Cushman & Wakefield secured $108.57 million in refinancing on behalf of Industrial Properties America III, LLC, a joint venture between institutional investors advised by J.P. Morgan Asset Management and IDI Logistics, for an eight-property industrial portfolio located throughout the Southeast, Midwest and California. Mike Ryan, Brian Linnihan, and Richard Henry of Cushman & Wakefield arranged the floating-rate loan. The portfolio, which totals 2.2 million square feet, is 100 percent leased to 23 tenants. The properties included are:

  • 2124 Skyview Drive, Lithia Springs, Georgia
  • 11310 Cantu Galleano Ranch Road, Mira Loma, California
  • 1555 Hunter Road, Hanover Park, Illinois
  • 8700-8720 LeSaint Drive Westchester, Ohio
  • 4250 Patriot Drive, Coppell, Texas
  • 11600 Miramar Parkway, Miramar, Florida
  • 2501 SW 160th Avenue, Miramar, Florida
  • 8425 Airways Boulevard, Southaven, Mississippi

“Industrial fundamentals remain very strong and almost all lenders and investors are underweighted to industrial,” Ryan said. “As a result, the portfolio received a significant interest from banks and life companies.”

“The strength of the sponsors and portfolio enabled the borrower to drive pricing, maximize prepayment flexibility and eliminate any on-going covenants,” Linnihan added.