JLL Capital Markets completed the sale of the three-property portfolio in CA, AL and LA
NEWPORT BEACH, Calif. – JLL Capital Markets announced today that it has closed the approximately $20 million sale-leaseback of a three-property, 313,000-square-foot, mission-critical industrial portfolio in Visalia, Calif.; Birmingham, Ala., and Lafayette, La.
JLL marketed the property on behalf of the seller, Pacific Avenue Capital Partners, a Los Angeles-based private equity firm that recently acquired the tenant. Fundamental Income, a Phoenix-based net-lease real estate platform backed by a fund managed by Brookfield Asset Management (NYSE: BAM), acquired the portfolio.
The portfolio is triple net leased on a long-term basis to AMICO, a North American leader in the design, manufacture and fabrication of high-quality industrial floating and grating, expanded and perforated metals, architectural meshes and security products worldwide. The portfolio includes AMICO’s headquarters and manufacturing space at 3240 & 3245 Fayette Ave. in Birmingham. Additionally, the 7300 West Sunnyview Ave. building is in the Central Valley community of Visalia and serves as the company’s chief manufacturing and distribution facility for perforated metal products. The portfolio is rounded out with a manufacturing facility at 209 Glaser Dr. in the southern Louisiana city of Lafayette.
The portfolio is in infill industrial markets, and the location caters to the specific product and fabrication demands of their particular geographic marketplace. Each market is dynamic with low vacancy, attractive rent growth and at least 100,000 residents within a five-mile radius.
The JLL Capital Markets team that represented the seller was led by Senior Director Nicholas Foster and Analyst Bradley Whiting, along with local coverage in the Southeast from Senior Vice Presidents Greg Riera and Allen Gartescki.
“The market for industrial sale leasebacks of scale is extremely competitive, and this opportunity generated significant interest from a wide array of capital sources,” Foster said. “Our success in this transaction is due in large part to the strength of the credit and sponsor, and we were excited to achieve solid results with a great capital partner in Fundamental.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.