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VIENNA, VA—A joint venture between net lease commercial firm Jera Partners and a fund managed by New York City-based DRA Advisors has acquired a 27-asset net lease industrial portfolio for $205 million.
The fully leased assets total around 3.3 million square feet across 15 states. They are a mix of warehouse, distribution and manufacturing properties. The portfolio has 14 tenants and a weighted average lease term of 13 years with weighted average annual rent increases of approximately 2%.
This is the JV's first industrial net lease portfolio acquisition, according to David Kay, managing partner of Jera Partners, and it intends to continue to grow the venture. The assets it just acquired will "serve as the foundation for building a large diversified industrial net lease portfolio together," Kay says in prepared remarks.
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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.
