Holliday Fenoglio Fowler secured $98.8 million in acquisition financing for an eight-property portfolio that is 100 percent leased to FedEx and totals 1.49 million square feet in California, Florida, Illinois, New Jersey and Texas.
HFF worked on behalf of the borrower, Pure Industrial Real Estate Trust, to arrange the seven-year, fixed-rate loan through Guggenheim Commercial Real Estate Finance’s Chicago office.
The portfolio includes 5 Commerce Drive, a 200,610 s/f facility in Barrington, NJ, and 1 Commerce Center Drive, a 171,000 s/f facility in Dover, NJ. The HFF team representing the borrower was led by director Kenneth Martin and analyst Federico Boscaini.
“HFF welcomed the opportunity to assist PIRET in securing financing for the portfolio acquisition, which represented PIRET’s first major investment in industrial real estate in the United States after years of success building a portfolio in Canada,” Martin said.
PIRET is an unincorporated, open-ended investment trust that owns and operates a portfolio of industrial properties.