LoanCore Capital Lends $114M on Multi-State Industrial Portfolio Buy
By Andrew Coen October 7, 2021 3:08 pm
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Rochester, N.Y.-based Alexander Property Holdings has nabbed $114.2 million of acquisition financing to purchase a 15-building industrial portfolio in the Northeast and Midwest, property records indicate.
An affiliate of LoanCore Capital provided the loan to complete Heritage Capital Group’s sale of its interstate industrial portfolio, which consists of buildings spanning 2.8 million square feet in Harrisburg, Pa.; Columbus, Ohio, Albany, N.Y.; Syracuse, N.Y..
Cushman & Wakefield (CWK)’s David Bernhaut, Kyle Schmidt, Ryan Larkin and Seth Zuidema represented Heritage Capital Group in the transaction. A Cushman & Wakefield debt, equity and structured finance team featuring Gideon Gil, Alex Lapidus and Meredith Donovan arranged the debt package. C&W officials declined to comment on the buyer’s identity.
“This is an ideal portfolio of well-managed buildings that have a history of strong leasing and occupancy,” Bernhaut said in a statement. “With the potential to increase rents across the board, these properties are a great addition to the purchaser’s industrial portfolio.”
The interstate industrial portfolio is 97 percent leased to a diversified tenant base, according to. Some of the properties include 1001 Air Park Drive in Harrisburg, 3530 E. Pike Road in Columbus; 4 Marway in Rochester; 8 NIP in Albany; and 4472 Steelway Blvd in Syracuse.
Officials for LoanCore Capital and Alexander Property Holdings did not immediately respond to requests for comment on the transaction.
Andrew Coen can be reached at acoen@commercialobserver.com
