Cantor Fitzgerald Acquires Cold Storage Facility
March 23, 2022 | Margaret Armour | Blue Vault
On March 11, 2022, Cantor Fitzgerald Income Trust, Inc. (the “Company”), through a wholly-owned subsidiary (the “Mars Property Owner”) of its operating partnership, acquired a 465,256 square foot cross-dock cold storage facility located in Columbus, Ohio. The Property was purchased at a contract purchase price of $58 million, exclusive of closing costs, and was acquired from affiliates of Syndicated Equities (the “Sellers”). The Sellers are third parties and not affiliated with the Company or Cantor Fitzgerald Investors, LLC.
The Property is 100% leased to Mars Petcare, US. Inc. (the domestic segment of Mars’ global pet care business). The lease is net whereby the tenant is responsible for operating expenses, real estate taxes, insurance, repairs, maintenance, and capital expenditures (excluding roof, structure, and certain HVAC items), in addition to base rent.
The Company funded the purchase price and acquisition expenses with cash from its ongoing offering and the Citizens Facility (as discussed and defined below).
Citizens Facility
On July 23, 2021, the Company, its operating partnership, and certain of the Company’s subsidiaries, pursuant to a credit agreement with Citizens Bank, N.A., as administrative agent, lead arranger and sole bookrunner, and the lender parties thereto (collectively, “Lender”), entered into a senior secured revolving credit facility (“Citizens Facility”) for an aggregate principal amount of $100 million.
In connection with the acquisition of the Property, the Company pledged the Property owned by the Mars Property Owner to the Citizens Facility and drew an additional $50 million from the Citizens Facility.
As of March 11, 2022, the total amount outstanding under the Citizens Facility was approximately $58,850,000.
Source: SEC Filing
