Fundrise Snatches $353M in Financing for Mid-Atlantic and Sunbelt Industrial Portfolio
Fundrise has secured $352.7 million in financing for its 12-building industrial portfolio. Goldman Sachs and TPG Real Estate Credit are providing the loan, with JLL representing the asset manager.
The names of the assets were unclear, but they are located across the Sunbelt and Mid-Atlantic regions. The total portfolio takes up roughly 3.18 million square feet.
Some features at the properties include 23 to 40 feet clear heights, LED lighting, cross-dock configurations and ESFR sprinkler systems.
According to Brandon Jenkins, chief operating officer of Fundrise, the financing allows the company to capitalize on opportunities in the current state of the industrial sector, while creating value for its shareholders.
JLL's Gus Caiola, Patrick Wu, Carl Beardsley, Jason Carlos and Robert Carey helped secure the financing.
"This portfolio represents a compelling investment opportunity, offering both geographic diversification and strong income stability from a quality tenant roster," Carey said in a statement.
"The strategic locations near major transportation networks, including international airports and key interstate corridors, position these assets to benefit from continued logistics demand."
Along with industrial, Fundrise operates build-for-rent, multifamily and creative office properties. The firm manages more than $3 billion worth of assets, with its portfolio showing 324 total properties.
As for industrial as a whole, the market is in a period of disruption, led by a slowdown of construction and shifting patterns in leasing and occupancy, a recent report from CBRE highlights. As a result, CBRE expects industrial net absorption to hit its lowest levels since 2010.
Source: GlobeSt/ALM