(Read more on the debt and equity markets and more on the industrial market.)
WASHINGTON, DC-FRP Development has refinanced a seven-asset, 770,000-sf office and industrial portfolio located in Delaware, Maryland and Virginia. It will be using the proceeds to refinance existing debt and to develop new industrial properties on land it owns in the BWI Corridor and in Baltimore, according to Jon Goldstein, senior associate with Cassidy & Pinkard Colliers. Goldstein tells GlobeSt.com that the portfolio was valued between $30 million and $40 million.
Christian Miles of Cassidy & Pinkard Colliers arranged the 20-year fully amortizing permanent loan with Prudential. The loan has a coupon rate of 5.7% and offers rights of substitution for the portfolio. FRP did not return calls by deadline.
"FRP Development typically doesn't put much debt on its properties, but they will for development," Goldstein says. The portfolio it leveraged consists of six industrial buildings and one office. FRP developed the four properties that are based in Maryland, and in 2004 acquired the property in Norfolk, VA and the two in Newark, DE.
The portfolio, which is 94% occupied consists of 7010 Dorsey Rd. in Hanover, MD, a one-story, 74,600 sf rear-loaded warehouse with one tenant; 7020 Dorsey Rd in Hanover, a one-story, 84,760 sf rear-loaded warehouse with one tenant; 9108 Yellow Brick Rd. in Rossville, MD, a one-story, 96,762 sf front-loaded warehouse with three tenants; 1187 Azalea Garden Rd. in Norfolk, a one-story, front loaded warehouse that is 188,093 sf and occupied by three tenants; 100 Interchange Blvd. in Newark, DE a one-story masonry warehouse with metal cap that is 151,006 sf and occupied by two tenants; 200 Interchange Blvd. in Newark, a one-story masonry warehouse with metal cap that is 152,000 sf and occupied by two tenants; and 34 Loveton Cl., in Sparks, MD. This is a 29,921 sf, two-story office building with four tenants.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
