Thor Equities Obtains $72M Refi for 1 MSF Georgia Property

Thor Equities has secured a $71.7 million refinancing loan for Gordon Logistics Center’s Building A, a 1 million-square-foot advanced manufacturing property in Adairsville, Ga. Benefit Street Partners issued the floating-rate, two-year note in a deal arranged by JLL Capital Markets.

Building A came online in 2023 and features clear heights of 40 feet, four drive-in doors, 179 dock doors and parking arrangements for 200 trailers and 393 cars, as well as a 185-foot truck court depth.

Located at 3864 Highway 41 SE, the building is about 61 miles northwest of downtown Atlanta, less than 1 mile away from Interstate 75. A recent freeport inventory tax exemption increased development activity in this submarket, JLL Managing Director Bobby Norwood said in a prepared statement.

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Gordon Logistics Center—which includes a second, 451,980-square-foot building—is also within the Northwest Georgia I-75 corridor, the state’s largest freight passage, serving as a node that connects Atlanta, Chattanooga, Tenn., and the Appalachian Regional Port.

JLL Capital Markets Norwood, alongside Senior Managing Director Peter Rotchford and Senior Director David Sitt, as well as Director Christopher Pratt, in addition to Associate Hamp Gibbs and Analyst Streeter Simmons, represented Thor Equities in the debt negotiations.

Thor Equities operates industrial, laboratory, residential, office, hospitality and mixed-use properties across the globe, with a portfolio of $20 billion and a development pipeline of more than 50 million square feet.

Industrial debt origination remains near a three-year high

Capital markets continue experiencing heightened debt demand as borrowing has increased for five straight quarters, both on a quarterly and annual basis, according to the latest MBA report.

The industrial sector’s origination volume was up 5 percent year-over-year during the third quarter, but down 17 percent compared to the previous three-month interval, the same source shows. However, the last quarter witnessed the largest industrial debt issuance since the first three months of 2022, MBA data reveals.

Also in the previous quarter, Thor Equities secured another loan, underlining industrial real estate trends across finance. ACRES Capital issued a $31.2 million note backed by a 225,000-square-foot property in Bogota, N.J., according to Yardi Matrix data. Previous debt consisted of a $26.6 million bridge loan issued by Thorofare Capital in 2023.