Investcorp, a sponsor and manager of alternative investment products, has purchased 32 industrial properties in Ohio totaling approximately 3.5 million square feet for a total capitalization of more than $280 million. The properties grow Investcorp’s U.S. industrial real estate portfolios to approximately $2 billion with 22 million square feet comprised of more than 260 buildings.
The 32-property portfolio is comprised of Class A and B warehouse, distribution, and flex industrial buildings with a diversified tenant base across a range of industries, including healthcare, logistics, e-commerce, industrials, telecommunications and food services, among others. The portfolio is 96 percent leased.
The properties are primarily located in the major industrial markets of Chicago and Cleveland, Ohio, with the remaining located in Columbus and Cincinnati.
“The global COVID-19 pandemic has further underscored the importance of industrial real estate assets located near major population and logistics hubs…,” said Herb Myers, managing director and co-head of real estate North America at Investcorp. “E-commerce sales are experiencing accelerated growth and is expected to generate between 400 million to 1 billion square feet of excess demand for industrial space over the next several years.”
Investcorp is a global investment manager, specializing in alternative investments across private equity, real estate, credit, absolute return strategies, GP stakes and infrastructure. As of June 30, 2020, Investcorp Group had $32.2 billion in total assets under management, including assets managed by third party managers.