CBRE Secures $55.5 Million in Financing for Acquisition of 100% Leased Warehouse in Gaffney, S.C.
CBRE Capital Markets’ Debt & Structured Finance has secured $55.5 million in acquisition financing on behalf of LRC Properties for Gaffney Distribution Heart, a 1.03 million-sq.-ft. warehouse in Gaffney, South Carolina.
LRC Properties acquired the warehouse for $80.5 million in a sale-leaseback transaction with 3 years of time period. The tenant was not disclosed. CBRE secured a 4-year floating charge mortgage with an choice to increase by means of a life insurance coverage firm.
CBRE’s Brian Linnihan, Mike Ryan, Richard Henry and Taylor Crowder represented LRC Properties within the financing, which incorporates future funding.
“Gaffney Distribution Heart is a particular property with an distinctive tenant hooked up to it,” stated Mr. Linnihan, Vice Chairman at CBRE in Atlanta. “The tenant just lately expanded this facility to satisfy its progress wants and is dedicated to the situation. We have been capable of safe financing by facilitating a relationship between our shopper and a lender who was capable of supply versatile mortgage phrases with further funding.”
Positioned at 34 Commerce Drive, Gaffney Distribution Heart was inbuilt 1996 and is conveniently situated only a mile of Interstate 85. It’s totally leased to a single tenant. In 2021, the constructing was expanded by 486,486 sq. ft.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 firm headquartered in Dallas, is the world’s largest business actual property companies and funding agency (based mostly on 2021 income). The corporate has greater than 105,000 staff (excluding Turner & Townsend staff) serving shoppers in additional than 100 international locations. CBRE serves a various vary of shoppers with an built-in suite of companies, together with amenities, transaction and undertaking administration; property administration; funding administration; appraisal and valuation; property leasing; strategic consulting; property gross sales; mortgage companies and growth companies. Please go to our web site at www.cbre.com.
