Real Estate
Home›Real Estate›Industrial & Land›SparrowHawk-Almanac JV secures $236M debt for Midwest…
SparrowHawk-Almanac JV secures $236M debt for Midwest industrial portfolio
The 20-property, 4.4 million-square-foot portfolio is 94 percent occupied by logistics and distribution tenants across Kentucky, Ohio, Missouri, and Illinois.
A joint venture between SparrowHawk and Almanac Realty Investors has secured $236 million in acquisition debt to buy an industrial portfolio known as “The Central Logistics Portfolio,” according to Commercial Observer. The purchase price was reported earlier as just under $400 million, with Fidelity Investments previously reported as the seller, EQT.
The financing was provided by PPM America as a five-year, fixed-and-floating rate loan, with JLL Capital Markets arranging the transaction. JLL team members named in the deal include Brian Walsh, Lucas Borges, Steve Klein, Chris Pratt, Emma Berner, and Christian Johnston.
The portfolio includes 20 properties totaling 4.4 million square feet, spread across six markets in four states, Kentucky, Ohio, Missouri, and Illinois. The assets are located within a day’s drive of 50 percent of the U.S. population and were reported as 94 percent occupied by 30 logistics and distribution tenants specializing in different industries.
The buildings average 221,000 square feet and opened on average in 2006, the outlet reported. Commercial Observer also noted the deal comes less than a year after SparrowHawk secured $300 million in capital investment from Almanac Realty Investors to finance acquisitions.