RSE Capital lands $98m acquisition of last mile portfolio – Commercial Property Executive

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910 Carver Road West. Image courtesy of Northmarq

CSR Capital Partners secured $97.8 million in acquisition financing for an industrial portfolio of six assets in Arizona, Maryland, Georgia and Virginia.

NordMarq arranged the five-year fixed rate permanent loan on behalf of the borrower. The loan has 18 months of interest, then a 30-year amortization schedule. Allianz Immobilier was the lender.

The six properties total nearly 1.1 million square feet and are all located near metropolitan areas with easy access to transportation networks, making them suitable for last-mile distribution.

Six properties near four metros

One of two Arizona assets within the portfolio is 910 West Carver Road in Tempe, Arizona, a 110,000 square foot single-tenant industrial property built in 1998. The asset is currently LEED Gold certified, with 339 parking spaces in a Parking Ratio of 3.4 spaces per 1,000 square feet, according to data from CommercialEdge. Insight Automation International is the sole tenant of the property, according to the same data provider.

Arizona’s second industrial property is 215 North 143rd Ave., Goodyear, Ariz., a 213,229 square foot asset built in 2020. Hardware Resources is a tenant in the property, according to data from CommercialEdge.

One of the two Maryland assets is 7441 Candlewood Road in Hanover, Md., a 253,330 square foot single-tenant industrial property built in 1985. Essendant is a tenant of the property, according to the same data provider.

Maryland’s second property is 7980 Tar Bay Drive in Jessup, Md., a 203,615 square foot single-tenant asset built in 1990.

The Georgia Industrial Property is located at 3435 Jonesboro Road SE in Atlanta, Georgia, a 201,989 square foot single-tenant asset built in 2020.

The Virginia asset is located at 22480 Randolph Drive in Sterling, Va., a 76,500 square foot flexible industrial property built in 2005. The property’s tenants include United Products Distributors, Associated Global Systems and Forward Air, according to data. from CommercialEdge.

The average price per square foot for an industrial building in the second quarter of 2022 was $138, up 12.4% from the first quarter of the year and 31.3% year over year. other. This is the seventh consecutive quarter where average selling prices have increased for the industrial sector. In Atlanta, the average year-to-date selling price per square foot was $110. According to Yardi Matrix, there were $39.6 billion in industrial sales in the first half of 2022.

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