Order Reprints … December 3, 2020 San Francisco-based Stockbridge Resources Group developed a joint endeavor with the National Pension Plan Solution of Korea (NPS) to obtain core logistics homes in the U.S. In collaboration with Stockbridge’s open-end core fund and an added institutional financier, this newly developed venture has dedicated to obtain a 14.3-million square foot profile of Course A logistics centers across the UNITED STATE– the largest transaction by worth of commercial residential properties considering that the start of the pandemic.
Financial terms of the transaction and also the vendor were not revealed. The Los Angeles Times reported the offer worth at $2 billion and also the seller as Hillwood Residences.
Stockbridge’s Terry Fancher says, “We see this purchase as a phenomenal means of tapping right into the fast velocity of e-commerce growth– among the most impactful financial investment themes post-COVID, and also most likely of the years to come.”
The profile includes just recently completed and also soon-to-be-completed properties, with a significant depiction of significant e-commerce occupants under lasting leases. With a typical year developed of 2020, the profile personifies the most recent evolution in technology-forward logistics building and construction, developed in the direction of satisfying need for ever-faster e-commerce satisfaction as well as distribution times.
NPS’ Scott Kim claims, “This acquisition will certainly be an outstanding enhancement to our property portfolio. Additionally, our regional visibility in New York has actually enabled us to quickly finance the profile as well as take care of partner connections to effectively develop this venture.”
PGIM Property gave a $356-million financing to Stockbridge for the purchase. Nuveen Realty also offered a concealed amount.
Eastdil Guaranteed functioned as the debt placement advisor and also the appraisal experts were CBRE, Colliers International, Cushman & & Wakefield, Eastdil Secured and also JLL.
The marketplaces as well as properties consisted of:
- Atlanta: Pendergrass (1,021,440 square feet), Union City (570,988 SF), Austell (148,952 SF & & 139,886 SF).
- Boston: Hudson NH (1,079,700 SF & & 1001,700 SF).
- Chicago: Sturtevant WI (307,850 SF & & 145,418 SF).
- Cincinnati: Blue Ash OH (534,943 SF), Cincinnati (123,200 SF).
- Dallas: Balch Springs (145,303 SF).
- Detroit: Romulus (752,400 SF & & 516,760 SF) Warren (295,510 SF)
- Jacksonville (278,237 SF).
- Memphis: Olive Branch MS (1,078,052 SF)
- Miami: Homestead (145,162 SF).
- Pennsylvania: Shoemakersville (1,240,000 SF, 336,000 SF & & 324,000 SF) Imperial (1,046,790 SF).
- Southern California: Riverside (2,006,101 SF, visualized) San Bernardino (1,065,706 SF).
For remarks, inquiries or worries, please contact Dennis Kaiser