(Read more on the industrial market.)
AURORA, IL-Liberty Illinois LP has received $78 million in financing for a portfolio of seven buildings totaling nearly 2.5 million sf. Liberty Illinois is a joint venture between Liberty Property Trust, headquartered in Mulvern, PA, and New York Common Retirement Fund.
Brian Campbell, VP with San Mateo, CA-based Capmark Finance Inc., originated the financing, which was funded by MetLife. The term of the financing is 10 years, Campbell says. The interest rate was not disclosed. The loan-to-value for the properties ranges from 60% to 65%, he tells GlobeSt.com. Figuring the financing, the properties are worth more than $130 million.
The portfolio includes five buildings acquired by the joint venture within the past year in addition to two buildings recently constructed. The venture completed in April a 203,092-sf build-to-suit facility at 801 Bilter Road and a 592,539-sf speculative building at 800 Bilter Road, as previously reported by GlobeSt.com.
The project cost for both buildings is about $40 million. PPG Industries is leasing the build-to-suit facility and the speculative building is fully leased by UTI Integrated Logistics. The locations of the acquired buildings were not disclosed. The acquired buildings were constructed approximately five to six years ago, Campbell says. The portfolio is approximately 86% leased, Campbell tells GlobeSt.com.
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