DRA Advisors and Jera Partners acquires $205m net-lease industrial portfolio
Jera Partners, a commercial real estate investment firm focused on the acquisition, management and disposition of properties that are net-leased to quality credit tenants, has announced the acquisition of 27 industrial assets that are fully leased totaling approximately 3.3 million square feet for an aggregate price of $205 million.
Jera Partners bought the properties in a joint venture with a fund managed by New York City–based DRA Advisors. The portfolio is well diversified with 14 tenants, properties located in 15 states, and comprises a mix of warehouse, distribution and manufacturing assets. It has a weighted average lease term of approximately 13 years, with weighted average annual rent increases of approximately 2 percent.
"We are very excited to close our first industrial net-lease portfolio with our joint venture partner DRA. We look to continue to grow our venture and are very active in the marketplace. We believe our collective industry knowledge and experience will allow us to deliver strong returns and these assets serve as the foundation for building a large, diversified industrial net-lease portfolio together," said David Kay, managing partner of Jera Partners.
Matthew Shore, CIO of DRA Advisors, said of the investment, "DRA is excited to partner with Jera Partners on this acquisition and seeks to grow our joint venture relationship. These assets are well located, supported by healthy credit with organic growth, and are a great fit for our long-term strategy of delivering strong current returns."
