|
11/27/17
|
Preferred Investments has obtained $3.75 mil in financing on DHL Salt Lake City, a Class B, single-tenant industrial warehouse located in Salt Lake City, UT.
The 6.19k sf property sits on just over four acres of land, which is leased from the airport and specifically designed for DHL. The property has direct access to the Tarmac on airport-owned land and was built to suit the tenant.
Walker & Dunlop’s David Gahagan and Ariel Zucker arranged the 111-month refi loan on a 20-year amortization schedule through BB&T. The tenant, DHL Express Inc recently extended their sublease for 10 years, concurrent with the loan terms.
Commenting on the transaction, Gahagan remarked, “Risks associated with the challenges of the ground lease were mitigated by the tenant’s creditworthiness, the mission critical nature of the asset, and the tenant’s low base rent in comparison to recently built projects at the airport.”
|
|
Return to the Archive page
|
|
|
|
|