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Brennan, Sidra Form JV for $159M Industrial Portfolio Recapitalization
HFF arranged the $159.2 million recapitalization of a fully-leased, mission-critical 11-property industrial portfolio totaling 2.77 million square feet in seven states. The seller was a joint venture between Brennan Investment Group, Arch Street Capital Advisors, LLC and Gatehouse Financial Group Limited, and the buyer, a new JV between Brennan and Saudi Arabia-based Sidra Capital.
The portfolio, known as USIPA, comprises properties in markets in and around Atlanta, Chicago, Detroit, Minneapolis, Akron and Cincinnati, Philadelphia, and Dallas. The portfolio, which is situated on a total of 199.9 acres, is triple net leased to nine tenants and features single-tenant buildings ranging from 90,000 to 578,000 rentable square feet.
HFF’s Claudio Sgobba, Christopher Carroll, Robin Stolberg, Kurt Sarbaugh, Matthew Schoenfeldt and Jules Sherwood represented the seller. Additionally, working on behalf of the new owner, the HFF team secured and will be servicing a 67% LTV, 10-year, fixed-rate loan with Goldman Sachs.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition