Investor SomeraRoad has entered the industrial market with the purchase of an 8-property portfolio for $137 million. The portfolio is part of SomeraRoad's new net lease income-producing real estate investment platform. The new investment vertical has buying power of up to $600 over the coming years.
The 8-property portfolio totals 1.5 million square feet, and each property is fully leased to a diverse tenant base, including ABB Ltd., Unison Industries, Fed Ex, Café Valley, McFarling Foods, and Black Gold Farms. More than 50% of the current cash flow comes from investment-grade credit.
To complete the purchase, SomeraRoad secured a $91 million acquisition loan through Capital One. Newmark's vice chairmen and co-heads of the New York debt and structured finance group Dustin Stolly and Jordan Roeschlaub secured the acquisition loan on behalf of SomeraRoad.
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.