Sagard Actual Property has secured a financing bundle totaling $257.7 million from Wells Fargo, based on CommercialEdge knowledge. Proceeds went towards the refinancing of 16 industrial properties spanning 1.7 million sq. ft throughout eight states. The be aware is because of mature in 2027.
Round 80 p.c of the properties are shallow bay warehouses, measuring between 50,000 and 200,000 sq. ft. Greater than half of the buildings are Class A, making up 951,407 sq. ft. The opposite half is a combination between Class B and C, with the previous kind encompassing 564,374 sq. ft.
Sagard is performing a broader repositioning effort throughout its nationwide footprint, focusing on industrial and multifamily properties, based on an organization assertion from late final yr. Its most important focus is on seaport services and industrial out of doors storage properties.
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Sagard’s largest share of the whole quantity—$40.9 million—went towards a 2019-built industrial facility in Pembroke Pines, Fla. A glass-production firm absolutely occupies the 249,000-square-foot property at 20351 Sheridan St., roughly 27 miles southwest of downtown Fort Lauderdale, Fla., and 12 miles from the junction between U.S. Route 27 and Interstate 75.
Sagard earmarked $23 million for one more newly constructed property in Centennial, Colo., CommercialEdge knowledge reveals. Situated roughly 18 miles southeast of downtown Denver, the two-building industrial park spans 188,300 and debuted between 2020 and 2021.
Different latest vital industrial refinancing offers
Giant industrial refinancing offers started pouring in, and Sagard’s is simply the most recent. Final month, Seagis Property Group secured a $184.2 million be aware to refinance two absolutely leased portfolios encompassing 1.5 million sq. ft in Florida and New Jersey.
Arden Logistics Park obtained a $99.1 million mortgage to refinance 11 industrial properties, additionally final month. The gathering spans greater than 756,000 sq. ft throughout three states. Ares Administration Actual Property issued the funds.
