SROA will continue its strategy of seeking to acquire under-managed and undercapitalized portfolios and individual assets with significant net operating income (“NOI”) growth potential.
The transaction combines $140 million in equity with $203 million in senior financing provided by Corebridge Financial and arranged by JLL with equity arranged by JTP Capital.
Waste Connections acquired the 12-acre industrial outdoor storage property from CenterPoint Properties, gaining a strategically located facility with 370 truck parking spaces near Interstate 95 and Florida’s Turnpike.
The 0.47-acre property is in the heart of downtown Delray Beach and is among the few remaining infill industrial buildings in the city’s central business district.
The logistics project is expected to break ground later this year.
Nick Hassan, Jonathan De La Rosa and Eduardo Toledo of Marcus & Millichap exclusively marketed the property on behalf of the seller.
Read on for the most popular news headlines this past week on CRE-sources.
Alamar Senior Living offers 105 assisted living and 29 memory care units that are 96% occupied.
The property was acquired by Miami-based structural shell contractor Tekton Construction Corporation.
The financing is reportedly the largest HUD loan issued in Florida, as well as the largest multifamily loan approved by HUD’s Southeast regional office and the biggest HUD transaction completed by Dwight Capital.