{"id":1004186505,"date":"2017-08-09T05:23:14","date_gmt":"2017-08-09T13:23:14","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004186505"},"modified":"2022-12-08T17:06:36","modified_gmt":"2022-12-09T01:06:36","slug":"nova-distribution-facility-lands-18m-in-financing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nova-distribution-facility-lands-18m-in-financing\/","title":{"rendered":"NoVA Distribution Facility Lands $18M in Financing"},"content":{"rendered":"<p>By Mihaela Coste<\/p>\n<div id=\"attachment_1004186509\" style=\"width: 384px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/500-Lansdowne-Road-Fredericksburg-Va..jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004186509\" data-attachment-id=\"1004186509\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/nova-distribution-facility-lands-18m-in-financing\/500-lansdowne-road-fredericksburg-va\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/500-Lansdowne-Road-Fredericksburg-Va..jpg\" data-orig-size=\"1000,667\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"500 Lansdowne Road, Fredericksburg, Va.\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/500-Lansdowne-Road-Fredericksburg-Va..jpg?w=1000\" class=\"wp-image-1004186509 \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/500-Lansdowne-Road-Fredericksburg-Va..jpg\" alt=\"500 Lansdowne Road, Fredericksburg, Va.\" width=\"374\" height=\"249\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/500-Lansdowne-Road-Fredericksburg-Va..jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/500-Lansdowne-Road-Fredericksburg-Va..jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/500-Lansdowne-Road-Fredericksburg-Va..jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 374px) 100vw, 374px\" \/><\/a><p id=\"caption-attachment-1004186509\" class=\"wp-caption-text\">500 Lansdowne Road, Fredericksburg, Va.<\/p><\/div>\n<p>HFF secured $17.5 million in financing on behalf of ARCTRUST for the acquisition of a three-building distribution facility located in\u00a0Fredericksburg,\u00a0Va. The 487,897-square-foot asset is fully occupied by CVS Caremark Corp.<\/p>\n<p>Situated on a 39.4-acre site at 500 Lansdowne Road, the CVS facility serves as one of the company\u2019s 17 U.S. centers distributing to 377 CVS stores across Maryland, North Carolina, Virginia and the District of Columbia. The property benefits from close proximity to Interstate 95 and U.S Route 1.\u00a0In July, a $202 million, 20-property <a href=\"https:\/\/www.commercialsearch.com\/news\/ta-realty-sells-202m-mid-atlantic-industrial-portfolio\/\">Mid-Atlantic industrial portfolio<\/a> also\u00a0changed hands along the I-95 corridor.\u00a0<\/p>\n<p>Completed in 1985 and expanded in 1995, the asset consists of a main building housing a warehouse and offices, an aerosol storage facility and a truck repair facility. The property\u00a0features 39-foot clear heights, 65 dock-high loading doors with one drive-in loading dock, mezzanine level, HVAC system, fire sprinkler system and adequate driveways, parking and loading areas.<\/p>\n<h2>The Deal<\/h2>\n<p>Senior managing director Greg Nalbandian of HFF led the debt placement team and placed the 10-year fixed rate loan through Kansas City Life Insurance Co.<\/p>\n<p>\u201c<em>We were able to identify an insurance company that understood the asset and met the client\u2019s objectives by providing a 75-percent max LTV with a 10-year term and 30-year amortization,<\/em>\u201d said Nalbandian. \u201c<em>Kansas City Life Insurance Company also offered prepayment flexibility, which was a critical requirement of the sponsor.<\/em>\u201d<\/p>\n<p>ARCTRUST\u00a0specializes in the development, acquisition, financing and joint-venture of net lease properties located in Florida and in the\u00a0New York to Washington, D.C. corridor.<\/p>\n<p><em>Image courtesy of JLL<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 487,897-square-foot asset is fully leased to CVS Caremark Corp. and consists of three buildings: a main building housing a warehouse and offices, an aerosol storage facility and a truck repair facility.<\/p>\n","protected":false},"author":1192,"featured_media":1004186509,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21748,21783,11,21742],"tags":[37167,37168,32792],"class_list":["post-1004186505","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-industrial","category-investment","category-midatlantic","category-latest","tag-arctrust","tag-cvs-caremark-corp","tag-hff"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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