February 8, 2022 9:00 AM
Newmark announces that it has arranged a $525-million loan on behalf of SomeraRoad for the refinancing of a 50-asset, 6.8-million-square-foot, 100-percent net-leased industrial portfolio, located in markets throughout the U.S. The Newmark team, leveraging local licensees, was led by Jordan Roeschlaub and Dustin Stolly, along with Chris Kramer, Nick Scribani and Jake Neeb. The loan was provided by Bank of Montreal.
“It is remarkable what the SomeraRoad team has been able to accomplish, aggregating and scaling a strong portfolio and building an impressive net-lease platform in the process,” Roeschlaub commented. “The team has compiled a marquee portfolio of industrial properties, acquiring and positioning these assets for success with ingenuity and best-in-class management.”
Stolly added, “SomeraRoad has been highly active in acquiring and expanding its industrial net-lease portfolio. The diversity and mission-criticality of the properties, coupled with the continued favorability of the industrial debt market, showed through in this execution.”
The portfolio comprises 50 single-tenant assets, spanning 27 states and 40 unique markets – net-leased to a diverse array of 35 companies using their space for a mission-critical functionality. Fully leased with a weighted average lease term of nearly 13 years, the portfolio is highly diversified in both its geography and the industries in which its tenants operate. The wide range of tenant businesses enhances the portfolio’s top-of-line credit profile, with that economic diversity further supported by the tenants’ respective balance sheets and creditworthiness.
The properties are strategically positioned in proximity to highly
trafficked public infrastructure, making each asset critical to the
established manufacturing/distribution operations of their tenants. Each
site is in great condition, having received significant, recent capital
investment made by the underlying tenants, ensuring each property is
well suited for its respective use – with a sizable portion of the
greater portfolio constructed in the last decade.
SomeraRoad, which comprises more than 30 investment professionals throughout offices in Nashville, New York, Pittsburgh, Indianapolis and Cleveland, was founded in 2016 with a strategy of creating asymmetric, high-return investment opportunities through proprietary sourcing and intensive value addition. They have acquired more than 23 million square feet of real estate in over 50 unique markets, totaling more than $2 billion in transactions.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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