Northwood Investors Acquires Industrial Portfolio In Texas, Georgia, And Florida For $160M

Northwood Investors acquired a portfolio of three fully leased industrial properties located at 10000 Northwest 15th Terrace, 6115 Fm 1405, and 1090 Broadway Avenue across markets in Doral, Florida; Baytown, Texas; and Braselton, Georgia. The total transaction price was $160 million for an aggregate square footage of 1.8 million, translating to a price per square foot of $89.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $160,000,000
• Square Footage: 1,800,000
• Price per Square Foot: $89
• Buyer: Northwood Investors
• Broker: Britton Burdette - JLL
• Lender: Apollo Global Management

The properties in the portfolio include a Home Depot distribution center in Texas, a Havertys Furniture center in Georgia, and an industrial facility in Florida. The tenants within these properties benefit from rents approximately 40% below market rates with an average remaining lease term of seven years.