Brookfield Asset Administration has accomplished the acquisition of a 128-property, 14.6-million-square-foot portfolio of infill mild industrial property from funds overseen by DRA Advisors. In line with Inexperienced Road Information, the multinational investor gained the deal again in June after bidding closest to the portfolio’s sought-after value.
The portfolio, which was marketed by Eastdil Secured, spans 20 completely different markets, with many of the services situated within the Solar Belt. Others are within the Northeast and Midwest.
A separate report from Inexperienced Road states that the cities within the portfolio with the biggest numbers of properties embrace Atlanta, with 18 properties, Dallas, with 16 properties, Houston, with 17 properties and Memphis, with 12 properties. Columbus, Ohio took up the highest spot for sq. footage, with Brookfield now underneath possession of practically 2.3 million sq. toes of house across the metropolis.
In line with Law360, the acquisition value was $1.3 billion, and Gibson Dunn & Crutcher LLP supplied counsel to Brookfield. DRA Advisors’ authorized steerage got here from Clean Rome LLP, whereas Dechert LLP represented the offers’ financiers.
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The Inexperienced Road report states that opponents included EQT Exeter, which has spent greater than $500 million this 12 months for industrial acquisitions in Baltimore, Washington D.C., Phoenix and the Inland Empire.
Brookfield didn’t reply instantly to CPE’s request for remark.
Plans for the portfolio
Following the acquisition, Brookfield intends to vertically combine the portfolio alongside its in-house world logistics platform, which spans 425 properties and 150 million sq. toes unfold over greater than 9 nations.
The agency additionally plans to put money into capital enhancements applications for the property, with focuses on vitality effectivity and sustainability, in addition to worker and tenant security.
For its personal half, Brookfield has been an lively CRE investor this 12 months, notably on the workplace entrance. Final month, the investor refinanced One Liberty Plaza, a 2.3 million sq. foot tower in Manhattan, for $750 million. In January, the agency opened Two Manhattan West, a 58-story high-rise the place growth price $1.9 billion.
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