McCraney Lands $84M for 1 MSF Campus
The three buildings are part of a 4.4 million-square-foot project.
McCraney Property Co. has secured $84 million in senior financing for the 1 million-square-foot, first phase of Logistics 16 at Ottawa Farms, a Class A industrial project in Bloomingdale, Ga. Truist issued the three-year, floating-rate note in a JLL-brokered deal.
In 2022, Bank OZK originated a $62.8 million construction loan set to mature this August, CommercialEdge shows. The campus will consist of nine facilities encompassing 4.4 million square feet upon full build-out.
The first phase of the project came online last year and comprises three buildings. The facilities were 84.8 percent leased as of May, with the index crossing the 50 percent mark during the construction stages. Tenants include e-commerce company Linemart, furnishings firm Homylink Furniture and BFG Supply, a green industry product distributor, among others.
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Located at 600, 601 and 610 Bloomingdale Road, Logistics 16’s phase one is roughly 8 miles from Savannah/Hilton Head International Airport. Georgia Port Authority and downtown Savannah, Ga., are some 15 miles away.
The largest completed warehouse measures 466,180 square feet, while the other two buildings span 235,280 and 306,340 square feet. The front-load trio features clear heights ranging between 32 and 36 feet, as well as a combined 212 dock doors and six drive-in doors. Each facility’s truck court reaches a depth of 185 feet.
JLL Senior Managing Director Melissa Rose and Senior Director Michael DiCosimo, as well as Associate Nicole Barba, arranged the financing.
In the first quarter of this year, originations for industrial properties at a national level decreased 2 percent year-over-year, according to a report by the Mortgage Bankers Association. Additionally, the flow of debt for such assets was also down 43 percent quarter-over-quarter. This decrease landed against the backdrop of interest rate volatility and unpredictability in the broader financial markets.
McCraney’s financing deals with JLL
McCraney Property Co. focuses on acquiring, developing and managing industrial properties throughout the Southeast. The firm has more than 25 million square feet of built, acquired, under construction or planned product.
Last month, the firm obtained $55 million in financing for a 665,810-square-foot portfolio throughout Georgia, Florida and North Carolina in a deal arranged by JLL. During the same month, the brokerage company negotiated a $25.8 million note for McCraney, this time for the first phase of a nearly 500,000-square-foot project in metro Tampa, Fla.
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