{"id":1004203467,"date":"2018-01-12T04:01:13","date_gmt":"2018-01-12T12:01:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004203467"},"modified":"2022-12-09T00:49:46","modified_gmt":"2022-12-09T08:49:46","slug":"lowe-snags-26-building-industrial-office-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lowe-snags-26-building-industrial-office-portfolio\/","title":{"rendered":"Lowe Snags 26-Building Industrial, Office Portfolio"},"content":{"rendered":"

By Keith Loria<\/em><\/p>\n

\"Lowe<\/a>

Lowe Portfolio<\/p><\/div>\n

Lowe Enterprises Investors has partnered with a joint venture client to acquire the NL Ventures IX Portfolio, a 26-building collection of industrial and office buildings, from AIC Ventures.<\/p>\n

The properties total 2.3 million square feet and are located in 16 states, spanning 24 major submarkets primarily in the Midwest and Eastern U.S., with the largest concentrations in Connecticut, Illinois, Ohio, Minnesota, Wisconsin, Texas, and New Jersey.\u00a0<\/p>\n

\u201cThere were multiple appeals to the portfolio.\u00a0The combination of investor interest in stable, cash-flowing assets combined with the ability to secure attractive, low interest financing.\u201d <\/em>Bleecker Seaman, LEI\u2019s co-CEO, told Commercial Property Executive. \u201cThe NNN, long-term leases provide stable double-digit cash-flow.\u201d<\/em><\/p>\n

Seaman also cited the stability of the tenants (24.7 year weighted average tenure) as being a strong reason for purchase, as well as the fact that more than 60 percent of the spaces serve as corporate headquarters, which should lead to increased renewal probabilities.\u00a0\u201cThe portfolio consists of stable assets with long-term leases that can weather economic cycles,\u201d <\/em>Seaman said. \u201cWith 13.2 years of remaining average lease term and only one lease expiring during our projected hold, the portfolio offers very predicable cash flow.\u201d<\/em><\/p>\n

Most of the properties are industrial buildings that range from flex to light manufacturing facilities, and four are suburban mid-rise office buildings. They are all 100-percent leased to long-term, single tenants with an average 13-year remaining lease term.<\/p>\n

The properties in the portfolio were constructed between 1954 and 2008 and many of the buildings have been upgraded and expanded over the years.<\/p>\n

A New Strategic Shift<\/strong><\/h2>\n

According to Seaman, this acquisition represents a slightly new strategy for LEI.\u00a0<\/p>\n

\u201cWhile we have historically preferred opportunities where we can add value to assets, there is benefit in balancing that strategy with stable investments as we enter the late stages of an economic cycle,\u201d he said. \u201cThis portfolio requires little to no capital, is 100 percent occupied and has no loan maturity for the next six years.\u201d<\/em><\/p>\n

He sees the industrial market being extremely strong nationally, and the vacancy in these markets are single-digit with no new supply.\u00a0\u201cUnlike most logistic buildings, these tenants are primarily manufacturing facilities serving the region,\u201d <\/em>Seaman said. \u201cThey have a strong local workforce, they serve the local market and\u00a0on average have been in the same location for over 16 years.\u201d<\/em><\/p>\n

In most cases, the building\u2019s tenants are responsible for maintaining both the interior and exterior of the building; however, Seaman noted that if a tenant would like to expand or make improvements prior to the end of their lease term, the company would like the tenant to approach them for the capital.\u00a0<\/p>\n

\u201cThis creates a win\/win situation,\u201d <\/em>he said. \u201cThe tenant gets the improvements needed to increase their business and the landlord benefits from an improved property with a longer lease term. In fact, we had several tenants express interest in expanding as we went through due diligence.\u201d<\/em><\/p>\n

Last month, PCCP provided Lowe Enterprises Investors, acting on behalf of one of its investment clients, a $22.5 million loan to recapitalize the 175\u2010key Aloft Hotel at the EpiCentre, in uptown Charlotte<\/a>, N.C.<\/p>\n

Photos courtesy of\u00a0Lowe Enterprises Investors<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The properties were constructed between 1954 and 2008, and many of the buildings have been upgraded and expanded over the years.<\/p>\n","protected":false},"author":451,"featured_media":1004203483,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21748,21783,23891,21742,21747],"tags":[38857,38858,36098],"class_list":["post-1004203467","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-industrial","category-investment","category-national","category-latest","category-office","tag-aic-ventures","tag-bleecker-seaman","tag-lowe-enterprises"],"acf":[],"yoast_head":"\nLowe Snags 26-Building Industrial, Office Portfolio - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/lowe-snags-26-building-industrial-office-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lowe Snags 26-Building Industrial, Office Portfolio\" \/>\n<meta property=\"og:description\" content=\"The properties were constructed between 1954 and 2008, and many of the buildings have been upgraded and expanded over the years.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/lowe-snags-26-building-industrial-office-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-01-12T12:01:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T08:49:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Lowe-colaj.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lowe-snags-26-building-industrial-office-portfolio\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lowe-snags-26-building-industrial-office-portfolio\\\/\"},\"author\":{\"name\":\"Keith Loria\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"headline\":\"Lowe Snags 26-Building Industrial, Office Portfolio\",\"datePublished\":\"2018-01-12T12:01:13+00:00\",\"dateModified\":\"2022-12-09T08:49:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lowe-snags-26-building-industrial-office-portfolio\\\/\"},\"wordCount\":535,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lowe-snags-26-building-industrial-office-portfolio\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2018\\\/01\\\/Lowe-colaj.jpg\",\"keywords\":[\"AIC Ventures\",\"Bleecker Seaman\",\"Lowe Enterprises\"],\"articleSection\":[\"Deals\",\"Featured\",\"Industrial\",\"Investment\",\"National\",\"News\",\"Office\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lowe-snags-26-building-industrial-office-portfolio\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lowe-snags-26-building-industrial-office-portfolio\\\/\",\"name\":\"Lowe Snags 26-Building Industrial, Office Portfolio - 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