Stoic Equity Partners announced it 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, Ken., 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 marks its first investment in the Louisville MSA. CBC comprises two buildings with a combined 127,323 square feet of flex space. Originally developed in 1987, the property underwent a significant renovation in 2016. At acquisition, the asset was 88 percent 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 second acquisition Stoic h
