JLL Capital Market facilitates industrial portfolio sale across three markets

The 2.1M s/f portfolio sold to Principal Asset Management and a state-sponsored pension plan

Denver, CO, Houston, TX, and New Jersey — JLL Capital Markets announced the sale of an industrial portfolio spanning Denver, Houston and New Jersey. The transaction involved 10 high-quality industrial properties totaling 2.1 million s/f.

JLL represented the confidential seller in the sale. Principal Asset ManagementSM and a state-sponsored pension plan acquired the assets.

The portfolio, which is 96.7% occupied, comprises five properties in Denver, four in southwest Houston and one in northern New Jersey. With an average building size of 210,000 s/f and an average clear height of 32 feet, the portfolio boasts modern features and strategic locations in high-growth markets.

In Denver, which accounts for 56% of the portfolio’s square footage, the assets are situated between the airport and downtown, capitalizing on the city’s growing logistics needs. The Houston properties, making up 34% of the portfolio, are well-positioned in the Southwest submarket. The New Jersey asset, located at Exit 8A of the New Jersey Turnpike, offers excellent access to the Northeast corridor.

The JLL Capital Markets Investment Sales and Advisory team included senior managing directors and Industrial Group Leaders Trent Agnew and John Huguenard, senior managing directors Peter Merrion, John Plower and Patrick Nally, managing director Charlie Strauss, senior director William McCormack and Director Robert Key.

“This portfolio transaction demonstrates the continued favor that high-quality assets in strategic markets enjoy with investors. We had a highly competitive process that resulted in a good outcome for the client,” said Agnew.

In other JLL news, JLL Capital Markets has arranged $22.8 million in financing for 1800 Rte. 34, a four building 189,836 s/f, multi-tenant light industrial property in Wall, New Jersey.

JLL worked on behalf of the borrower, The Donato Group, to secure the 10 year, fixed-rate loan through Grant Street Funding.

Built between 2001-2006, the property consists of four buildings situated on 11.06 acres. The versatile industrial/flex campus features 16-foot clear heights, five dock-high doors, two drive-in doors and ample parking with 1,140 spaces. The property is fully leased to a diverse roster of tenants across industries including engineering, construction, healthcare and manufacturing, among others.

The JLL Capital Markets team representing the borrower was led by senior managing director Michael Klein, senior director Max Custer, director Ryan Carroll and analyst Christian Badalamenti.

“1800 Route 34 presented a tremendous opportunity to lend to a best-in-class sponsor on a fully leased light industrial property in one of the strongest industrial locations in Monmouth County,” said Klein. “The property’s diverse tenant mix, strategic location and The Donato Group’s long-term ownership have positioned it well to benefit from the robust demand we are seeing in this submarket,” added Custer.