by John Jordan Globest.com
Locally-based Arden Group has secured a $163-million floating-rate loan with BlackRock and CIT Group for the purchase and recapitalization of a 12-asset industrial portfolio in six major markets throughout the United States.
Arden Group is acquiring a portfolio of assets from Avistone of Laguna Niguel, CA. The portfolio is spread across San Antonio and Dallas, TX; Atlanta, GA and Columbus, OH.
No financial terms of the portfolio purchase were disclosed.
Avistone assembled these assets through a series of transactions dating back to June 2014. The properties will be combined with two Philadelphia and Charlotte properties already acquired by Arden in the second half of 2018. The new financing will retire the securitized debt on the acquisition targets, while paying down the bridge loan on the Philadelphia and Charlotte assets.
“The recapitalized properties are optimally spread across six industrial markets throughout the country and leased to a diverse array of more than 300 tenants across various industries."
Nearly 90% occupied portfolio has staggered lease term rollover providing Arden Group downside protection.
Arden Group, which has regional offices in New York City and Miami has acquired and/or developed more than $4 billion of properties through joint ventures and discretionary investment funds since its founding in 1989.
www.omegare.com
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.