Pacer Partners and Drake Real Estate Partners Enter into Joint Venture to Acquire Single-Tenant Industrial Properties on the I-95 Corridor from Boston to Baltimore
COHASSET, MA / ACCESSWIRE / October 18, 2021 / A newly formed joint venture between Pacer Partners and Drake Real Estate Partners has acquired three single-tenant infill industrial assets as the seed investments of a larger roll up effort. The venture is targeting single tenant infill industrial properties along the I-95 corridor from Boston to Baltimore with individual purchase prices of less than $10 million. Pacer and Drake are looking to acquire several hundred million of these properties over the next 36 months as part of the venture's roll up strategy. The properties closed to date include two assets in Long Island and a third property in the Boston Suburbs.
 |  |
The acquisitions were financed by ConnectOne Bank. Thomas Didio Jr. of JLL represented the joint venture in securing the acquisition financing for the properties.
"This venture presents a mutually beneficial proposition for owners and users of these smaller infill industrial properties to take advantage of favorable industrial market pricing while allowing our venture to create value by aggregating a diversified portfolio in supply constrained markets with attractive fundamentals," said Jon Bourbeau, CEO of Pacer Partners.
"We are excited to continue our longstanding relationship with Pacer Partners through the closing of our tenth joint venture together. In today's competitive environment, moving quickly is a true competitive advantage, and the strength of our partnership allows us to underwrite and transact with speed and confidence. We believe this strategy represents a compelling opportunity and look forward to executing alongside Pacer," said David Cotterman, CIO of Drake Real Estate Partners.
About Pacer Partners
Pacer Partners is a boutique real estate investment and asset management company with offices in the New York City and Boston areas.
Pacer was founded by Jon Bourbeau, who was formerly one of the top tenant advisors in the country. The firm's executive team has extensive experience across investing, capital markets, leasing, management, and advisory at large institutions.
Pacer pursues thematic real estate investment strategies that provide opportunities to purchase high quality real estate at a discount to intrinsic value. Pacer employs a value investing philosophy with a rigorous focus on underwriting, due diligence, asset management and ultimate disposition. Underwriting is based on multiple well-defined discrete cash flow scenarios.
Pacer seeks to build long-term partnerships and generate attractive risk-adjusted returns for its partners, investors and lenders.
For further information, visit www.pacerpartners.com.
About Drake Real Estate Partners
Founded in 2012, Drake Real Estate Partners is a real estate investment and asset management firm based in New York City. Drake seeks to invest in high quality, income-producing real estate assets at a significant discount to replacement cost, and drives value by focusing on repositioning, leasing, and improving operations. Drake uses the flexible, long-term nature of its capital to its advantage by seeking out opportunities that have been overlooked by other investors. Drake has completed over $1.5 billion in transactions to date and has invested across a variety of geographies and property types, including multifamily, industrial, office (incl. medical office and creative office), self-storage, senior housing, retail, and hospitality.
Drake is a proud member of 1% For The Planet, donating 1% of the firm's revenues to not-for-profit conservation-related initiatives in the markets in which it invests.
For further information, visit www.drakerep.com.
CONTACT:
Aaron Nuetzman
Pacer Partners
617-553-4475
an@pacerpartners.com
SOURCE: Pacer Partners
View source version on accesswire.com:
https://www.accesswire.com/668553/Pacer-Partners-and-Drake-Real-Estate-Partners-Enter-into-Joint-Venture-to-Acquire-Single-Tenant-Industrial-Properties-on-the-I-95-Corridor-from-Boston-to-Baltimore
