Newmark secured the industrial sale/leaseback and financing of AHF Products’ 919,405-square-foot portfolio in Crossville, Tennessee.
The portfolio is comprised of five buildings across two property sites, 297-349 Sweeney Drive and 301 Porcelain Drive. Newmark advised AHF Products in the leaseback structure and sale to the global alternative investment manager TPG Angelo Gordon.
Newmark’s Corporate Capital Markets group Vice Chairman Andrew Sandquist, Executive Managing Director JC Asensio and Managing Director Briggs Goldberg represented the seller in the transaction, in cooperation with local licensees.
AHF Products is a North American hard surface flooring manufacturer. In securing the sale leaseback with TPG Angelo Gordon, AHF Products will continue to fully occupy the portfolio through a long-term, absolute net master lease.
Newmark’s Debt & Structured Finance team, led by Co-President Jordan Roeschlaub and Executive Managing Director Christopher Kramer, secured acquisition financing from Citi Group, Newmark facilitated the loan on behalf of the buyer, TPG Angelo Gordon.
The Crossville portfolio is comprised of two, mission-critical industrial manufacturing and distribution sites. 297-349 Sweeney Drive consists of four buildings totaling a combined 348,660 square feet, while 301 Porcelain Drive features one, 570,745-square-foot building. The properties are located approximately 2.5 miles from each other and benefit from immediate access to Interstate 40.
