Northwood Investors is expanding its presence in the Sunbelt with a purchase of a 1.8 million square foot industrial portfolio.
The assets are located in Georgia, Florida, and Texas. The portfolio average lease term is seven years, with rents roughly 40 percent below the market value, according to JLL, which represented the seller on the deal and secured the financing.
The properties are:
- Havertys Distribution Center – Braselton, Georgia
- Home Depot Cedar Port Distribution Center – Baytown, Texas
- 10000 NW 15th Terrace - Miami, Florida
"This portfolio transaction exemplifies the robust demand for well-positioned industrial assets in high-growth Sunbelt markets," Britton Burdette, senior managing director of JLL, said in a statement.
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