Griffin Industrial Realty has closed closed on the acquisition of a 100,000 s/f fully leased warehouse building in Orlando, Florida, the company’s first property in the Orlando area.
Griffin financed the acquisition using its new line of credit for acquisitions and cash on hand and expects to obtain a long-term mortgage loan on the Orlando Building.
The acquisition, along with two recently completed industrial/warehouse buildings in the Charlotte, North Carolina area, increases Griffin’s total real estate portfolio to 40 buildings aggregating approximately 4,462,000 s/f with 90 percent of the square footage being industrial/warehouse space.
Last month, Griffin entered into a new $15 million line of credit with Webster Bank, N.A. to provide financing for real estate acquisitions.
The Acquisition Credit Line is unsecured, expires on September 30, 2021, and may be used to fund up to 65 percent of the purchase price of real estate acquisitions.
Interest on advances under the Acquisition Credit Line are at the one-month LIBOR rate plus 2.75 percent. Amounts borrowed under the Acquisition Credit Line are expected to be repaid from proceeds from long-term financing of the property acquired.
Griffin also executed an amendment to its existing revolving credit line with Webster Bank that extends the Webster Credit Line through September 30, 2021. The Revolving Credit Line Amendment increases the amount of the Webster Credit Line from $15 million to $19.5 million while adding an approximately 31,000 s/f industrial/warehouse building to the Webster Credit Line’s existing collateral of approximately 283,000 s/f of mostly office/flex space.