The loan refinances a five-property logistics portfolio which includes over 4.52MM Square Feet of Class A
logistics properties 100% leased to investment grade credit tenants with 13 years of lease term.
WASHINGTON, DC – November 13, 2024 – PRP, one of the leading investment management firms focused on credit net lease investments, announced today that it has closed on a $291MM Single-Asset, Single-Borrower CMBS loan backed by a five-property logistics portfolio. The loan, underwritten by J.P. Morgan and arranged by Eastdil Secured, includes 4.52MM square feet of newly constructed Class A distribution centers fully leased to investment grade tenants. Tenants in the portfolio include (i) a global on-line retailer, (ii) one of the largest home improvement companies in the United States and (iii) a leading global manufacturer of power tools. The five properties are located within strong distribution markets including Houston, TX, Greenville-Spartanburg, South Carolina, St. Louis, Illinois and Birmingham, Alabama.
Paul C. Dougherty, President of PRP, stated, “We were pleased to have worked with J.P Morgan as the underwriter of this financing. These five properties are well-located within major national distribution markets. The properties are built to the highest modern development standards with heavy emphasis on ESG considerations. The quality of the portfolio is exemplified by CRG’s ability to attract top-tier corporate users at each property.”
ABOUT PRP
PRP is a real estate investment management company with a focus on mission-critical corporate headquarters facilities leased to investment-grade companies, logistic facilities, high-street retail properties, multifamily apartment communities, data centers and office properties. PRP’s portfolio of corporate headquarters facilities includes the headquarters for Honeywell, Broadcom, Cencora/AmerisourceBergen, Exxon/Pioneer Natural Resources and FedEx Office, and logistic facilities for Amazon, Lowe’s, Techtronics and VW. PRP is also an active multifamily investor, and active in data centers and Special Situation investing. Founded in 2005, PRP executes value add strategies across all sectors and asset manages a national portfolio of assets on behalf of its institutional investor, family office and financial institution investor partners. PRP manages its apartment investments through PRP REM, its property management subsidiary, which is solely focused on PRP’s portfolio of apartment properties. PRP has proven expertise in selecting and managing attractive risk adjusted real estate investments located in major markets throughout the United States. Since its formation, the company has developed or invested in over 60 assets with a value in excess of $6 Billion in all property sectors. PRP is privately held and is headquartered in Washington, DC. PRP is a creative buyer and seller of real estate and considers a variety of equity and debt investment structures. For more information on PRP, please visit PRPREI.COM.
CONTACT:
Colleen Ramsey
PRP, LLC
202-741-8400