Avison Young Finalizes $90M BTS, Sale-Leaseback of TN Manufacturing Facility
Avison Young has negotiated the build-to-suit, sale-leaseback financing of an 965,000-square-foot manufacturing facility in Baxter, TN on behalf of Portobello America. Timothy Hall, James Hanson and Tom Viscount of Avison Young raised the capital.
Oak Street Real Estate Capital will fund the construction and purchase the $90 million facility, then lease it back to Portobello America in a 20-year deal. The company will use the facility to manufacture tile as well as house its US. headquarters.
Portobello America originally purchased the land and sought capital for construction of the manufacturing facility. That construction began late last year and includes the main manufacturing, warehouse and office/showroom buildings.
The 92-acre project site is situated on the south side of Interstate 40 about 70 miles east of Nashville. It is located in Putnam County, considered a national hotbed for ceramic tile manufacturing due to the region’s vast natural supplies of clay and feldspar.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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