A portfolio acquired by Principal Asset Management and a state-sponsored pension plan includes 2.1 million square feet in Denver, Houston and northern New Jersey. — Courtesy: JLL
By Joshua Burd
An investment group has acquired 2.1 million square feet of industrial space in the Denver, Houston and northern New Jersey markets as part of a newly announced deal by JLL.
According to the brokerage team, which represented the confidential seller, Principal Asset Management and a state-sponsored pension plan acquired the portfolio of 10 buildings. They include an undisclosed property in Exit 8A submarket off the New Jersey Turnpike, plus five buildings in Denver and four in southwest Houston.
The portfolio, which has an average building size of 210,000 square feet and an average clear height of 32 feet, is 96.7 percent leased with modern features and strategic locations in high-growth markets, according to a news release. Terms of the sale were not disclosed.
“This portfolio transaction demonstrates the continued favor that high-quality assets in strategic markets enjoy with investors,” JLL’s Trent Agnew said. “We had a highly competitive process that resulted in a good outcome for the client.”
The brokerage team included Agnew and John Huguenard, senior managing directors and industrial group leaders with JLL, along with senior managing directors Peter Merrion, John Plower and Patrick Nally, Managing Director Charlie Strauss, Senior Director William McCormack and Director Robert Key.
