SHERMAN OAKS, CA-Locally based Cardinal Industrial Real Estate Services has secured a $114-million loan to acquire a six-property multi-state industrial portfolio. The industrial distribution facilities total 4.7 million square feet and are located in Georgia, Illinois, Ohio, Pennsylvania and Texas.
The Portland, OR office of Holliday Fenoglio Fowler LP worked on behalf of Cardinal Industrial to secure the loan, which will be included in an upcoming CMBS securitization and serviced by HFF. The seller of the portfolio was Denver-based Dividend Capital Trust, which acquired these assets as part of the iStar Financial Inc. portfolio sale, which was closed by HFF Securities and financed by HFF. As GlobeSt.com that portfolio sale consisted of 33 office and industrial properties from New York City-based iStar for $1.4 billion.
HFF senior managing director Lloyd Minten, points out that the entire process from the initial call from the borrower to the closing took only 31 days, which he says “emphasized the commitment by the borrower and lender, who worked diligently to complete this transaction under significant time constraints.” He adds that the lender’s planned securitization of the loan “underscores the improvements in the capital markets through the reemergence of the CMBS market.”
Completed in the mid-to-late 1990’s, the portfolio consists of “strategically-located” bulk distribution centers in Georgia, Illinois, Ohio, Pennsylvania and Texas. HFF could not provide specific information about the properties at this time “per its client’s request.”
With the acquisition, Cardinal Industrial increased their portfolio of single tenant industrial assets located throughout the US to approximately 13.4 million square feet. According to the company’s website, guidelines for acquisitions are that the properties must be: in primary markets in the US; single-tenant industrial buildings building in after 2000; have 10-plus years of a lease remaining; be 100% leased; and must have a price per square foot well below $100.
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