JLL Arranges Nearly $107M Industrial-Focused JV Partnership

The Meritex Company and AEW Capital Management have secured an equity interest in an industrial portfolio, with plans to acquire additional assets.

CHARLOTTE, NC – JLL has arranged a $106.7 million joint-venture partnership dedicated to industrial acquisitions. The transaction secures an equity interest in an existing, 931,398-square-foot industrial portfolio. The deal also includes the intent to acquire additional industrial assets across key logistics markets.

JLL work on behalf of The Meritex Company to arrange the partnership with AEW Capital Management LP.

The owned portfolio consists of 14 industrial assets located in Charlotte, NC and Phoenix, AZ. The industrial-focused joint-venture partnership will additionally continue Meritex’s acquisition and select-development program; acquiring core and core-plus, infill, multi-tenant industrial assets across high-growth markets.

In addition to its existing portfolio properties, Meritex is actively seeking to increase its industrial holdings within the Dallas, Miami, Phoenix and Charlotte markets. The firm currently has several transactions in its pipeline, with a plan to acquire an additional $125 million in properties over the next 18 months, on behalf of the joint-venture.

JLL’s Industrial Outlook Report from Q2 2019 portrayed steady vacancy rates at 5% within the sector, despite 65.2 million square feet of new industrial completions.

The JLL Capital Markets team representing Meritex in the transaction was comprised of Capital Markets Americas CEO, Mark Gibson, senior managing director, Trey Morsbach, managing director, Adam Herrin, director, Stephen Bailey and senior managing director, Jeremy Womack.

Co-brokerage services for the transaction were provided by Jones Lang LaSalle Americans Inc. The deal was secured by Holliday Fenoglio Fowler LP (HFF), prior to being acquired by JLL in July 2019.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm has more than 3,700 specialists worldwide, occupying offices in nearly 50 countries.

The Meritex Company, headquartered in Minnesota, owns and manages 11 million square feet of institutional grade, multi-tenant space, across more than 90 properties in eight markets.

AEW Capital Management LP is a global real estate investment management services provider, founded in 1981. AEW and its affiliates manage $76 billion in properties and securities throughout North America, Europe and Asia.