Stonemont has acquired a 38-building industrial property portfolio in an approximately $1 billion transaction completed with long-term capital partner PCCP. The portfolio encompasses 5.9 million square feet across high-growth markets including Austin, Central Florida, Charlotte, Dallas and Phoenix.
The properties are approximately 95% leased and include bulk distribution and light industrial facilities with a stable, long-term tenant base.
Stonemont said it selected the assets based on their exposure to population growth, cross-border trade and tenant demand.
The portfolio complements the firm’s existing industrial holdings and development pipeline, which includes more than 15 million square feet across over 1,150 acres.
Stonemont plans to use its vertically integrated acquisition, development and property management platform to improve the performance of the newly acquired properties.
The company also intends to continue pursuing industrial acquisitions alongside its active development strategy.
JPMorgan and Wells Fargo provided debt financing for the transaction, while Eastdil Secured advised on the debt execution.
Founded in 2007 and headquartered in Atlanta, Stonemont manages approximately $5.3 billion in assets and has deployed $8 billion since inception.
KEY QUOTES:
“This transaction is a natural step for our firm and reflects our conviction in the long-term fundamentals of the industrial real estate sector.”
Zack Markwell, CEO and Managing Principal of Stonemont
“We carefully curated this portfolio by emphasizing properties that sit at the intersection of population growth, cross-border trade activity and tenant demand.”
Bryan Blasingame, President, Chief Investment Officer and Principal of Stonemont
