JLL Capital Markets has arranged a $132.3 million refinancing for a 22-property industrial outdoor storage portfolio located in nine states and totalling 230 acres.
JLL worked on behalf of the borrower, a joint venture between Criterion Group and Columbia Pacific Advisors, to secure the five-year, floating-rate loan through Axos Bank.
The sites average approximately 10.5 acres each and are located in Northeast, Southeast and Texas distribution markets. Industrial outdoor storage sites are characterized as low coverage industrial sites that can be used for a range of industrial purposes, including fleet parking, heavy machinery/construction equipment storage, shipping container storage and more.
“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,” said Shibber Khan of the Criterion Group. “The portfolio offers the opportunity for powerful near- and long-term rent growth.”
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Christopher Peck, Managing Director Peter Rotchford and Vice President Christopher Pratt.
“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.
