Multi-State Industrial Portfolio Lands $67M Loan

HFF represented PAULS Corp. and Dream Industrial US Holdings Inc. in obtaining transaction financing for four facilities totaling nearly 2 million square feet.
860 Marine Drive
860 Marine Drive

HFF has arranged $67 million in post-acquisition financing for a four-building, Class A industrial portfolio, on behalf of PAULS Corp. and the borrower, Dream Industrial US Holdings Inc.

The fully leased portfolio of bulk warehouse buildings consists of properties in the Charlotte, N.C., Memphis, Tenn., and Orlando, Fla. metropolitan statistical areas, totaling approximately 2 million square feet. The buyer purchased the assets in two deals, last December and this January.

The HFF debt placement team placed a nine-year, 3.96-percent, fixed-rate loan with an insurance company. The team consisted of Director Kristian Lichtenfels, Senior Managing Director Eric Tupler, Senior Director Cory Fowler and Managing Director Rebecca VanReken.

Green Street Advisors recently noted that multiple years of record-level rent growth have driven robust investor demand for industrial properties, and this pattern will likely persist for the foreseeable future.

Strategic location

The portfolio includes the 500,000-square-foot Shelby V at 4770 Southpoint Drive and the 885,000-square-foot Delta Point at 5605 Holmescrest Lane, both in Memphis; the 471,744-square-foot cross-dock facility at 860 Marine Drive in Rock Hill, N.C.; and American Way, a 193,133-square-foot front-and-side facility at 7730 American Way in Groveland, Fla. The buildings contain a total of six tenants and boast clear heights ranging from 25 to 32 feet, a total of 247 dock-high doors, 18 drive-in doors and nearly four percent office finish. All four properties offer convenient access to main thoroughfares and local airports.

Dream Industrial US Holdings’ current portfolio includes 219 industrial properties comprising approximately 19 million square feet in key markets across Canada and the U.S.

Earlier this month, HFF arranged $26.2 million in financing for Preylock Real Estate Holdings to capitalize Gramercy Plaza, a Class A office property in Torrance, Calif. 

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