Barings, one of the world’s largest diversified real estate investment managers, announced today that it has provided a $244 million loan to refinance a portfolio of 10 warehouse & distribution facilities totaling 6.4 million square feet in Logistics Park Kansas City, Edgerton, Kansas.
The portfolio is owned by a joint venture between an Ares Management Real Estate fund (“Ares”) and NorthPoint Development. Developed between 2014 and 2017, the buildings feature concrete tilt-panel construction with an average 35-foot clear-height and 706 dock doors. The portfolio is currently 93% leased to a collection of premier tenants such as Amazon, Stanley Black & Decker, Sam’s Club, Assa Abloy, and Smart Warehousing.
“We are excited to continue our partnership with Ares and NorthPoint Development for the refinancing of these Class A facilities in a strong industrial market,” said Steve Murray, Managing Director with Barings. “This opportunity is closely aligned with Barings’ real estate debt strategy, focused on investing in high-quality real estate in dynamic markets, backed by experienced sponsorship.”
All 10 properties offer immediate access to BNSF Railway’s state-of-the-art intermodal rail facility. “These assets are uniquely positioned to benefit from Kansas City’s healthy market fundamentals with the strategic location in NorthPoint’s world-class inland port,” said Daniel Hedgepeth, Director with Barings.
This transaction expands Barings’ $28.4+ billion* real estate debt platform, which leverages the team’s broad direct origination capabilities and deep credit expertise to invest in loans secured by institutional-quality commercial real estate.
About Barings
Barings is a $406+ billion* global asset management firm that partners with institutional, insurance, and intermediary clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual, seeks to deliver excess returns by leveraging its global scale and capabilities across public and private markets in fixed income, real assets and capital solutions.
*Assets under management as of March 31, 2024
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