DRA, Burton Katzam Enter $240M JV on Midwest Light Industrial
Newmark has arranged a $240-million joint venture between Burton Katzman and DRA Advisors to recapitalize 24 infill light industrial properties in the Midwest. The Newmark team was led by co-heads of debt & structured finance Jordan Roeschlaub and Dustin Stolly, along with director Eden Abraham. Executive managing director Daniel Canvasser from the Detroit office provided regional support. The 24-property industrial portfolio spans more than 2.2 million ... The post DRA, Burton Katzam Enter $240M JV on Midwest Light Industrial appeared first on Connect CRE.
Newmark has arranged a $240-million joint venture between Burton Katzman and DRA Advisors to recapitalize 24 infill light industrial properties in the Midwest. The Newmark team was led by co-heads of debt & structured finance Jordan Roeschlaub and Dustin Stolly, along with director Eden Abraham. Executive managing director Daniel Canvasser from the Detroit office provided regional support.
The 24-property industrial portfolio spans more than 2.2 million square feet, is 99% leased with a five-year weighted average lease term (WALT) and features a diversified national tenant roster. Newmark also arranged financing for this transaction.
Beyond the 24-property seed portfolio, the JV will target value-add returns by acquiring industrial assets with below-market rents across the Midwest. “With a diversified rent roll and strong WALT, the seed portfolio is comprised of some of the most credit-worthy tenants in the automotive industry,” said Roeschlaub.
The post DRA, Burton Katzam Enter $240M JV on Midwest Light Industrial appeared first on Connect CRE.
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