Criterion Group and Columbia Pacific Advisors have refinanced a 230-acre, 22-property portfolio of industrial outdoor storage parcels for $132.3 million. — Courtesy: JLL
By Joshua Burd
A joint venture has refinanced a nine-state, 22-property portfolio of industrial outdoor storage parcels for more than $132 million, in a newly announced deal by JLL.
According to the brokerage team, which sourced the debt on behalf of Criterion Group and Columbia Pacific Advisors, the properties total 230 acres in the Northeast, Southeast and Texas distribution markets. Axos Bank provided the five-year, floating-rate loan for $132.3 million, with JLL Senior Managing Director Christopher Peck, Managing Director Peter Rotchford and Vice President Christopher Pratt leading the assignment.
“With the growing necessity of last-mile logistics due to the continued growth of e-commerce, leasing for industrial outdoor storage assets has started to shift from typically non-credit, local tenants to national credit tenants, thus attracting a more institutional investor-set as well,” Rotchford said.
JLL added that the sites average roughly 10.5 acres, noting that industrial outdoor storage properties typically have low building coverage and can be used for purposes such as fleet parking, heavy machinery and construction equipment storage and shipping container storage.
“The broad geographic scope of this portfolio positions it to increase in value as last-mile logistics drive increased demand for parking and outdoor storage space,” Criterion Group’s Shibber Khan said. “The portfolio offers the opportunity for powerful near- and long-term rent growth.”
