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.
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Kelsi Maree Borland
