Loci Capital has acquired a six-building, 230,000-square-foot, small-bay industrial portfolio in West Park, Fla., in partnership with Hersh Equity Group (HEG).
The portfolio, strategically located within the Fort Lauderdale MSA, consists of 116 suites averaging 1,000 square feet to 2,000 square feet. The properties are adjacent to a Home Depot and cater to the growing demand from small, service-oriented businesses.
Loci and HEG plan to execute a five-year business plan focused on bringing in-place rents to market rates. The plan also includes targeted property enhancements, such as exterior painting, upgraded lighting and improved signage.
Financing for the transaction includes $38 million of seller-provided debt at a fixed rate of 4.61 percent interest-only for five years, an attractive structure that enhances downside protection and positions the partnership for strong cash flow throughout the hold period.
“This investment aligns perfectly with Lociâ€
