HFF handles $81.38 million for 15-property industrial portfolio

Holliday Fenoglio Fowler, L.P. (HFF) secured an $81.38 million refinancing for a 15-property, 2.58 million s/f industrial portfolio with a mix of warehouse, distribution and cold storage buildings located in New York, Ohio and Pennsylvania. HFF worked on behalf of the borrower, Heritage Capital Group, LLC, to arrange the 10-year, fixed-rate loan through Principal Commercial Capital, a lending platform jointly formed by Macquarie Group and Principal Real Estate Investors. HFF secured acquisition financing on this portfolio in 2006. The 15 properties have clear heights ranging from 22' to 40' and have an average of four percent office finish. Eight buildings have access to rail service. At the time of closing, the portfolio was 92% leased to 31 tenants, including Staples, Inc.; Storage Mobility; McLane Food Service, Inc.; Victory Packaging LP; McGrann Paper; Scholastic Book Fairs, Inc.; Packaging Corporation of America and Global Foundries. In New York, four properties are located in the Syracuse metropolitan area, and three are near Rochester and Albany. facilitating entry into the Northeast and New England markets. Two buildings are near Columbus, Ohio, providing access to the Midwest, and three of the assets are in the Harrisburg, Pennsylvania, area, which provides access to the Mid-Atlantic markets. The HFF debt placement team representing the borrower was led by senior managing director Jon Mikula.