Holliday Fenoglio Fowler, L.P. (HFF) announces the $11.3 million financing for a three-property industrial portfolio totaling 176,472 square feet in core industrial markets located along the New Jersey Turnpike corridor and in Northern Virginia.
The HFF team worked on behalf of the borrower, Burton Real Estate, to place a 10-year, fixed-rate loan with CUNA Mutual Group. Proceeds will be used to pay down the borrower’s acquisition line of credit. The borrower purchased the assets within the last three years, and all of the properties were purchased with short-term leases in place.
The portfolio comprises two New Jersey Properties: the 78,272-square-foot industrial warehouse at One Fitzgerald Avenue in Monroe three miles off the New Jersey Turnpike in the Exit 8A Industrial submarket and the 55,000-square-foot facility at 509 Heron Drive in Swedesboro, which is approximately 26 miles southeast of Philadelphia and seven miles west of the New Jersey Turnpike in the Swedesboro/Woolwich Industrial submarket. The Northern Virginia property is located at 7979 Wellingford in Manassas. The 43,200-square-foot industrial/flex warehouse is located along the Route 29/Interstate 66 corridor 3.5 miles southwest of Washington, D.C. The portfolio is fully leased to four tenants and features clear heights ranging from 18 to 33 feet, eight dock doors and three drive-in doors.
The HFF debt placement team included managing director Michael Klein.
“After Burton Real Estate executed its business plan and got each of the tenants to renew, it was ready to put long-term, fixed-rate, non-recourse financing on the portfolio,” Klein said. “Like many life insurance companies, CUNA was very eager to land on industrial properties and provided a very attractive rate and flexibility to add additional properties to the portfolio in the future.”
HFF and Holliday GP Corp. are licensed New Jersey real estate brokers.
About Burton Real Estate
Burton Real Estate is a privately held real estate investment firm specializing in the acquisition, management, and potential redevelopment of both performing and underperforming properties in the United States. Visit http://burtre.com for more information.
About HFF
HFF and its affiliates operate out of 25 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
