AHF Merchandise has offered two Crossville, Tenn., industrial websites totaling 5 buildings and 919,405 sq. toes. TPG Angelo Gordon purchased the properties in a sale-leaseback transaction; the maker of laborious floor flooring will proceed to occupy the amenities long-term, with its keep structured below an absolute net-master lease.
Newmark Vice Chairman Andrew Sandquist, Government Managing Director JC Asensio and Managing Director Briggs Goldberg of the agency’s Capital Markets Group represented the vendor and procured the financing.
TPG’s new buy comes per week after forming a three way partnership with Cypress West Companions to buy as much as $300 million price of medical workplace properties across the Solar Belt.
AHF makes itself at residence
The change of fingers occurred roughly six months after AHF bought Crossville Inc., a tile producer which had its headquarters at 349 Sweeney Drive, one of many buildings included within the portfolio. AHF, itself a subsidiary of Armstrong Flooring, now makes use of the constructing as a company workplace, manufacturing facility and distribution heart.
In keeping with AHF, the acquisition allowed the corporate to make a foray into tiles, providing a line of ceramic, stone and porcelain finishes for its flooring options.
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TPG’s new property are situated at 297-349 Sweeney Drive and 301 Porcelain Drive. The previous property is a four-building park that totals 348,660 sq. toes, which incorporates manufacturing, distribution, showroom and workplace areas. 301 Porcelain Drive is a 570,745-square-foot ceramics warehouse additionally operated by Crossville.
The amenities, situated inside 2.5 miles of one another, straight face Interstate 40. Downtown Crossville is a few 4 miles south. Nashville and Knoxville are roughly 100 and 60 miles to the west and east of the amenities, respectively.
The Volunteer State ups the voltage
Exporting greater than $38 billion price of manufactured items on a yearly foundation, Tennessee continues to draw the eye of home and worldwide industrial heavy hitters.
In late February, South Korea’s Hankook Tire introduced plans to broaden an present manufacturing plant in Clarksville by 2.2 million sq. toes. The $1.6 billion undertaking consists of the beforehand deliberate second part growth, in addition to a further third part, representing the agency’s first manufacturing of truck bus and radial tires within the nation.