At a glance
- The $212.79 million financing is secured by eight properties and 43 buildings across Alabama, Florida, Maryland, North Carolina and Texas.
- For allocators underwriting industrial credit, the tenant mix matters more than the square footage: more than 115 tenants across 22 industries have an average tenure of 10.5 years.
- The buildings average 18 feet of clear height, and the portfolio averages about 36,000 square feet per building, consistent with multitenant business parks rather than bulk distribution.
Adler Real Estate Partners secured $212.79 million in financing against a light industrial portfolio of eight properties and 43 buildings totaling 1.57 million square feet, IREI reported.
The $212.79 million financing is secured by eight properties and 43 buildings across Alabama, Florida, Maryland, North Carolina and Texas. The lender and the loan terms were not disclosed.
For allocators underwriting industrial credit, the tenant mix matters more than the square footage: more than 115 tenants across 22 industries have an average tenure of 10.5 years.
The buildings average 18 feet of clear height, and the portfolio averages about 36,000 square feet per building, consistent with multitenant business parks rather than bulk distribution. Tenants range from medical and pharmaceutical users to building services, manufacturing, technology, professional services, healthcare and logistics, IREI said.
Each property sits within minutes of major interstate highways in established infill submarkets with access to airports and population centers, IREI reported. The financing is a loan, not a sale, so it does not establish a property value.
The financing comes days after Adler's $37 million for Ammendale Technology Park in Maryland, a six-building park 96% leased to 24 tenants, as Private Wealth Daily previously reported.
Reported by the Real estate debt desk from IREI and Private Wealth Daily archive. Published . Corrections