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May 18, 2024
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Fundrise Lands $125 Mil on Four-Property Logistics Portfolio

5/02/24

Fundrise has obtained $125 mil in financing on an industrial portfolio comprising four single-tenant industrial warehouse and distribution assets in the metropolitan statistical areas (MSAs) of Phoenix, Las Vegas and Dallas/Fort Worth. The portfolio is 95% leased to three tenants specializing in third party logistics and support.

Cubes, Glendale, AZ
Cubes, Glendale, AZ
Fundrise assembled the portfolio via four separate acquisitions between February 2022 and June 2023. The portfolio consists of two projects in the Phoenix Metro, including Cubes at Glendale in Litchfield and 8123 South Hardy in Tempe. The remaining two projects include I-215 Interchange in Las Vegas and 4653 Nall Road in Farmers Branch, TX.

The portfolio’s two largest assets (Cubes at Glendale and I-215 Interchange) are newly constructed, state-of-the-art industrial buildings that were recently acquired as vacant forward sales, which Fundrise successfully leased up during its ownership. The other two assets underwent a strategic repositioning by Fundrise and were improved into best-in-class logistics properties.

A Cushman & Wakefield Equity, Debt & Structured Finance team of Rob Rubano, Brian Share, Max Schafer and Ernesto Sanchez represented the borrower in the refinancing transaction. Will Strong of Cushman & Wakefield’s National Industrial Advisory Group also provided market advisory. The loan was provided by Franklin BSP Realty Trust.

“This is a prominent portfolio of top-tier industrial products strategically located in some of the country’s most competitive and strongest performing industrial submarkets. The portfolio’s investment profile is supported by strong recent leasing and significant investment by the tenants, with some upside opportunity remaining via bringing the portfolio up to 100% occupancy,” said Share. “We were able to structure competitive debt terms in a dislocated market with a great capital source whose view of the credit and opportunity aligned well with Fundrise’s investment thesis.”





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