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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.
- ◦Development
- ◦Financing
