Investcorp Acquires $170M Industrial Portfolio

The eight buildings, which are spread across the U.S., comprise 1.4 million square feet and are 100 percent leased to such tenants as FedEx Ground and XPO Logistics.
Image via Wikimedia Commons

Investcorp has acquired an eight-building industrial portfolio spread across the U.S. for $170 million. The properties house a total of 1.4 million square feet of space and are currently 100 percent leased. The firm did not disclose a seller in the deal.

The properties are single-tenant distribution buildings located in eight major U.S. markets—Chicago, Phoenix, Jacksonville, Fla., St. Louis, Mo., Charlotte, N.C., Cincinnati, Cleveland and San Antonio. Tenants at the properties span a range of industries and include FedEx Ground, XPO Logistics, Conagra Foods and Spectrum.

“With the rapid growth of e-commerce driving increased demand for industrial assets nationwide, this portfolio underscores our ability to identify and then execute on long-term, secular trends in real estate,” said Herb Myers, managing director in real estate investment at Investcorp, in prepared remarks. Myers added that the properties are located strategically near major highways and railways.

With this latest transaction, Investcorp expands its portfolio to 191 industrial buildings with a total of 16 million square feet. The Bahrain-based firm has been making major moves over the last year-and-a-half, picking up approximately $2 billion in U.S. real estate in 21 individual transactions, underscoring a 152 percent jump in foreign investment in industrial assets in 2018 versus 2017.

Other recent moves by Investcorp include the sale of two office properties in Minneapolis to DRA Advisors for $73.7 million in March, as well as the firm’s acquisition of a $300 million industrial portfolio with 4.5 million square feet last September.