NEW YORK CITY — JLL has arranged a $132.3 million loan for the refinancing of a national portfolio of 22 industrial outdoor storage properties. The borrower was a joint venture between locally based investment firm Criterion Group and Seattle-based Columbia Pacific Advisors.
The portfolio totals approximately 220 acres, and the properties are scattered across nine different states. Specific names and addresses of the properties were not disclosed, but the sites average approximately 10.5 acres each and are located in prime distribution markets within the Northeast, Southeast and Texas regions.
Christopher Peck, Peter Rotchford and Christopher Pratt of JLL arranged the five-year, floating-rate loan through Axos Bank.
“With the growing necessity of last-mile logistics due to the continued growth of e-commerce, leasing for industrial outdoor storage assets has started to shift from non-credit, local tenants to national credit tenants, thus attracting more institutional investors,” says Rotchford.
“The broad geographic scope of this portfolio positions it to increase in value as last-mile logistics drives increased demand for parking and outdoor storage space,” adds Shibber Khan, principal at Criterion Group.
Industrial outdoor storage is an emerging subcategory of industrial real estate that typically features secure “yards” in which products such as heavy machinery or shipping containers are housed. Sites tend to be located near major intermodal transit hubs as logistics users also frequently use the facilities as truck terminals.
— Taylor Williams