WEST CHESTER, OH—Cohen Asset Management Inc. has acquired $18.5 million to refinance a 697,500-sq.-ft. distribution center here at 8910 Le Saint Dr. in the 108-acre Port Union at Union Center complex.
HFF arranged an $11.3 million senior loan from an unnamed life insurance company and a $7.2 million preferred equity investment from Terra Capital Partners LLC, based in New York City. The HFF team included senior managing director Paul Brindley and senior real estate analyst Jeff Sause.
Cohen purchased the warehouse in November 2007 on behalf of Continental Industrial Capital LLC. At the time, the building had been 100 percent leased to KAO Brands Co. and BAE Systems. The 7-year-old industrial property at 8778-8910 LeSaint Dr. has 86-cross dock loading docks, 32-foot clear height doors, 60-foot-wide column spacing and 130-foot truck turnaround courts.
Dan Cooperman, managing director at Terra, said the investment helped the borrower recapitalize the property and provided capital to lease up vacant space. “The financial strength and logistics expertise of the borrower, the size and highly-functional design of the facility plus the existing international credit tenancy and strategic location near major highways, railroads and a regional airline makes this a very attractive investment for Terra,” said Cooperman in a statement.