A joint venture between Arden Logistics Park and Arcapita has secured a $700 million loan to refinance a 7.2 million square-foot, 167-property industrial portfolio.
Tom Rugg, Tom Traynor, Mark Finan, Arman Samouk and Kayla Kaloostian of CBRE arranged the five-year, floating-rate loan. The national portfolio of properties comprises primarily small and mid-bay multitenant facilities.
“The execution of this transaction highlights the appeal of the small and mid-bay multitenant asset class, which has experienced strong leasing momentum since the pandemic due to the relatively shorter lease terms that enable owners to capture rising market rents,” said Tom Rugg, Vice Chairman of CBRE. The properties are located throughout the country, including in major markets like Dallas, Atlanta, Indianapolis and Boston.
“Shallow-bay industrial has continued to outperform every other real estate asset class, including larger industrial product,” said Craig Spencer, Chairman and CEO of Arden Group.
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