Investment bank Goldman Sachs is teeing up to deliver a securitized loan offering backed by an 11-property Amazon distribution center portfolio.
Goldman and Barclays Capital Real Estate are expected to co-originate a $395 million loan on the portfolio and then roll the debt into a new commercial mortgage-backed securities offering, according to bond rating firm Moody’s Investors Service’s preliminary analysis.
The loan is secured by a portfolio of single-tenant distribution centers totaling 1.55 million square feet. A joint venture between industrial property investor Stonemont Financial Group and private equity firm Stonepeak Partners owns the portfolio.
The facilities serve as some of Amazon’s last-mile logistics centers, designed to provide high-speed delivery services around the United States. The average footprint is 141,016 square feet, Moody’s said in its presale report. Two of the properties are scheduled to open in September.
Amazon leases each of the properties under separate deals, according to Moody’s. The agreements have an average expiration term of 9.8 years with a combined annual rental payment of $31.65 million, or about $20.40 a square foot.
One property, located at 3201 Gateway Centre Parkway in Pinellas Park, Florida, near Orlando, has been dark since the inception of the lease term. Amazon is in active discussions to sublease that property, Moody’s said.
The mortgage loan has an initial term of two years with the option to extend for three successive terms of one year each.
Stonemont did not respond to a request for comment on the pending CMBS offering.
Amazon is the second-largest retailer in the world by total revenue and the largest global e-commerce retailer by total online revenue, according to Moody’s. It operates about 1,445 active facilities in the United States.