FLORHAM PARK, NJ—Burton Real Estate, a privately held real estate investment firm, has acquired a three-property industrial portfolio totaling 176,472 square feet in core industrial markets located along the New Jersey Turnpike corridor and in Northern Virginia.
Holliday Fenoglio Fowler arranged $11.3 million in permanent financing, placing a 10-year, fixed-rate loan with CUNA Mutual Group. Proceeds will be used to pay down the borrower's acquisition line of credit. The borrower purchased the assets within the last three years, and all the properties were purchased with short-term leases in place.
“After Burton Real Estate executed its business plan and got each of the tenants to renew, it was ready to put long-term, fixed-rate, non-recourse financing on the portfolio,” says HFF managing director Michael Klein, who led the financing team. “Like many life insurance companies, CUNA was very eager to land on industrial properties and provided a very attractive rate and flexibility to add additional properties to the portfolio in the future.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.