Industrial portfolio near TPA lands $52.3 million loan
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jul 10, 2024

The New York investors who bought two industrial properties near Tampa International Airport have closed on a post-acquisition loan for the portfolio.

Cushman & Wakefield Inc. said Tuesday that Jason Hochman and Ron Granite of the equity, debt and structured finance team arranged a fixed-rate loan for $52.3 million through PGIM Real Estate for Clarion Partners.

In April, Clarion Partners paid $48.95 million for TIA Logistics Center, a 245,000-square-foot warehouse at Knox Street and Hoover Boulevard. That property is directly south of Tampa Airport Logistics Center, which Clarion bought for $55.6 million in late 2023. The Florida-based Cushman team of Mike Davis, Rick Brugge, Dominic Montazemi, and Rick Colon handled those transactions.

Both sales were cash transactions, property records show.

The buildings total 542,254 square feet and were built between 2022 and 2024. They are fully leased, according to Cushman

“We had a very competitive process for this low-leverage loan on the newest industrial buildings in Tampa’s airport submarket,” Hochman, Cushman executive director, said in a statement. “We were happy to advise Clarion, a highly sophisticated institutional client, in negotiating terms that met their needs including lower spreads than we’ve seen in years.”