WASHINGTON, D.C. – November 13, 2024 – PRP, one of the leading investment management firms focused on credit net lease investments, announced today that it has closed a $291 million single-asset, single-borrower CMBS loan backed by a five-property logistics portfolio. The loan, underwritten by J.P. Morgan and arranged by Eastdil Secured, includes 4.52 million square feet of newly constructed Class A distribution centers, fully leased to investment-grade tenants. Tenants in the portfolio include (i) a global online retailer, (ii) one of the largest home improvement companies in the United States, and (iii) a leading global manufacturer of power tools.
The five properties are located in strong distribution markets, including Houston, TX; Greenville–Spartanburg, South Carolina; St. Louis, Illinois; and Birmingham, Alabama.
Paul C. Dougherty, president of PRP, stated, “We were pleased to have worked with J.P. Morgan as the underwriter of this financing. These five properties are well located within major national distribution markets. The properties are built to the highest modern development standards, with a heavy emphasis on ESG considerations. The quality of the portfolio is exemplified by CRG’s ability to attract top-tier corporate users at each property.”