Chancerygate and JR Capital acquire U.K. warehouse development

Chancerygate and JR Capital have acquired Brunswick Park in Newcastle, England, for £3.3 million ($4.1 million) on behalf of their joint £100 million ($124 million) U.K.–based multitenant industrial sector investment fund.

The seller was Litton Property Group, which had owned the property since 2003.

Located approximately five miles north of Newcastle city center and two miles from Newcastle International Airport, Brunswick Park is a nine-unit industrial and warehouse development, comprising 71,700 square feet, with 3 acres of land available for further development.

Eight of the nine units are currently occupied, bringing the building’s total occupation to 90 percent. Tenants include pipeline inspection device manufacturer Rosen, and pharmaceutical, medical and healthcare distributor and wholesaler Alliance Healthcare.

The purchase marks the partnership’s first deal for the fund, which completed its first close in May with £25 million ($31 millio