Town Lane acquired 2.7 million square feet of shallow bay industrial real estate in Raleigh-Durham from Corebridge Real Estate Investors and Equus Capital Partners. An affiliate of Equus will manage and lease the property, and Equus will retain a minority interest in it going forward.
Commercial Edge reports that Town Lane paid $261 million for the portfolio, and KKR issued a $407.6 million acquisition loan for the transaction.
The acquisition encompasses 55 buildings in six industrial parks and nearly 40 acres of land in three parks, which are available for future industrial development.
The assets are concentrated in last-mile, supply-constrained areas.
In addition to the development sites that may be activated to expand the footprint within the existing parks, Town Lane intends to continue investing in the portfolio via value-add capital expenditures to serve tenants further.
The post Town Land Spends $261M on Raleigh-Durham Warehouse Portfolio appeared first on Connect CRE.
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