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SkyREM Obtains $170M Refi of 10-Building Industrial Portfolio
JLL Capital Markets said Tuesday it had arranged $170 million in financing for the SkyREM Industrial Portfolio, a 10-building collection of primarily industrial and warehouse distribution assets located across the Northeast, Southeast and Midwest. A JLL team of managing director Peter Rotchford, senior director Lucas Borges, executive managing director Riaz Cassum and senior managing director Steven Binswanger represented the borrower, New York- and Philadelphia-based SkyREM, to secure the fixed-rate, five-year loan through Apollo.
Totalling approximately 2.5 million square feet, the portfolio is spread across sought-after markets in South Carolina, North Carolina, New Jersey, Wisconsin, Georgia, Iowa and Pennsylvania. These areas benefit from strong labor markets, low unemployment rates and positive population growth trends, according to JLL.
At closing, the properties were 99% leased to 15 diverse tenants across a variety of industries, including technology, manufacturing, warehousing, logistics, aerospace and government. Many tenants have long histories at the properties, ranging from 1 to 20+ years, with an average tenure of approximately eight years.
Pictured: A Fiskars USA facility in Wall Township, NJ.
- ◦Financing
