Tuesday, November 27, 2012

WinCup Manufacturing and Distribution Center Sold in $155m Portfolio Sale

Peter S. Carlson, Managing Partner of Austin, Texas-based AIC Ventures, has completed the sale of a 311,416 ft2 manufacturing and distribution center currently 100% leased to WinCup—a producer of foam cups, bowls, containers and lids. The sale is part of a twenty property $155m portfolio of industrial properties in twelve states being acquired by a co-venture between Brennan Investment Group and Gatehouse Bank, a London-based investment bank. The co-venture paid $20,981,989 for the property or $67.37 per square foot.

The property was acquired by AIC Ventures as a much smaller facility December 19th, 2008 for $8.75m. WinCup signed an eighteen-year lease at the time of sale with two five-year options to extend and AIC began expanding the facilities following the establishment of a $200m cross-collateralized line of credit with Bank of America on February 19th, 2009. Thrivent Financial for Lutherans issued an additional $5.5m in debt on the property on May 19th, 2009 which precipitated the release of the cross-collateralized Bank of America note on May 26th, 2009.

The acquisitions performed by Brennan/Gatehouse co-venture were financed by $118,410,523 in new CMBS debt with the Royal Bank of Scotland. The loan has a five-year term and a fixed rate of interest. Pursuant to Gatehouse Bank’s charter as a Sharia-compliant bank, it is assumed that this debt is a sukuk or Islamic bond.

By:
Paul Dionne
Director of Analytics
Vizzda.com 

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