SunTrust finances acquisition of Atlanta industrial park

SunTrust Bank and Principal Global Investors provided $72.3m in financing to High Street Realty Company for the acquisition of the Cobb West Business Park in Austell, Georgia. SunTrust provided a circa $61m senior mortgage loan, while Principal Global Investors contributed an $11m mezzanine loan.

SunTrust Bank and Principal Global Investors provided $72.3m in financing to High Street Realty Company for the acquisition of the Cobb West Business Park in Austell, Georgia.

Screenshot 2014-12-02 at 12.19.25 PMSunTrust provided a circa $61m senior mortgage loan, while Principal Global Investors contributed an $11m mezzanine loan.

High Street, a private equity real estate investment management company, purchased the 16-building park with an institutional joint venture partner from Jadow Realty for a reported $97m.

The 1.7m sq ft industrial portfolio, built between 1980 and 2006, is located in Austell, Georgia, about 20 miles west of Atlanta.

Major tenants include The Coca-Cola Co., Peco Fasteners, Reinhart Food Service and Miller-Clapperton Partnership and Perishables.

High Street, founded in 2002, has acquired over $1.3B of industrial properties. The Boston-based firm opened a new office in Atlanta, Georgia this summer.

Among other recent deals, SunTrust, along with MUFG Union Bank, provided Sand Hill Property Company and equity partner The Carlyle Group with a $100m construction loan last month for the development of a Silicon Valley office campus anchored by Netflix.

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