The 11.4 million-square-foot portfolio is fully leased and
positioned in 13 key industrial markets
DALLAS, Oct. 26, 2023 /PRNewswire/ --
JLL's Capital Markets group announced today that it
arranged a total of $869 million in
financing for a 25-property bulk industrial portfolio totaling 11.4
million square feet in 13 major industrial markets across the
U.S.
JLL worked on behalf of the borrower to secure fixed-rate loans
from Northwestern Mutual and PGIM Real Estate. The team secured two
separate financings of $259 million
and $195 million from Northwestern
Mutual and a single $415 million loan
from PGIM Real Estate.
The portfolio is comprised of newly built, Class A
institutional-quality assets that are fully occupied by 42 diverse
tenants. The portfolio has an average clear height of 35 feet and
an average vintage of 2020.
The JLL Capital Markets Debt Advisory team was led by Senior
Managing Director John Rose,
Associate Ryan Pollack, and Analyst Luke
Rogers. The JLL team worked closely with Kevin Westra and Bob
Henning with Northwestern Mutual and Paul Geyer with PGIM Real Estate to facilitate
the timely loan closings.
JLL's Capital Markets group is a full-service global provider of
capital solutions for real estate investors and occupiers. The
group'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 Northwestern Mutual
Northwestern
Mutual has been helping people and businesses achieve
financial security for more than 165 years. Through a comprehensive
planning approach, Northwestern Mutual combines the expertise of
its financial professionals with a
personalized digital experience and industry-leading products to
help its clients plan for what's most important. With more
than $558 billion of total assets being managed across
the company's institutional portfolio as well as retail investment
client portfolios, nearly $35 billion in revenues,
and $2.2 trillion worth of life insurance protection in
force, Northwestern Mutual delivers financial security to more than
five million people with life, disability income and long-term care
insurance, annuities and brokerage and advisory services.
Northwestern Mutual ranked 111 on the 2023 FORTUNE 500.
Northwestern Mutual is the marketing name for The Northwestern
Mutual Life Insurance Company (NM), Milwaukee, WI (life
and disability insurance, annuities and life insurance with
long-term care benefits) and its subsidiaries.
Subsidiaries include Northwestern Mutual Investment
Services, LLC (NMIS) (investment brokerage services),
broker-dealer, registered investment adviser, member FINRA and
SIPC; the Northwestern Mutual Wealth Management
Company® (NMWMC) (investment advisory and
services), federal savings bank; and Northwestern Long Term Care
Insurance Company (NLTC) (long-term care insurance). Not all
Northwestern Mutual representatives are advisors. Only those
representatives with "Advisor" in their title or who otherwise
disclose their status as an advisor of NMWMC are credentialed as
NMWMC representatives to provide investment advisory services.
About PGIM Real Estate
With $210 billion in gross assets under management and
administration,1 PGIM Real Estate provides
investors and borrowers access to a range of real estate equity,
real estate debt, agriculture, and impact solutions across the
risk-return spectrum. PGIM Real Estate is a business
of PGIM, the global asset management business of
Prudential Financial, Inc. (NYSE: PRU). PGIM
Real Estate's risk management approach, execution
capabilities and industry insights are backed by a 50-year legacy
of investing in commercial real estate, a 140-year history of real
estate financing2 and the local experience
of professionals in 32 cities globally. Through its investment,
financing, asset management, and talent management approach,
PGIM Real Estate engages in practices that strive to ignite
positive environmental and social impact, while pursuing activities
that seek to strengthen communities around the world. For more
information
visit pgimrealestate.com.
1 As of 30 June 2023.
Net AUM is $133 billion and AUA is
$49 billion.
2 Includes legacy lending through PGIM's parent company,
PFI.
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 $20.9 billion and operations in over 80 countries
around the world, our more than 103,000 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.
Contact: Alli Semans, Public Relations,
Associate
Phone: +1 330 329 6750
Email: Alli.Semans@jll.com
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SOURCE JLL