Canadian Investment Trust Lands Mortgages on FedEx Warehouses
- Jun 23, 2015
Canadian investment trust Pure Industrial Real Estate Trust (PIRET) has expanded its industrial portfolio by obtaining financing for eight of 11 properties in a FedEx distribution center.
Working on behalf of the borrower, HFF secured $98.8 million in acquisition financing for the portfolio, which is 100 percent leased to FedEx and totals 1.5 million square feet in Texas, California, Florida, Illinois and New Jersey. The HFF debt placement team was led by director Kenneth Martin and real estate analyst Federico Boscaini. The mortgages bear interest at 3.8 percent per annum over a term of seven years.
The assets include the Schertz property, a newly constructed, Class A logistics facility encompassing 202,763 square feet on a 26-acre site 20 miles northeast of San Antonio, with access to Interstate 35 and Charles West Anderson Loop, just two miles from a 1.2 million-square-foot Amazon fulfillment center. The Pflugerville site is a Class A logistics facility located at 15904 Impact Way, with a total rentable area of 199,865 square feet. The 33-acre site is 20 miles north of Austin, within the 160-acre master-planned commercial development “130 Commerce Center.” The other properties in the portfolio include:
- 200 Old Ranch Road in the City of Industry, Calif. – 218,611 square feet
- 5731 Premier Mark Drive in West Palm Beach, Fla. – 119,165 square feet
- 7800 Turkey Hollow Road in Rock Island, Ill. – 189,926 square feet
- 1234 Peterson Drive in Wheeling, Ill. – 147,006 square feet
- 5 Commerce Drive in Barrington, N.J. – 200,610 square feet
- 1 Commerce Center Drive in Dover, N.J. – 171,907 square feet
“HFF welcomed the opportunity to assist PIRET in securing financing for the portfolio acquisition, which represented PIRET’s first major investment in industrial real estate in the United States after years of success building a portfolio in Canada,” Martin said.
Photos courtesy of piret.ca.