CBRE secures financing for industrial sale leaseback in North Salt Lake
Salt Lake City — CBRE Capital Markets’ Debt & Structured Finance has arranged financing for the acquisition of a single-tenant industrial property located in North Salt Lake, Utah.
CBRE’s Mark McGovern and Colby Matzke arranged the loan with a life insurance company on behalf of the buyer, Solana Beach, CA-based REALM, a specialized investment and advisory firm focused exclusively on intelligent, direct real estate investing.
Located at 485 North 400 West, the property serves as a distribution center for MRC Global, a leading global distributor of pipe, valve and fitting (PVF), products and services to the energy and industrial markets. REALM acquired the property from MRC Global in an off-market, sale-leaseback transaction.
“REALM has provided real estate solutions to MRC Global for more than two decades and acquired this asset with a long-term hold strategy,” says CBRE’s McGovern. “CBRE was able to successfully source and close financing for REALM in under five weeks.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.