CHARLOTTE—A joint venture between Schmier & Feurring Properties, Inc., L&J Schmier Management and Investment Company and Independencia Asset Management LLC, has secured a $78.5 million acquisition loan for the Keith Corporation Industrial Portfolio. Cushman & Wakefield's Equity Debt & Structured Finance team in Atlanta arranged the financing.

The Keith Corporation Industrial Portfolio is a 10-asset, class A industrial portfolio spanning 1.93 million square feet. The industrial portfolio is partially located in the greater metropolitan area of Charlotte, NC. CushWake's Mike Ryan, Brian Linnihan, Jeff Walker, and Larry Johnson represented the joint venture.

“Our client was seeking acquisition financing for the 10-asset industrial portfolio,” says Ryan, senior managing director for Cushman & Wakefield Equity Debt & Structured Finance in Atlanta. “One of the 10 assets is a build-to-suit, which is still under construction; therefore, we acquired the financing on the existing nine assets with the ability for a future advance when the build-to-suit property is completed.”

The industrial assets were financed with a 10-year, cross-collateralized loan with five years of interest-only. The portfolio was leveraged at 72% of purchase price with the lender providing future funding for a to-be-built asset for Britax.

“The lender was particularly attracted to the deal because of its stabile cash flow resulting from a diverse tenant mix with long-term leases,” Ryan says. “In addition, nearly 80% of the square footage belonged to mission critical facilities."

The properties included in the transaction are:

  • Lakemont West Business Park, Pleasant Rd., Charlotte, NC – Britax Child Safety build-to-suit (478,400 square feet)
  • Lincoln County Industrial Park, 621 Lincoln County Pkwy., Lincolnton, NC (382,668 square feet)
  • Lincoln County Industrial Park, 100 East Powell Dr, Lincolnton, NC (360,800 square feet)
  • Lincoln County Industrial Park, 4100 Progress Drive, Lincolnton, NC (106,144 square feet)
  • Lincoln County Industrial Park, 3333 Finger Mill Rd., Lincolnton, NC (60,650 square feet)
  • Lincoln County Industrial Park, 520 Lincoln County Parkway Extension, Lincolnton, NC (38,480 square feet)
  • Rock Greek Center, 6450 Franz Warner Parkway, Whitsett, NC (241,050 square feet)
  • Sherrill Industrial Park, 2061 Sherrill Drive, Statesville, NC (112,500 square feet)
  • Sherrill Industrial Park, 2101 Sherrill Drive, Statesville, NC (65,900 square feet)
  • Cleveland County Industrial Park, 212 Commerce Blvd.,  Kings Mountain, NC  (80,052 square feet)
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