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 in the US.

 

JLL, worked on behalf of Chicago-based Brennan Investment Group (BIG) to arrange the joint venture partnership with Saudi Arabia-based Arbah Capital for the 557,000 sq ft of light industrial and flex space in Michigan, Minnesota, Illinois and Iowa.

 

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, said JLL Capital Markets in its statement. 

 

Home to a diverse mix of tenants in the automotive, manufacturing and telecommunications industry, the 97.5 per cent-leased portfolio has a weighted average lease term of 5.4 years. Four of the facilities are single-tenant assets, it added.

 

Arbah Capital CEO Mahmood Y. Al-Kooheji said: "It has been a pleasure to work with JLL and BIG on this transaction, which posed a number of challenges in this environment."

 

"We were very impressed with the professionalism and pragmatism of our partners to get this deal over the line. Arbah looks forward to building on our relationships for more success in the future," he added. 

 

CIO Scott McKibben said Brennan Investment Group appreciates JLL’s efforts in introducing both equity and debt partners to this transaction and looks forward to growing a strong business relationship with Arbah Capital in the coming years.

 

The JLL Capital Markets team that arranged the joint venture equity partnership and financing was led by Senior Director Claudio V. Sgobba out of JLL’s London office and Managing Director Christopher Carroll in JLL’s Chicago office, along with Senior Managing Director David Berglund, Managing Director Matthew Schoenfeldt and Senior Director Doug Childers.

 

"It is always a rewarding result bringing a new equity relationship to BIG and exporting a strategic Gulf client to the US," Sgobba said. 

 

"We are confident that BIG and Arbah are an outstanding fit together and will have a longstanding, go-forward partnership. It was a pleasure working alongside Waseef Asghar, Arbah Capital’s Investment Director; and Mahmood Y. Al-Kooheji; and Scott McKibben," he added.

 

Group Senior VP Nicholas M. Cannon said Wintrust Bank was very fortunate to have the opportunity to work with such experienced ownership.

 

"We are delighted to provide capital support for Brennan Investment Group, Arbah Capital and the JLL teams for a well-leased, stabilized, industrial building portfolio," he added.-TradeArabia News Service