MDH Partners Lands $85M for Industrial Portfolio Buy

MDH Portfolio. Image courtesy of JLL

MDH Partners has received $85 million in acquisition financing for a 12-building industrial portfolio totaling 814,888 square feet across California, Georgia, Maryland and Minnesota.

JLL worked on behalf of the borrower to secure the five-year, floating-rate, interest-only, non-recourse loan with Truist.

The fully leased, multi-state portfolio comprises three buildings at 22380 Van Buren Blvd., two buildings at 925 Marlborough Ave., in Riverside, Calif., two facilities at 10720 Gilroy Road and 10946 Golden West Drive in Hunt Valley, Md., and two buildings at 1305 Governor Court in Abingdon, Md. Additionally, two Minn. buildings at 740-760 Kasota Circle S.E. in Minneapolis and 20000 S. Diamond Lake Road in Rogers, Minn., as well as one building at 1875 Greers Chapel Road in Kennesaw, Ga., round out the portfolio.

Built between 1977 and 2019, all properties have direct access to transportation and infrastructure. The assets are fully leased to 20 firms including Artdeco Home, Saveway Supplies, Hey Dude Shoes, Pack-it, Maryland Occupational Safety and Health and Absolute Sports Performance, with an average leasing tenure is 10.5 years. None of the tenants accounts for more than 22 percent of the entire portfolio’s base rent.

Last year, JLL arranged another $48.6 million acquisition loan for a four-building industrial portfolio in Texas, on behalf of MDH Partners. A year before that, in November of 2020, JLL arranged $84.3 million on behalf of MDH Partners for a six-property industrial portfolio across the U.S.