JLL Capital Markets has announced that it has arranged a Shariah-compliant joint venture equity partnership and $22.9 million in debt financing for the acquisition of a five-property industrial portfolio with more than 557,000 square feet of light industrial and flex space in Michigan, Minnesota, Illinois and Iowa.
JLL worked on behalf of Chicago-based Brennan Investment Group (BIG) to arrange the joint venture partnership with Saudi Arabia-based Arbah Capital. Additionally, working on behalf of the new partnership, JLL placed a five-year, floating-rate loan with Wintrust Bank.
The portfolio comprises two facilities in the Grand Rapids MSA, 5460 Executive Pkwy. in Grand Rapids and 1865 Industrial Dr. in Grand Haven, Michigan. Additionally, the 7550 49th Ave. in New Hope (Minneapolis MSA), Minnesota; 4050 Ryan Rd. in Gurnee (Chicago MSA), Illinois; and 1100 E. LeClaire Rd. in Eldridge (Iowa City-Cedar Rapids MSA), Iowa, round out the portfolio.
Home to a diverse mix of tenants in the automotive, manufacturing and telecommunications industry, the 97.5 percent-leased portfolio has a weighted average lease term of 5.4 years. Four of the facilities are single-tenant assets.