January 2, 2017
Global Logistics Properties of Singapore turned to Manhattan-headquartered TIAA Global Asset Management for assistance in acquiring a 7.6-million-square-foot industrial portfolio from Texas-based company Hillwood Development Co. TH Real Estate, TIAA’s lending arm, issued a $345 million loan to assist with the 15-property, $700 million buy.
The industrial facilities that now belong to Global Logistics are bulk distribution and warehouse properties in Chicago, Dallas, Cincinnati, Indianapolis, Atlanta, central Pennsylvania and California’s Inland Empire. The portfolio is 100% leased to 21 tenants.
GLP will acquire an additional $400 million worth of properties from Hillwood within the next 18 months. The facilities are still under development or in lease-up.
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