtimes.com
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