A New York City-based company just dropped $14.125 million on a 115,580-square-foot warehouse in Jacksonville. Portal Warehousing plans to divide the structure at 8019 Bayberry Road into more than 70 small suites.
The deal closed on October 1, 2026. Nathaniel Neman was quoted in the Jacksonville Daily Record's October 5 report. Portal bought the property from RealOp, with Bryan Bartlett, a principal and senior vice president of Newmark Phoenix Realty Group in Jacksonville, representing Portal in the transaction. Colliers represented the seller, with Guy Preston, an executive vice president, and Seda Preston, a senior associate, handling the deal for RealOp.
The 115,580-square-foot property at 8019 Bayberry Road is the subject of Portal's planned warehouse conversion.
What Microbay Industrial Actually Means
Microbay units are typically under 5,000 square feet, while small-bay units typically range from 1,000 to 10,000 square feet. At the Bayberry Road site, the company plans suites ranging from 200 to 2,500 square feet, with some units running as large as 4,000 square feet. The majority of the building will go toward Portal's microwarehousing operation, while Colliers will market a remaining portion for traditional warehouse leasing.
“Portal creates high-quality small warehouse space for businesses,” Nathaniel Neman said, per the Daily Record's report. Portal plans more than 70 microbay suites at the location, per its LinkedIn account, with a spring 2027 opening targeted.
The site sits near the Deerwood Park and Baymeadows activity centers, positioned between U.S. Route 1 (Philips Highway) and Interstate 95 to support last-mile distribution across Duval and St. Johns counties, according to earlier Jacksonville Daily Record coverage of the city's commercial market. Roadway resurfacing and interchange improvements along Southside Boulevard and I-95 have also targeted bottleneck reduction in the corridor, the same report noted.
Small-Bay Industrial Vacancy
National small-bay vacancy generally stays in the 3%–4% range, according to WarehouseAnywhere.
Orlando's industrial lease rates averaged $11.62 per square foot NNN, per Matthews Real Estate Investment Services figures cited by Fulfill. Portal offers flexible warehouse suites to businesses.
Backed by a $91 Billion Asset Manager
The Jacksonville purchase is Portal's second deal completed under its strategic partnership with GCM Grosvenor, a Chicago-based asset manager with $91 billion in assets under management that joined Portal's board of directors when the partnership was established on March 2, 2026. Portal's first purchase under the partnership was a property in Austin, Texas, completed in March 2026.
“Microbay industrial is a distinct, institutionally investable asset class within industrial real estate,” Portal co-founder Alex Morrison has said, describing small-space users as chronically underserved, according to Commercial Search.
Portal had more than 450,000 square feet across 10 locations in July 2026, according to the Boston Real Estate Times. The Jacksonville site marks Portal's 12th location nationwide and its second in Florida, per its LinkedIn account. The company's recent expansion has moved fast: it opened an office-to-industrial flex conversion in downtown Boston and launched a location in Morrisville, North Carolina, in July and August 2026, immediately before the Jacksonville deal, the Boston Real Estate Times reported.
Membership Instead of a Lease
Rather than signing tenants to traditional industrial leases, Portal rents its units through short-term memberships. Its membership offerings include a $1,000 tier.
