|Loan Covers 407,155 Square Feet of Properties in the Sarasota submarket
Tampa, FL – October 7, 2013 – CBRE’s Debt & Equity Finance Group has secured a $14.8 million loan on behalf of High Properties LP, based in Pennsylvania, to finance Parkland Center, a portfolio of industrial/flex buildings in Sarasota and Bradenton, Florida. ING Investment Management originated the fixed-rate loan at an aggressive rate based on a 20-year amortization.
“The portfolio’s diverse tenancy and strong suburban location made this an attractive assignment,” said CBRE Senior Vice President Donald Jennewein. “ING believed that the portfolio had strong leasing velocity and was confident in High Properties’ experience and track record with these assets.”
The Parkland Center portfolio consists of 17 industrial/flex single-story buildings with a combined net rentable area of 407,155 square feet. The portfolio was approximately 80% leased at the time of funding.
Parkland Center is at the heart of everything in Southwest Florida. Just minutes from Sarasota-Bradenton International Airport and both city centers, Parkland is bordered on the north by the four-lane 63rd Avenue East, on the east by U.S. Highway 301, while Interstate 75 is just five miles away. The Port Charlotte/Fort Myers/Naples area is neighboring to the south and Tampa is only a one hour drive north.
Donald Jennewein, Senior Vice President, part of CBRE’s Debt and Equity Capital Markets Group, negotiated the transaction on behalf of the owner.
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