Investcorp has successfully concluded the sale of a significant industrial property portfolio across the Midwestern United States, realizing $365 million. This strategic divestment encompasses approximately 3.5 million square feet of assets spread across key markets, including Chicago, Illinois, and multiple cities in Ohio such as Cleveland, Cincinnati, and Columbus.
Key Takeaways
- Investcorp has liquidated a 3.5 million sq. ft. industrial portfolio for $365 million.
- The portfolio included assets in Illinois and Ohio.
- The company remains optimistic about the industrial asset class.
Strategic Divestment Details
The extensive portfolio sale includes a collection of 23 light industrial properties totaling over 2 million square feet in Columbus, Cincinnati, and Cleveland, Ohio. Additionally, the transaction involved an eight-building industrial park near Chicago’s O’Hare International Airport, spanning nearly 1 million square feet, and a 434,000-square-foot distribution facility within the Cleveland metropolitan statistical area.
Investcorp’s Outlook on Industrial Real Estate
Herb Myers, Global Head of Real Assets for Investcorp, expressed confidence in the industrial asset class, stating that the successful liquidation of this portfolio underscores their strategic capital deployment in vital U.S. markets. While acknowledging a moderation in sector growth compared to 2021 and 2022, Myers highlighted ongoing opportunities. Investcorp continues to identify attractive submarkets near significant population centers, prioritizing locations with excellent transportation accessibility for future investments.