Blank Rome Represents DRA Advisors in Its $369M Acquisition of 54 Industrial and ISF Properties Across Five U.S. States
A Blank Rome team represented DRA Advisors LLC (“DRA”), a New York-based registered investment advisor specializing in real estate investment management services for institutional and private investors, in its acquisition of 54 industrial and ISF (industrial service facility) properties spread across five states, primarily in the Chicago, northern New Jersey, and Philadelphia areas, for a purchase price of $369M. The initial purchase and sale agreement was executed in late 2022 and the deal closed on March 16, 2023.
The acquisition was financed by a combination of assumed debt and new financing through a syndicate led by Webster Bank. The deal involved not only navigating the routine complexities of acquiring multiple properties with various loan pools, but also a complicated tax-efficient joint venture structure through which the seller reinvested in the assets as a partner with DRA. The Blank Rome team advised on the assets and provided the necessary due diligence, environmental considerations, tax structuring, and management of multiple lenders, in executing and closing on the portfolio during a turbulent market.
The Blank Rome team was led by Beth Connors and consisted of Kate Udo, Corey Tarzik, Elaine Scivetti, Ashley Fleishman, Avery Cummings, Amanda Davis, and Trisha Williams-Gaines, as well as a large Real Estate due diligence team. Specialized advising was provided by Martin Luskin, Peter Soloff, Frank Tamulonis, and members of our firm’s Tax, SALT, and Finance, Restructuring, and Bankruptcy practice groups.