Sponsorship and Core Industrial Assets Attract Lender Capital

Refinancing of $115 million was recently secured for a six-property fully leased class-A industrial portfolio totaling 1.6 million square feet. The portfolio spans across five highly sought-after last mile markets – Cincinnati, Indianapolis, Las Vegas, San Antonio and San Francisco.

Designed for the modern industrial user, the portfolio is fully leased to 13 diverse credit tenants with a weighted average lease term of 4.6 years. Three of the properties were constructed in 2017 and all feature elevated clear heights with ample loading positions, parking and trailer stalls. Additionally, each property features access to large regional airports, downtown metros and some of the most heavily trafficked U.S. interstates.

The San Antonio assets were Tri-County DC I, located at 5925 Tri County Pkwy. and Tri-County DC II located at 17401 and 17414 Triton Dr., both in Schertz, TX.

JLL worked with New York Life Real Estate Investors on behalf of the borrower, a fund managed by a subsidiary of Ares Management Corporation, to place the five-year fixed-rate loan with New York Life Insurance Company. The JLL team representing the borrower was led by Eric Tupler, Ken Martin, CW Sheehan, Carl Beardsley and Taylor Gimian.

“The combination of superior sponsorship combined with high-quality core industrial assets attracted significant lender capital to this financing,” says Tupler.