NNN Industrial Portfolio of 2M SF Entertains Bids

One of the properties is Sunny Delight at 300 FM 1417 West in Dallas.

DALLAS—A long-term triple-net lease portfolio consists of approximately 2 million square feet of industrial space located in eight mission-critical industrial facilities in Alabama, California, Georgia, Illinois, New Jersey, Texas and Wisconsin. The locations offer solid real estate fundamentals, logistical infrastructure, access to skilled labor, outstanding transportation systems and growing populations. The portfolio is currently 100% triple-net leased to five nationally and regionally recognized tenants with a remaining lease term of slightly more than 11.5 years. The portfolio offers strong in-place net operating income and is poised to experience strong growth throughout the buyer’s projected hold period due to contractual rent bumps and consumer price index-based rent adjustments. The facilities included in the portfolio are Sunny Delight at 300 FM 1417 West in Dallas with 311,650 square feet; Berkshire Hathaway at 2505/2533 Foster Ave. in Janesville, WI with 277,270 square feet; Wesco at 3202 Latham Dr. in Madison, WI with 135,617 square feet; Claire’s Stores at 2400 West Central Rd. in Chicago with 527,661 square feet; Sunny Delight at 1230 North Tustin Ave. in Anaheim, CA with 160,000 square feet; Sunny Delight at 7000 LaGrange Blvd. in Atlanta with 260,000 square feet; Sunny Delight at 10 Corn Rd. in Dayton, NJ with 295,000 square feet; and Imaging Business Machines at 2750 Crestwood Blvd. in Birmingham, AL with 62,814 square feet. CBRE  capital markets’ national partners team has been exclusively retained by  Angelo, Gordon & Co.  for the marketing effort . Jack Fraker, Chris Riley, Michael Hines, Michael Caprile and Darla Longo of CBRE’s national partners will market the portfolio. Fraker, vice chairman and managing director of CBRE’s capital markets industrial practice, tells GlobeSt.com: “We have already received significant interest in this portfolio with properties strategically located in a number of key logistics markets around the country. All of the properties are single-tenant assets that are 100% occupied by a diverse group of tenants, including strong national brands like Berkshire Hathaway, Sunny Delight and Claire’s Stores. There is a great opportunity to capitalize on annual rent growth with the long-term, triple-net leases in place.” Investors are encouraged to bid on the entire portfolio, however bids for individual assets from qualified buyers will be considered. The portfolio is expected to attract bids of $150 million, according to unnamed sources.