JLL Capital Markets has facilitated the sale of an industrial portfolio spanning Denver, Houston, and New Jersey. The transaction involved 10 high-quality industrial properties totaling 2.1 million square feet.
JLL represented the confidential seller in the sale. Principal Asset Management 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 square feet 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, and according to warranty deeds filed with the City and County of Denver, the properties totaled $153.31 million.
- Mile High Industrial 1, 11700 E. 47th Ave., 336,800 SF
- Mile High Industrial 2, 11511 E. 45th Ave., 336,481 SF
- Mile High Industrial 2 A, 11775 E. 45th Ave., 90,352 SF
- Mile High Industrial 3, 11351 E. 45th Ave., 255,767 SF
- Mile High Industrial 4, 11198 E. 45th Ave., 163,028 SF
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.
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 sales and advisory, debt advisory, equity advisory, or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
