LBA Logistics Scores $557M CMBS for Industrial Portfolio
LBA Logistics is getting CMBS single borrowing financing worth $577.63 million for its 25 industrial portfolio that measures more than seven million square feet.
Called LBA Logistics Value Fund VII, the properties are located in 10 states including California, Nevada, Ohio, Kentucky New Jersey, Utah, Washington, Florida, Tennessee, and Georgia. They are located in some major metro areas including Los Angeles and Orlando.
The industrial properties feature web services, food and beverage, building materials, logistics, and a wide range of tenants that specialize in various industries. Also, Value Fund VII is fully occupied.
From the assets, an average of one million people live within 30 minutes, and 2.9 million are within 60 minutes on average.
JLL secured the CMBS loan for LBA through joint bookrunners headed by Bank of America, J.P. Morgan, and Wells Fargo. The five-year team includes a floating rate and is inclusive of extensions, with the final pricing coming out to a Secured Overnight Financing Rate of 195 basis points.
"This is the lowest pricing for a floating-rate industrial SASB since March, which is a testament to the strength of the sponsor, portfolio and strategy," Kevin MacKenzie, executive managing director and national production leader for JLL said in a statement.
"Being patient throughout the process and timing the marketing properly led to being significantly oversubscribed, with spreads tightening across the capital stack, demonstrating the current demand in the market."
Source: GlobeSt/ALM