3650 REIT Refinances Nationwide Industrial Portfolio With $94M Loan
Triple Net Acquisitions has secured a $93.5 million refinance for a 14-property portfolio of industrial and flex office assets, Commercial Observer can first report.
3650 REIT originated the loan.
Assets in the portfolio span nine states: California, Illinois, Michigan, New York, Ohio, Oklahoma, Texas, Utah and Virginia. The properties comprising the Triple Net portfolio are 100 percent leased to single tenants locked into long-term leases. The loan proceeds will be used to refinance debt on the portfolio.
“As other sources of capital in the commercial real estate market continue to pull back, we at 3650 REIT are seeing numerous opportunities to strategically invest in stable asset classes with well-capitalized sponsors in today’s environment,” Toby Cobb, 3650 REIT co-founder and managing partner, said in prepared remarks.
Officials at Triple Net Acquisitions did not immediately respond to a request for comment.
Emily Fu can be reached at efu@commercialobserver.com.
