"We feel fortunate to have acquired a package of quality distribution industrial assets at attractive pricing in this competitive market," says Ray D'Ardenne, managing partner of Westfield Capital Partners. "With so few of these properties trading, competition for institutional quality industrial properties is high."
Allstate Life Insurance Co. provided a $20-million mortgage that was arranged by Northmarq Capital. Steve Bye and Steve Koeneke represented Allstate. Guaranty Bank and Trust Co. provided interim financing.
The seller of the property was Thrivent Financial. Jeff McClintock with Frederick Ross Company represented Thrivent in the sale. The properties will become part of an investment partnership known as Westfield Industrial Partners I, LLLP.
Westfield Capital Partners is a Denver-based real estate investment management company focused on individual, private investors. Westfield is an affiliate of the Frederick Ross Co., a Denver-based, full-service commercial real estate brokerage firm.
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