As it heads into the fall, Ashley looks back on the industrial real estate financing projects closed in the first eight months of 2021.
1) Mastronardi Produce Distribution Center – Livonia, MI
In February, Ashley closed on a $23.5 million dollar loan for its Mastronardi Produce Distribution Center in Livonia, Michigan with Transamerica Life Insurance Company. The proceeds from the loan repaid a prior financing on the existing 383,000 square foot refrigerator/cooler warehouse and provided funds for a 67,000 square foot warehouse expansion and a 26,000 square foot office expansion. Mastronardi, a pioneer and leader in the gourmet greenhouse industry and a tenant in the building since 2013, signed a new 19-year lease. Aegon USA Realty Advisors and Bernard Financial Group arranged the financing for Transamerica and Ashley Capital, respectively.
2) Trademark Commons – Canton, MI
In March, Ashley closed a new loan with TCF Bank on Trademark Commons, a 25,000 square foot office building in Canton, Michigan that houses Ashley’s Detroit office. The loan, at approximately $1.0 million dollars, matures in 7 years. In addition to Ashley, Trademark’s tenants include Michigan Paving and Materials and Genea, a cloud-based security management software company.
3) Crossroads Distribution Center – Belleville, MI
With the continued leasing at Crossroads Distribution Center North 4 & 5 in Belleville, Michigan, Ashley obtained an increase in its construction financing with KeyBank in July. The loan, now at just under $54.0 million, has been used to build over 920,000 square feet across the two buildings. Upon delivery, the property is 85% leased to tenants who include: FedEx Ground, Associated Couriers, TwinMed and The New Haven Companies.
4) Conyers Logistics Center – Conyers, GA
Conyers Logistics Center, a recently completed 450,000 square foot building in Conyers, Georgia that is fully leased to The TJX Companies (TJX), secured a $28.0 million loan with Principal Life Insurance Company. CBRE arranged the financing, which closed in July. The loan, which matures in 2036, refinanced a construction loan held by US Bank. TJX is using the cross-dock facility for its TJ Maxx, Marshalls and Home Goods divisions and the building will serve as their main distribution center in the Atlanta MSA.
5) Georgia North Logistics Center – Adairsville, GA
In August, Ashley closed financings with CIBC USA on Georgia North Logistics Center Buildings 2 and 4 (GNLC 2 and GNLC 4). CIBC, who held the construction loan on GNLC 2, converted the loan to a term loan while increasing its commitment to $35.5 million. The 770,000 square foot building is 96% leased to LX Hausys America and Ball Metal Beverage Container. CIBC is providing a $24.0 million construction loan on GNLC 4, a 500,000 square foot on which Ashley has begun development. Completion of GNLC 4, which will feature 36’ clear height, 88 dock doors and over 300 car/trailer spaces, is anticipated during the first quarter 2022.