NORTHBROOK, IL-Boulder Net Lease Funds LLC has received $62 million from a refinancing of a six-property portfolio totaling 666,797 sf of office and industrial space. The financing will repay the acquisition lines for properties located in Kansas, Utah, New Hampshire, Texas and Indiana.

The financing was secured by the New York office of Holliday Fenoglio Fowler LP. Terms and rates for the financing were not disclosed. An HFF representative did not return a telephone call seeking comment, but says in its press release that the single-tenant assets were acquired during an 18-month period.

“The borrower cross-collateralized and cross-defaulted the portfolio resulting in a substantially higher appraisal valuation than the individual assets at the time of acquisition,” HFF senior managing director Jay Marshall says in the release.

According to the locally based Boulder Net Lease Funds’ press releases, the assets and their sale prices are as follows. A 105,935-sf flex building, leased by Sprint, at 10951 Lakeview Ave. in Kansas was purchased for $6.2 million. A 151,350-sf office building, leased by Northrop Grumman, at 888 S. University Park Blvd. in Clearfield, UT was bought for $22.9 million. A 48,400-sf office building, leased by Sun Microsystems, at 1617 Southwood Dr. in Nashua, NH was acquired for $6.7 million. A 70,680-sf office building, leased by HIT Entertainment, at 830 S. Greenville Ave. in Allen, TX was purchased for $10.2 million. A 90,432-sf flex building, leased by L-3 Communications, at 1908 110th St. in Grand Prairie, TX traded for $4.2 million. And, a 200,000-sf manufacturing building, leased by Lake Erie Products, at 3821 W. County Rd. in Frankfort, IN was picked up for $9.6 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.