A seven-building portfolio acquired by Ivy Realty includes industrial properties in Somerset, including 1 Riverview Drive, 50 Randolph Road, 100 Randolph Road and a five-acre land parcel. — Courtesy: Cushman & Wakefield
By Joshua Burd
The buyer of a seven-building, 768,244-square-foot portfolio in Somerset County has secured $41 million in financing, brokers with Cushman & Wakefield announced Tuesday.
The real estate services firm represented the borrower, Ivy Realty, in sourcing the loan for the portfolio in Franklin and Warren, which includes three industrial buildings, two flex lab buildings and two office buildings. BBVA Compass provided the financing, which is funding both the acquisition and future renovation and leasing-related costs.
The Cushman & Wakefield equity, debt and structured finance team of John Alascio, Sridhar Vankayala and Zachary Kraft represented Ivy Realty in the transaction.
“This transaction represented a compelling financing opportunity for lenders given the sponsorship and value-add profile,” Alascio said. “We received strong lender feedback, but eventually chose BBVA as they demonstrated a clear understanding of the opportunity and business plan. They provided attractive terms that were flexible to match with the sponsor’s future needs.”
In a news release, C&W said the flex lab and office buildings are located in Warren and include 7 Powder Horn Drive, 30 Technology Drive, 40 Technology Drive and 45 Technology Drive. The industrial sites, located in the Somerset section of Franklin, include 1 Riverview Drive, 50 Randolph Road, 100 Randolph Road and a five-acre land parcel.
Ivy Realty plans to rebrand the portfolio and drive leasing velocity through extensive capital improvements and a new marketing campaign, the news release said. It will do so while tapping into the buildings’ presence near major highways, including interstates 287 and 78.
“Lenders currently have a deep appetite for industrial assets, particularly when its combined with strong sponsorship and a clear value-add business plan, all of which were available in this unique transaction,” Vankayala said.