Portland property is part of $525M national portfolio acquired by NYC developer
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The industrial property at 508 Warren Ave. in Portland was part of a $525 million national portfolio acquired by a New York City developer.
A warehouse on Portland’s outskirts is part of a $525 million refinancing deal for a national portfolio of 50 industrial properties, according to a news release.
The property at 508 Warren Ave. is leased by BlueLinx, an Atlanta-based distributor of building and industrial products, and serves as a logistics and operations facility, according to the company website.
Newmark Group Inc. (Nasdaq: NMRK) arranged the loan from the Bank of Montreal on behalf of developer SomeraRoad, which is headquartered in New York City.
The properties are 100% net-leased to a total of 35 companies, and span 27 states and 40 markets. The buildings cover a total of 6.8 million square feet.
“SomeraRoad has been highly active in acquiring and expanding its industrial net-lease portfolio,” Dustin Stolly, who was part of the Newmark team on the deal, said in the release. “The diversity and mission-criticality of the properties, coupled with the continued favorability of the industrial debt market, showed through in this execution.”
The weighted average lease term of the portfolio is nearly 13 years, and tenants are highly diversified in both their geography and their industries, according to the release.
Each site is in great condition, the release said, with significant, recent capital investments made by the tenants and a sizable portion of the portfolio constructed in the last decade.
The seller
The seller in the deal was AIC Ventures out of Austin, Texas, Daniel Morin, an associate in Newmark’s debt and structured finance practice group, told Mainebiz.
The Portland property was part of a larger portfolio that AIC marketed for sale.
“SomeraRoad bought these properties, consolidated them into their existing triple-net portfolio, and subsequently recapitalized their existing portfolio and these new acquisitions with a new financing facility,” Morin said.
The 52,000-square-foot building is on 9 acres.
Morin said Portland’s industrial sector is generally favorable.
“The concentration of capital targeting mission-critical triple-net distribution and manufacturing real estate has increased significantly, creating a competitive environment for these assets,” he said.
Positioning the assets for success means performing “discretionary capital improvements to retain the integrity of their long-term investment,” he added.
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