Beacon Partners Lands $100M for North Carolina Collection

Beacon Partners has secured $100 million in fixed-rate financing for a portfolio encompassing nearly 1.6 million square feet of industrial space throughout North Carolina. PGIM issued the financing.

The collection comprises 11 fully leased facilities, as well as an outdoor storage asset, spread throughout infill locations in Charlotte, N.C., and Raleigh, N.C.

PGIM will use the proceeds to reposition and expand the properties. The buildings maintained a consistently high occupancy rate throughout their history, according to the owner.

Charlotte and Raleigh are some of the fastest-growing Southeast markets, benefiting from infrastructure investments, supply chain adjustments and population growth, said Trace Wilson, executive director at PGIM Real Estate, in prepared remarks. The demand for logistics and industrial assets in these metros is solid. Just earlier this year, Lightstone acquired a 652,647-square-foot portfolio spread throughout the two markets.

Industrial debt keeps flowing, despite a rocky start

Industrial originations decreased 2 percent year-over-year through the first quarter, according to a recent MBA report. Against this backdrop, PGIM intends to continue its commitment to support the growth of U.S. industrial properties throughout 2025.

Earlier this year, the company originated $142 million in a fixed-rate note for another collection encompassing 2.2 million square feet of industrial and office space. Bixby Capital Management owns the portfolio, which includes buildings in California, Florida, Georgia and Texas port markets.

In another large deal this year, a consortium of Bank of America, Citibank, Bank of Montreal, Morgan Stanley, Royal Bank of Canada and UBS AG New York issued $1.2 billion to refinance Industrial Logistics Properties Trust’s 101-property collection.