IRVINE, CALIF. — JLL Capital Markets has arranged an $820 million refinancing for a 6.1 million-square-foot industrial portfolio comprising 42 shallow-bay properties across six markets.
JLL arranged the financing on behalf of the borrower, a joint venture between affiliates of CIP Real Estate LLC and Almanac Realty Investors. Wells Fargo led the floating-rate, single-asset single-borrower (SASB) refinancing, with J.P. Morgan and Goldman Sachs also originating portions of the loan.
The properties span major industrial markets, including Atlanta, Dallas-Fort Worth, Charlotte, Tampa and California’s East Bay and Inland Empire. As of September, the portfolio was 91 percent leased to more than 950 tenants.
The buildings feature average clear heights of 19 feet, an average office finish of 33 percent and range in size from 16,176 to 944,655 square feet. The average property size is 145,925 square feet. Many tenants are logistics, e-commerce and distribution users, including last-mile operators and small- to medium-sized businesses.
CIP plans to continue its growth strategy in the shallow-bay industrial sector, where it sees opportunity to serve the evolving needs of logistics, e-commerce and distribution tenants, according to CEO Eric Smyth.
JLL’s Kevin MacKenzie, Peter Thompson, Christopher Pratt, Kyle White, Anthony Scaglione and Nick Englhard led the debt advisory team. Additional support came from investment sales teams in local markets.
Irvine, Calif.-based CIP is a full-service real estate investment company focused on the acquisition, repositioning, rebranding and management of industrial assets throughout the West Coast, Southeast and Texas markets. The company owns and manages more than 10 million square feet of properties.
Almanac, a business unit of Neuberger Berman, is a provider of growth capital to private and public real estate companies. The New York City-based firm has committed more than $8.3 billion in capital to 56 real estate companies throughout North America.
— Kristin Harlow