JLL Capital Markets orchestrates sale and financing of industrial assets totalling nearly 2M SF across Georgia, Florida and Texas
News release
25 September 2024
Sunbelt Logistics Portfolio sold for $160M
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ATLANTA, Sept. 25, 2024 – JLL Capital Markets announced today the $160 million sale and acquisition financing secured for Sunbelt Logistics Portfolio, a fully leased industrial portfolio totalling 1.8 million square feet located across Georgia, Florida and Texas.
JLL represented the seller, while Northwood Investors acquired the portfolio. JLL also secured acquisition financing from affiliates of Apollo.
The portfolio consists of three high-quality industrial buildings located in premier distribution submarkets across three dynamic growth cities: Home Depot Cedar Port Distribution Center in Baytown, Texas; Havertys Distribution Center in Braselton, Georgia; and 10000 NW 15th Terrace in Miami, Florida. Each property serves as a mission-critical component of each respective tenant’s supply chain. The portfolio has seven years of weighted average lease term with a large, embedded mark to market as the in-place rents are approximately 40% below market rents.
The JLL Investment Sales and Advisory team was led by Senior Managing Director Britton Burdette, Senior Managing Director and Capital Markets Industrial Co-Leader Trent Agnew and Managing Director Luis Castillo. Senior Director Bobby Norwood led the JLL Debt Advisory team that secured the financing.
“This portfolio transaction exemplifies the robust demand for well-positioned industrial assets in high-growth Sunbelt markets,” said Burdette. “Each property's strategic location contributes to the portfolio's overall value proposition, making it an attractive investment in today's competitive landscape.”
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.
For more news, videos and research resources, please visit JLL’s newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Northwood Investors
Northwood is a privately-owned, employee-held registered investment advisor that was founded in 2006 by John Z. Kukral, former President and CEO of Blackstone Real Estate Advisors.
Northwood employs a fundamental, value-driven investment strategy, pursuing attractive risk-adjusted returns while limiting downside risk. Northwood invests alongside institutional and private clients in a broad range of real estate and real estate-related investment opportunities across the US and Europe, with approximately $8 billion of assets under management as of December 31, 2023.