$132.3M refinancing arranged for 22-property industrial outdoor storage portfolio

NEW YORK, N.Y. Aug. 2, 2023 – JLL Capital Markets announced today that it arranged a $132.3 million refinancing for a 22-property industrial outdoor storage portfolio located in nine states and totalling 230 acres.

JLL worked on behalf of the borrower, a joint venture between Criterion Group and Columbia Pacific Advisors, to secure the five-year, floating-rate loan through Axos Bank.

The sites average approximately 10.5 acres each and are located in prime Northeast, Southeast, and Texas distribution markets. Industrial outdoor storage sites are characterized as low coverage industrial sites that can be used for a range of industrial purposes, including fleet parking, heavy machinery/construction equipment storage, shipping container storage, and more.

The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Christopher Peck, Managing Director Peter Rotchford, and Vice President Christopher Pratt

“With the growing necessity of last-mile logistics due to the continued growth of e-commerce, leasing for industrial outdoor storage assets has started to shift from typically non-credit, local tenants to national credit tenants, thus attracting a more institutional investor-set as well,” Rotchford said.

“The broad geographic scope of this portfolio positions it to increase in value as last-mile logistics drive increased demand for parking and outdoor storage space,” said Shibber Khan of the Criterion Group. “The portfolio offers the opportunity for powerful near- and long-term rent growth.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Since 2002, Criterion has grown deliberately and organically with an eye for overlooked value. With beginnings in the multifamily residential sector of western Queens, NY, Criterion has built a capacity for scale and a diversity of asset types. Today, the Criterion portfolio spans apartment buildings, self-storage facilities, film studios, warehousing, industrial yards and truck parking facilities throughout the continental United States.

Columbia Pacific Advisors (CPA) is a Seattle based alternative asset manager with approximately $4 billion in AUM[1]. CPA was formed in 2006 to take advantage of the founders’ extensive experience and access to compelling real estate and investment opportunities.

[1] Assets Under Management (AUM) as of December 31, 2022.  AUM is defined as (i) quarter end NAV for open-end funds, closed-end funds that are currently out of their investment period, and separately managed accounts, and (ii) committed capital for funds that are currently in their investment period or those that intend to call additional capital. Amounts are rounded to the nearest hundred million and subject to year-end audits.