JLL Capital Markets led the financing efforts for the 25-property, 7M SF portfolio located across 10 states
News release
30 September 2024
$577.625M SASB financing secured for LBA Logistics Value Fund VII Industrial Portfolio
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CHICAGO, Sept. 30, 2024 – JLL Capital Markets announced today it has arranged a $577.625 million CMBS single-borrower (SASB) financing for LBA Logistics Value Fund VII Industrial Portfolio. The portfolio comprises 25 industrial properties across 10 states, totaling 7,040,030 square feet.
JLL worked on behalf of LBA Logistics to secure the floating-rate loan for a five-year term, inclusive of extensions, through a syndicate led by J.P. Morgan, with Bank of America and Wells Fargo as joint bookrunners. Final pricing was approximately 195 bps over SOFR.
The properties are strategically located across California, New Jersey, Utah, Washington, Florida, Georgia, Nevada, Ohio, Kentucky and Tennessee. The portfolio boasts an impressive 100% occupancy rate with a diverse tenant mix spanning various dynamic industries, including web services, food and beverage, building materials and logistics.
Featuring well-located, in-fill industrial assets, the portfolio is positioned in highly desirable markets nationwide, including prime locations such as Orlando and Los Angeles. These properties also benefit from strong demographics, with a weighted average population of 1.0 million within a 30-minute radius and 2.9 million within a 60-minute radius of each asset.
The JLL Debt Advisory team was led by Executive Managing Director and National Production Leader Kevin MacKenzie, Senior Managing Director and Industrial Capital Markets Co-Lead Brian Torp and Vice President Christopher Pratt.
“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,” said MacKenzie. “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.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.