Wafra, Arden Group Aim to Aggregate $1B of Industrial Service Facilities
Acquisitions will range from $5 million for smaller assets to $200+ million for national portfolios.
Wafra and Arden Group are launching a venture, aiming for a $1 billion aggregation of industrial service facilities in top U.S. growth markets.
The venture plans to scale a diversified portfolio of industrial service facilities, including industrial outdoor storage sites, truck terminals, trailer parking and last mile port facilities, building a sizeable market share within a highly fragmented sector.
The firms have closed on a portfolio of ISF properties, building an immediate presence in key growth markets, including Dallas, Houston, Atlanta, Austin and Miami.
Wafra is a global alternative investment firm and Arden Group is a U.S. middle-market real estate fund manager.
Cleary Gottlieb served as Wafra’s legal counsel and Cozen O’Connor served as Arden Group’s legal counsel. CBRE served as Arden Group’s exclusive financial advisor in connection with the transaction and provided advisory services to the venture on financing.
Financing for the venture’s initial acquisitions led by CIT Bank.