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| Jon Mikula |
FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced
it has secured an $81.38 million refinancing for a 15-property, 2.58
million-square-foot industrial portfolio with a mix of warehouse, distribution
and cold storage buildings located in New York, Ohio and Pennsylvania.
HFF worked on behalf of
the borrower, Heritage Capital Group, LLC, to arrange the 10-year, fixed-rate
loan through Principal Commercial Capital, a lending platform jointly formed by
Macquarie Group and Principal Real Estate Investors. HFF secured acquisition financing on this
portfolio in 2006.
The 15 properties have
clear heights ranging from 22’ to 40’ and have an average of four percent
office finish. Eight buildings have
access to rail service.
At the time of closing,
the portfolio was 92 percent leased to 31 tenants, including Staples, Inc.;
Storage Mobility; McLane Food Service, Inc.; Victory Packaging LP; McGrann
Paper; Scholastic Book Fairs, Inc.; Packaging Corporation of America and Global
Foundries.
In New York, four properties are located in
the Syracuse metropolitan area, and three are near Rochester and Albany,
facilitating entry into the Northeast and New England markets. Two buildings are near Columbus, Ohio,
providing access to the Midwest, and three of the assets are in the Harrisburg,
Pennsylvania, area, which provides access to the Mid-Atlantic markets.
The HFF debt placement
team representing the borrower was led by senior managing director Jon Mikula.
“Having owned this
portfolio for over nine years, Heritage has demonstrated an ability to grow
occupancy and cash flow while creating efficiencies in the overall portfolio,”
Mikula said.
“This was validated by this
transaction’s reception in the capital markets and with firms like Principal
and Macquarie eventually providing the financing.”
For a
complete copy of the company’s news release, please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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