Burton Katzman and DRA Advisors have formed a $240 million joint venture that will launch with the recapitalization of 24 infill light industrial properties in the Midwest.
"The portfolio represents a highly compelling opportunity to acquire a dynamic, well-occupied, and cash-flowing light industrial portfolio at an attractive basis with a best-in-class joint venture partner," Brett Gottlieb, managing director for DRA Advisors, says in prepared comments.
The portfolio spans over 2.2 million square feet, is 99% leased with a five-year weighted average lease term and features a diversified national tenant roster. With over 40 tenants on the rent roll, no tenant occupies more than 15% of the portfolio's square footage, mitigating rollover risk. Newmark arranged the financing for this transaction as well as the joint venture.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
