Ultimate Realty secures $70MM In Refinance Proceeds

NEW YORK, July 12, 2022 /PRNewswire/ --

• Ultimate Realty secures $70MM in refinance proceeds across 1MM SF industrial portfolio.
• J.P Morgan, RRA Capital and Verus Commercial led the financing package which was arranged by Simon Ziff, Jason Krane and Max Kra from Ackman Ziff.
• Ultimate, led by Joe, Mark and Michael Sabbagh acquired the mostly vacant, eight building portfolio in separate off market transactions in 2020.
• The properties are located across the Orlando, Connecticut and Georgia markets.
• The New York development firm secured a mix of tenants that include Sunbelt Rentals, DHL, Werner Enterprises, Purecycle Technologies along with several others.
• Last month, the firm purchased a pair of warehouses from Angelo Gordon and Kamco Supply Corp in an $18MM acquisition.
• The firm continues to remains bullish on the industrial asset class and is looking to double its warehouse exposure over the next 12-18 months.

"Ackman-Ziff is proud to have represented Ultimate Realty across all of these transactions and assist in building out its diversified, national industrial portfolio. Ultimate Realty has continued to successfully execute on industrial assets and we are glad to have played a part in these complex financings."- Simon Ziff 

"Strong population growth, e-commerce disruption and the need for corporations to reshore global supply chains are putting immense pressure on warehouse rents across the sunbelt. We continue to remain optimistic on the sector heading into 2023"- Joe Sabbagh

SOURCE Ultimate Realty LLC