An investment group led by Ocean West Capital Partners and Tiger Alternative Investors found a buyer interested in the purchase of seven properties in established logistics markets throughout the Sunbelt and Northeast and sold them this week for $900 million.
Ocean West and Tiger were represented by K&L Gates LLP on this transaction, and the buyer was represented by Alvarez & Diaz-Silveira LLP.
The portfolio totaled over 7 million square feet and each property is net leased to nationally recognized investment grade tenants.
Russ Allegrette, Principal of Ocean West Capital Partners, said in prepared remarks that this portfolio “has performed incredibly well for our investors.
“When we acquired these buildings, we focused on assets in top-performing logistics markets with credit tenants and long-term leases in place. Together with Tiger, we continuously explored ways to add value through active asset management and successful lease negotiation.”
Ocean West acquired the portfolio between 2019 to 2020 “and added value throughout its ownership period through active oversight and thoughtful lease negotiations,” according to a release. “At the time of sale, the portfolio had a weighted average lease term of over 10 years.”