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NEW YORK CITY-Pantheon Properties, a locally based, full-service owner and operator of industrial properties, has entered into a joint venture with Principal Real Estate Investors, the real estate investment group of Des Moines-based Principal Global Investors.

When leveraged, Equity commitments made by Pantheon and Principal, will enable the venture to acquire approximately $400 million in value-added, industrial/flex properties in New York, New Jersey, Pennsylvania, Maryland and Delaware. Property size targets for this joint venture will range from 100,000 sf to 1,000,000 sf., according to a statement made by Pantheon Properties.

“We are extremely proud that a company of Principal’s stature, track record and global leadership selected Pantheon as its joint venture partner,” says Ken Cohen, the founder and CEO of Pantheon Properties.

The Pantheon/Principal joint venture is targeted to acquire approximately five million sf of industrial assets, including warehouse/distribution as well as manufacturing and flex properties. The joint venture has already identified two acquisitions that are currently in closing stages and should be finalized next month, according to a statement made by Pantheon Properties.

Herrick, Feinstein LLP served as lead counsel to Pantheon and Holliday Fenoglio Fowler acted as financial advisor.

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