JLL arranges $319.6M recap, $210M loan for logistics portfolio
The assets total 4.1M square feet in Chicago, Columbus, Indianapolis and Milwaukee
CHICAGO, December 18, 2019 – JLL announced today that it has arranged a $319.6 million recapitalization and $210 million financing for a 33-building, Class A, logistics portfolio totaling 4.1 million square feet in four markets across the Midwestern United States: Chicago, Columbus, Indianapolis and Milwaukee.
JLL worked on behalf of Becknell Industrial and their joint venture partner to arrange a $319.6 million recapitalization of the portfolio with Starwood REIT (SREIT). Becknell will retain their position in the portfolio. Additionally, working on behalf of the new JV partnership between SREIT and Becknell, JLL placed the 10-year, $210 million, fixed-rate CMBS loan with a global investment bank.
The portfolio consists of institutionally developed, owned and maintained assets that are currently 98% leased to 50 tenants, 27% of which are credit tenants. The buildings were constructed between 1995 and 2016 and feature an average clear height of 28 feet and low office finish. Nineteen buildings are in the Chicago metro area, with eight in the Indianapolis area. Three buildings each are in the Columbus and Milwaukee MSAs.
The JLL Capital Markets Investment Advisory team representing the seller was led by Senior Directors Kurt Sarbaugh and Robin Stolberg, Senior Managing Director Michael Joseph and Analyst Dominic Espinosa.
The JLL Capital Markets Debt Placement team representing the new owner included Senior Managing Director Ken Martin and Managing Director Alex Witt along with Analysts Troy Shiley and Nelson Almond.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Becknell Industrial
Becknell Industrial specializes in the development, investment and management of industrial properties across the United States. The company currently owns interests in 173 properties totaling more than 25.4 million square feet. Vertically integrated, Becknell is responsible for every aspect of the project providing the decision-making authority and expertise to meet client expectations for a high-performance facility delivered on time and on budget. More information about Becknell is available at becknellindustrial.com.