California-based Hager Pacific Properties has received a $50m loan on a 2m sq ft central Pennsylvania warehouse portfolio. An undisclosed correspondent life company provided the 17-year, 4.15%, fixed-rate loan.
Hager purchased the 11-building portfolio in 2006 from Chicago-based Blue Vista Sponsor Equity Fund and an affiliate of Walton Street Real Estate Fund IV for $87m, at the time assuming a $55m mortgage.
The previous owner had acquired the properties in a sale/leaseback agreement with longterm tenant Arnold Logistics, which Hager signed into a new 20-year lease at the time of purchase. The portfolio is still fully-leased to Arnold, a subsidiary of warehousing and distribution company Jacobson Companies.
The assets are located in Mechanicsburg, Lancaster and Camp Hill, Pennsylvania. The purchase was a first in Pennsylvania for Hager, which owns and manages more than 100 properties throughout the United States, including 2,300 apartment units and 12m sq ft of industrial and commercial property. HFF arranged the financing.