Criterion Group and Columbia Pacific Advisors have secured a $132.3 million refinancing for a 22-property industrial out of doors storage portfolio. Picture courtesy of JLL Capital Markets
A three way partnership between Criterion Group and Columbia Pacific Advisors has secured by Axos Financial institution a $132.3 million refinancing for a 22-property industrial out of doors storage portfolio. JLL Capital Markets organized the five-year, floating-rate mortgage on behalf of the borrower.
The portfolio totals 230 acres, and the websites are positioned in distribution markets in Texas and throughout eight different states within the Northeast and Southeast.
JLL described the properties as “low protection industrial websites that can be utilized for a variety of commercial functions, together with fleet parking, heavy equipment/building tools storage, transport container storage, and extra.”
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The JLL Capital Markets Debt Advisory staff was led by Senior Managing Director Christopher Peck, Managing Director Peter Rotchford and Vice President Christopher Pratt.
Pushed by the rising demand for last-mile logistics because of continued progress of e-commerce, leasing for industrial out of doors storage belongings has began to shift from usually non-credit, native tenants to nationwide credit score tenants, thus attracting a extra institutional investor-set as nicely, Rotchford mentioned in a ready assertion.
The portfolio’s broad geographic scope positions the belongings to extend in worth as last-mile logistics drive elevated demand for parking and out of doors cupboard space, Shibber Khan, principal on the Criterion Group, defined in ready remarks. He added that the portfolio presents the chance for highly effective near- and long-term lease progress.
Surging sector
In Could, Industrial Property Government took a snapshot of the commercial out of doors storage sector, noting that it has surged to at the least a $200 billion market over the previous a number of years. Traders, more and more institutional gamers, are being attracted by tight provide, modest capital expenditures and stable working outcomes.
In March, for instance, H.I.G. Realty Companions shaped an IOS platform and acquired it rolling with the acquisition of a 55-property, 2.3 million-square-foot portfolio.
The identical month, GreenPoint made a strategic funding in Semi-Stow, of Austin, Texas, which manages 30 websites totaling greater than 5,500 truck and trailer areas throughout the U.S. The funding was a part of GreenPoint’s launch of a devoted $500 million IOS platform.
