An undisclosed borrower has secured $869 million in refinancing from Northwestern Mutual and PGIM Real Estate for 25 industrial properties across the United States.
The fully leased portfolio totals 11.4 million square feet spread over 13 markets, according to a news release from JLL. The borrower and locations weren’t identified.
The debt included fixed-rate deals for $259 million and $195 million from Northwestern Mutual, and $415 million from PGIM.
The average age of the individual buildings in the portfolio is three years.
A JLL Capital Markets Debt Advisory team in Dallas arranged the financing. The brokers are John Rose, Ryan Pollack and Luke Rogers. They worked with Kevin Westra and Bob Henning of Northwestern Mutual and Paul Geyer of PGIM.
Here’s what else is shaking in Texas industrial real estate:
An unidentified buyer has purchased a 75,000-square-foot industrial building in near Dallas from Reserve Capital Partners. The Marquis Logistics Building 2, at 3325 Marquis Drive in Garland, was delivered in April. Reserve Capital developed it with Trinity Investors, as part of a 194,000-square-foot complex. The price wasn’t disclosed. Shannon Johnston and Joseph Cooper of SRS Real Estate Partners represented Reserve Capital in the sale.
An affiliate of Chicago-based TradeLane Properties has purchased a 489,000-square-foot industrial building that Seefried Industrial Properties and Affinius Capital developed near Dallas a year ago, the Dallas Morning News reported. The year-old property is called Southfield Park 35–Building 5 and located at 2100 Jo Drive in Desoto. Trent Agnew, Tom Weber, Pauli Kerr, Parker McCormack, Matthew Barge and Keenan Ryan of JLL Capital Markets represented Seefried in the sale. The price was undisclosed.
California-based Phelan Development Company plans to build a 257,000-square-foot warehouse at 6357 Rittiman Road in San Antonio. The Rittiman Crossroads Business Park is expected to cost about $12.9 million to build. That works out to about $50 per square foot. Construction is expected to start in December and take about a year.
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