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The deal marks the third multifamily acquisition between Tower 16 Capital and the US subsidiary of UK-based investment firm Henley that has amassed a portfolio of nearly 1,300 units in Las Vegas so far this year.

The Davis Companies added value through a lease extension, property repositioning and significant lobby and building system improvements.

Newnan Distribution Center was renovated in 2001 and is now 87%-leased to two tenants.

The office property is a class A, award-winning building that is Wired Certified through WiredScore for meeting the highest standards of technological superiority in connectivity and infrastructure.

Fortis Property Group received the loan from Mack Real Estate.

The JV is acquiring the top half of the 251,000-square foot building.

Kennedy Wilson's ownership in CB3 is 50%, with an initial equity investment of €68 million or approximately $79 million. Kennedy Wilson will act as the development and asset manager of the property.

The Chicago-based industrial real estate firm states it has commenced phase one of the development, which includes construction of a 555,840-square-foot state-of-the-art logistics center.