Portobello Taps Avison Young to Raise $80M in Construction Financing for Manufacturing Facility Near Nashville
BAXTER, TENN. — Avison Young has been chosen by Portobello America to raise around $80 million in construction financing for a manufacturing facility in Baxter. Portobello selected Tim Hall and Jim Hanson of Avison Young to raise the capital, which will fund Phase I of construction. Upon completion, the facility will produce ceramic tiles and will also serve as Portobello’s U.S. headquarters.
Portobello Group, a tile manufacturer and distributor headquartered in Brazil, estimates the facility will create about 220 local jobs and generate over $100 million in annual revenue. Investors can partner with Portobello in a sale-leaseback, build-to-suit transaction, resulting in the fee-simple ownership of the facility. Portobello will execute a long-term lease of the facility when construction is complete, which is expected for late 2022.
The 92-acre project site is located on the south side of Interstate 40 in Putnam County at 8401 Ditty Road. The site was formerly known as the Tennessee Speedway Dirt Racetrack. Phase I will span 890,000 square feet, including 30,000 square feet of office space, a showroom, research-and-development lab and production lines.
Portobello America started operating in the United States in 2018 as part of Portobello Group’s internationalization strategy. The company currently has two U.S. distribution centers in operation: one in Florida and the other in Baxter, Tennessee, where the previously mentioned industrial facility will be located.