Axos Bank Refis Industrial Outdoor Storage Portfolio With $180M Loan 

A joint venture between Criterion Group and Columbia Pacific Advisors has secured a $180 million loan to refinance 34 industrial outdoor storage (IOS) assets along the East Coast, Commercial Observer can first report.

Axos Bank provided the five-year, floating-rate loan for the IOS portfolio spanning 15.4 million square feet across 12 states. The properties, which encompass 290 acres, are in infill logistics markets throughout Connecticut, Florida, Georgia, Maryland, Massachusetts, Mississippi, New Jersey, New York, North Carolina, Tennessee, Texas and Virginia. 

JLL arranged the transaction with a capital markets team led by Christopher Peck and Peter Rotchford. 

“This transaction builds upon Axos Bank’s existing partnership with Criterion and Columbia Pacific Advisors, facilitating both sponsors’ strategic growth initiatives in the industrial outdoor storage space,” Rotchford said in a statement. “This transaction supports a portfolio of well-located sites in high-demand logistics corridors, where the fundamentals of tenant demand, limited supply and e-commerce-driven shifts continue to fuel strong investment performance.”

One of the properties in the transaction is located at 216 Earls Road in Middle River, Md., one of two IOS sites in eastern Baltimore County that a Criterion Group subsidiary acquired for $13.75 million three years ago, Baltimore Business Journal reported at the time.

Representatives for Axos Bank, Criterion Group and Columbia Pacific Advisors did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.