Argentic Provides $84M Acquisition Loan for 11-Building Industrial Portfolio

Arden Logistics Parks has secured $83.8 million in acquisition financing to buy an 11-building industrial portfolio in Atlanta, according to a release. 

A joint venture between investment firms Onward Investors and Prospect Ridge sold the portfolio to Arden Logistics Parks in a deal that closed June 5.

Argentic provided the debt, structured as a floating-rate loan, while the Cushman & Wakefield team of Gideon Gil, Taylor Geiger, Cecelia Galligan and Crawford Bundy arranged the transaction. 

Gil noted in a statement that the assets are set for capital improvements that are expected to deliver strong returns for the new ownership team. 

He also spoke to the strengths of the portfolio, which are along Interstate 85 and have recorded strong demand metrics due to their proximity to that highway and Interstate 285, with access to Hartsfield-Jackson Atlanta International Airport and Downtown Atlanta. 

“Atlanta’s I-85 North submarket [is] where strong tenant diversity and below-market in-place rents offer significant upside potential,” said Gil. 

The portfolio consists of two buildings at Bay Colony, at 6611 and 6621 Bay Circle; one building at Colony Center, at 2975 Gateway Drive; three buildings at Five Oaks, at 1600, 1650 and 1670 Oakbrook Drive; three buildings at Medlock Oaks, at 3100 Medlock Bridge Road; and two buildings at Oakbrook Place, at 1555 Oakbrook Drive and 5680 Oakbrook Parkway.

Arden Logistics Parks did not return a request for comment. 

Brian Pascus can be reached at bpascus@commercialobserver.com.