Dealmaker: JLL Arranges $690M For 44-Property Portfolio

JLL, Chicago, arranged $690 million for a portfolio of 44 net-leased industrial, office and data center properties totaling 6.85 million square feet in 10 states.

The firm represented borrower Blackstone Real Estate Income Trust, New York, and placed the two-year, floating-rate, non-recourse loan with Wells Fargo Bank, San Francisco. The financing included a term loan and a revolving credit facility. The New York Agency of Singapore-based United Overseas Bank also joined the financing, committing half of the arranged capital post-closing.

JLL Executive Managing Director Trey Morsbach led the debt advisory team with Managing Director Michael Cosby and Analysts Bo Beidleman and Ryan Pollack.

The portfolio included single- and multi-tenant assets with functions including warehouse, bulk warehouse, light industrial, office, laboratory, truck terminal, data center and raw land. With an average age of 17 years, the properties are more than 80 percent leased to tenants representing e-commerce, web services, pharmaceuticals and logistics usage, among others. 

Occupying more than 610 acres in total, the portfolio properties are in high-growth markets such as Raleigh-Durham and Greensboro, N.C., Boston, Atlanta, Chicago, Salt Lake City and Minneapolis.