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| CVS Caremark Corp. Distribution Facility, Fredericksburg, VA |
FLORHAM
PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged
$17.5 million in acquisition financing for a three-building distribution
facility totaling 487,897 square feet that is fully leased to CVS Caremark
Corporation (CVS) in Fredericksburg, Virginia.
HFF, on
behalf of the borrower, ARCTRUST, placed the 10-year, fixed-rate loan with
Kansas City Life Insurance Company.
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| Greg Nalbandian |
The CVS
distribution facility is a mission-critical facility, serving as one of the
company’s 17 U.S. distribution centers and distributing to 377 CVS stores
across Maryland, North Carolina, Virginia and the District of Columbia.
The facility, which was completed in 1985 and
expanded in 1995, consists of a main building housing a warehouse and offices,
an aerosol storage facility and a truck repair facility.
The
buildings have 39-foot clear heights and a total of 65 dock-high doors with one
drive-in loading dock. Situated on 39.4
acres at 500 Lansdowne Road, the facility is located in northeast Virginia in
the Great Fredericksburg industrial market.
The HFF debt
placement team representing the seller was led by senior managing director Greg Nalbandian.
“We were
able to identify an insurance company that understood the asset and met the
client’s objectives by providing a 75-percent max LTV with a 10-year term and
30-year amortization,” Nalbandian said.
“Kansas City Life Insurance Company also offered prepayment flexibility,
which was a critical requirement of the sponsor.”
For a complete copy of the company’s
news release, please contact:
Kristen M.
Murphy
Director,
Public Relations
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
or follow HFF on Twitter @HFF
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