CIT’s real estate finance business served as sole lead arranger on a $26 million loan for the acquisition of a three-building portfolio of industrial buildings in West Palm Beach, FL.

The properties comprise nearly 200,000 square feet of industrial space across more than 11 acres on West Palm Beach’s North Florida Mango Road, which is in close proximity to Interstate 95, the Florida Turnpike and West Palm Beach International Airport. An entity managed by Alliance HP, a real estate investor, acquired the property.

“The West Palm Beach market is a growing hub for commercial activity and this portfolio is well-positioned to support that growth with superb facilities close to major transportation corridors and infrastructure,” Peter D. Derrico of Alliance HP said. “We greatly appreciated CIT’s expertise and agility in arranging the financing for this strategic acquisition.”

“Alliance HP has a well-earned reputation for recognizing commercial real estate opportunities and leasing properties to their full potential,” Chris Niederpruem, managing director and group head for CIT’s real estate finance business, said. “We were pleased to assist in financing this acquisition and look forward to future occasions to support the growth of their portfolio.”