PHILADELPHIA-Exeter Property Group is purchasing a six-million-square-foot industrial portfolio for $240 million from Pinchal & Co. Pinchal, in conjunction with American National Insurance Co. and ANTAC, divested the 19 distribution facilities with the help of Jones Lang LaSalle’s Capital Markets Group, out of Chicago, led by John Huguenard, Peter Harwood, Garry Weiss and Sean Devaney.
Pinchal’s strategy has been to acquire the properties individually to form a portfolio, after which point it sells the portfolio as a whole. The properties were 98% leased with 27 tenants, overall. The average lease term is 5.8 years.
“This high quality portfolio received a great deal of interest from investors all over the globe who are seeking properties in the industrial sector where they can achieve not only reliable cash flow, but also higher yields than the current very low cap rates in the other sectors,” says Huguenard, national head of industrial capital markets for JLL, in a statement.
The properties are: 117-119 Industrial Dr., Granite City, IL; 5045 W. 79th St., 5250-5350 Lakeview Pkwy, 7555 Woodland Dr., 7601-7687 Winton Dr., and 7645 Woodland Dr., in Indianapolis; 4080 Perry Blvd., Whitestown, IN; 2850 Earhart Ct., Hebron KY; 150 Omicron Ct., 217 Omega Pkwy., in Shepherdsville, KY; 4800 Corporation Dr., Fayetteville, NC; 120 Trans Air Dr., Morrisville, NC; 6500 Adelaide Ct., Groveport, OH; 1080 Jenkins Brothers Rd., Blythewood, SC; 431 Smith Ln., Jackson, TN; 100 and 200 Northfork Ln. and 300 Oakbluff in Nashville; and 801 Swan Dr., Smyma, TN.
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