RSE Capital Lands $98M for Last-Mile Portfolio Acquisition

910 West Carver Road. Image courtesy of Northmarq

RSE Capital Partners has secured $97.8 million in acquisition financing for a six-asset industrial portfolio throughout Arizona, Maryland, Georgia and Virginia.

NorthMarq arranged the permanent, five-year, fixed-rate loan on behalf of the borrower. The loan has 18 months of interest and then a 30-year amortization schedule. Allianz Real Estate was the lender.

The six properties total nearly 1.1 million square feet and are all located near metropolitan areas with easy access to transportation networks, which makes them suitable for last-mile distribution.

Six properties close to four metros

One of the two Arizona assets within the portfolio is 910 West Carver Road in Tempe, Ariz., a 110,000-square-foot single-tenant industrial property built in 1998. The asset is currently LEED Gold-certified, with 339 parking spaces in a 3.4 spaces per 1,000 square feet parking ratio, according to CommercialEdge data. Insight Automation International is the sole tenant at the property, according to the same data provider.

The second Arizona industrial property is 215 North 143rd Ave., in Goodyear, Ariz., a 213,229-square-foot asset built in 2020. Hardware Resources is a tenant at the property, according to CommercialEdge data.

One of the two Maryland assets is 7441 Candlewood Road in Hanover, Md., a 253,330-square-foot single-tenant industrial property built in 1985. Essendant is a tenant at the property, according to the same data provider.

The second Maryland property is 7980 Tar Bay Drive in Jessup, Md., a 203,615-square-foot single-tenant asset built in 1990.

The Georgia industrial property is 3435 Jonesboro Road SE in Atlanta, Ga., a 201,989-square-foot single-tenant asset built in 2020.

The Virginia asset is 22480 Randolph Drive in Sterling, Va., a 76,500-square-foot flex-industrial property built in 2005. Tenants at the property include United Products Distributors, Associated Global Systems and Forward Air, according to CommercialEdge data.

The average price per square foot of an industrial building in the second quarter of 2022 was $138, up 12.4 percent over the year’s first quarter and 31.3 percent year-over-year. This was the seventh straight quarter with increasing average sale prices for the industrial sector. In Atlanta, the average year-to-date sale price per square foot was $110. According to Yardi Matrix, there were $39.6 billion in industrial sales during the first half of 2022.