H.I.G. Capital announced that its affiliate, H.I.G. Realty Partners, has sold Huntsville Industrial, a 660,000-squaref-foot warehouse facility in Huntsville, Ala. The property is located adjacent to the Huntsville International Airport, one of the largest air cargo airports in the United States, as well as the Huntsville Intermodal Rail Terminal.
H.I.G. executed a multi-faceted value-add strategy on this investment, including identifying two parcels of land on the property that could be leased to industrial outdoor storage (IOS) tenants. In addition, H.I.G. secured a significant lease-termination payment from an existing tenant that was occupying the property, pursuant to a below-market lease, while concurrently executing a new long-term lease with a leading aerospace manufacturer for 100 percent of the property. These initiatives resulted in a 20 percent NOI lift, providing H.I.G. with an attractive early exit opportunity.
“The successful sale of Huntsville Industri
