August 24, 2017
Atlanta-based Stonemont Financial Group acquired a 100-property, 6.8-million-square-foot, triple net lease portfolio from Chicago-based Oak Street Real Estate Capital for $1.3 billion. The assets consist of a mix of 100% occupied office, industrial and retail properties located across 20 states. Office portfolio tenants include MetLife Inc. which occupies six campuses, Mylan Technologies Inc. and Ericsson AB, while Dollar General leases retail space.
CBRE’s Guy Ponticiello and James Scott represented the seller. CBRE Capital Markets’ Tom Traynor, James Millon and Peter Marino secured $1.1 billion in financing for the acquisition on behalf of the borrower. J.P. Morgan Chase provided the financing, along with co-lenders Deutsche Bank and Barclays.
Ponticiello says, “The credit strength of the tenants, diversification of industries represented, along with asset types and geographies, made the offering one the highest quality net lease portfolios of scale to have hit the market in many years.”
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