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Case Study

Five-building, 2.7-million-square-foot industrial portfolio sells for $99.5 million in one transaction

​KTR Capital Partners had assembled a large Midwest industrial portfolio through a variety of value-add transactions. JLL was recruited to create the most attractive offering in the market. We advised to combine and sell a set of five buildings—spread across the Midwest in Chicago, Indianapolis, Cincinnati and Columbus—as a portfolio to attract the most interest.

The 2.7-million-square-foot total offering was attractive. Each of the buildings was constructed between 2006 and 2007, the portfolio was 94-percent leased to six tenants, and it was debt free. We promoted key features including:

  • Location in four of the top industrial distribution markets in the Midwest, offering access to rail and distribution hubs, connectivity to major transportation routes and access to high concentrations of the U.S. population
  • 30’ to 32’ clear ceiling heights, ESFR sprinkler systems, above-average loading and abundant auto and trailer parking
  • Well-maintained facilities that required minimal capital investment in the short term
  • Below-market rental rates

Adding more value to KTR, JLL’s real estate investment banking team worked in tandem with the sales process during the marketing efforts to create a competitive field of potential lenders.  This team was then hired by the buyer to place the financing for their acquisition.

A deal closed in February 2013 with Welsh Property Trust, who purchased the entire Core Midwest Distribution Portfolio in one transaction for $99.5 million.

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