Fully Leased, Eight-Property Industrial Portfolio Totals 2.2 Million Square Feet
Cushman & Wakefield secured $108.57 million in refinancing on behalf of Industrial Properties America III, LLC, a joint venture between institutional investors advised by J.P. Morgan Asset Management and IDI Logistics, for an eight-property industrial portfolio located throughout the Southeast, Midwest and California. Mike Ryan, Brian Linnihan, and Richard Henry of Cushman & Wakefield arranged the floating-rate loan. The portfolio, which totals 2.2 million square feet, is 100 percent leased to 23 tenants. The properties included are:
- 2124 Skyview Drive, Lithia Springs, Georgia
- 11310 Cantu Galleano Ranch Road, Mira Loma, California
- 1555 Hunter Road, Hanover Park, Illinois
- 8700-8720 LeSaint Drive Westchester, Ohio
- 4250 Patriot Drive, Coppell, Texas
- 11600 Miramar Parkway, Miramar, Florida
- 2501 SW 160th Avenue, Miramar, Florida
- 8425 Airways Boulevard, Southaven, Mississippi
“Industrial fundamentals remain very strong and almost all lenders and investors are underweighted to industrial,” Ryan said. “As a result, the portfolio received a significant interest from banks and life companies.”
“The strength of the sponsors and portfolio enabled the borrower to drive pricing, maximize prepayment flexibility and eliminate any on-going covenants,” Linnihan added.
In the past five years, Cushman & Wakefield’s Equity, Debt & Structured Finance practice has financed over deals 200 deals valued at over $28 billion. For more information on Cushman & Wakefield’s Equity, Debt & Structured Finance Practice, visit our website.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About J.P. Morgan Global Alternatives
J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than $130 billion in assets under management and over 800 professionals (as of December 31, 2017), we offer strategies across the alternative investment spectrum including real estate, private equity and credit, infrastructure, transportation, liquid alternatives, and hedge funds. Operating from 23 offices throughout the Americas, Europe and Asia Pacific, our independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P.
About IDI Logistics
IDI Logistics is one of the world’s leading investors and developers of logistics warehouses and distribution parks with 33 million square feet of premier assets under management and additional prime land sites to develop another 20 million square feet of distribution facilities near major markets and transport routes throughout North America. IDI Logistics is a portfolio company of Brookfield Asset Management.
For more information, please visit our website at www.idilogistics.com
