JLL Capital Markets has arranged $85 million in acquisition financing for a fully leased, 12-building industrial portfolio totaling 814,888 square feet within last-mile locations in California, Georgia, Maryland and Minnesota.
JLL worked exclusively on behalf of the borrower, MDH Partners, to place the five-year, floating-rate, interest-only, non-recourse loan with Truist.
The portfolio includes five buildings in the Southern California community of Riverside at 22380/40/20 Van Buren Blvd. and 925/975 Marlborough Ave. and four buildings in the Baltimore MSA at 10720 Gilroy Rd., 10946 Golden West Drive in Hunt Valley and 1305 Governor Court Buildings A/B in Abingdon.
Rounding out the portfolio are two Minnesota buildings at 740-760 Kasota Circle S.E. in Minneapolis and 20000 S. Diamond Lake Road in Rogers and one building outside of Atlanta in Kennesaw at 1875 Greers Chapel Road.
The portfolio buildings were constructed between 1977 and 2019 and, due to their optimal logistics locations with direct access to transportation and infrastructure, fit well with MDH’s strategy of acquiring multi-tenant, last-mile facilities in key growth markets and logistics hubs. They are fully leased to 20 tenants with an average weighted leasing tenure of 10.5 years, and no tenant comprises more than 22% of the total portfolio’s base rent.
Mark Hancock, senior vice president at Truist Commercial Real Estate, was the lead on the transaction for Truist.
The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Chris Drew, Senior Director Maxx Carney and Associate Jimmy Calvo, along with Senior Directors Robert Carey and Brock Yaffe and Director Eric Boucher.
