A partnership between Becknell Industrial and a fund managed by UBS Asset Management have secured a $250 million loan for the acquisition of a 14 million sq ft US industrial portfolio.
Wells Fargo and Huntington National Bank were the lenders, sources confirmed to Real Estate Capital. The Becknell Industrial Portfolio includes over 140 Class A distribution properties in core US markets, around transportation hubs and key distribution corridors, according to CBRE, which arranged the financing. Becknell, CBRE and the lending banks did not respond to requests for additional comment.
The floating rate loan was secured on behalf of Becknell Industrial Operating Partnership, L.P, a joint venture partnership between Becknell Industrial and Global Real Estate-US, a fund managed by UBS Asset Management. Becknell’s nearly $1 billion portfolio is primarily held in a joint venture with the real estate investment fund.
The joint venture is capitalized with less than 15 percent debt and has a $100 million revolving line of credit (expandable to $250 million) available for expansion through new development and acquisitions, according to the firm’s website: “Becknell maintains a substantial equity interest in the joint venture and provides all real estate services to the joint venture.”
During 2015, Becknell completed $52.1 million of acquisitions, consisting of seven properties totaling more than 875,000 sq ft and were 91.6 percent leased.
The latest acquisition has a 97 percent occupancy rate and is leased by “many investment grade tenants on long term leases, along with strong local and regional tenants,” according to CBRE.