$252.5M financing secured for a 3.64M SF national industrial portfolio

CHICAGO, June 30, 2025 – JLL's Capital Markets group announced today that it has arranged $252.5 million in financing for the Lower Terra Industrial Portfolio, a collection of 21 light industrial, mission-critical properties totaling 3.64 million square feet across 17 markets in the United States.

JLL represented the sponsor, Brennan Investment Group (“BIG”) and Farallon Capital, to secure the floating-rate, five-year loan from affiliates of Apollo.

Located across 13 states in the East, West, Central and Southeast regions, the portfolio benefits from strategic positioning in top-performing industrial markets. The portfolio's geographic diversity provides access to labor markets representing approximately 18% of the U.S. workforce. Further, the portfolio features strong tenant commitment with an average tenure of over 30 years, including several mission-critical facilities with heavy bolt-down investments and four headquarters locations.

The properties are 98% occupied by 16 diverse tenants spanning a broad array of industries representing the largest sectors of the U.S. economy. The portfolio also benefits from its exposure to the manufacturing sector, affording sponsorship the opportunity to capitalize on pent-up leasing demand as leases roll. As of Q1 2025, JLL observed new manufacturing leasing activity increase by 17.4% quarter-over-quarter.

The JLL Capital Markets Debt Advisory team was led by Senior Director Lucas Borges, Senior Managing Director Matthew Schoenfeldt and Associate Tara Hagerty.

"This portfolio represented an exceptional opportunity to finance well-maintained, mission-critical industrial facilities with an institutional sponsorship group that brings unrivalled sector expertise," said Borges. "The combination of the portfolio's geographic diversity, long-term tenant base and strategic positioning in markets with strong industrial fundamentals made this an attractive investment opportunity in today's capital markets environment."

JLL's Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or recapitalization. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Brennan Investment Group, a Chicago-based private real estate investment firm, acquires, develops, and operates industrial properties in select major metropolitan markets throughout the United States. Since 2010, Brennan Investment Group has acquired or developed $6.5 billion in industrial real estate in 30 states. The company’s current portfolio spans 29 states and encompasses approximately 57 million square feet.

Brennan Investment Group co-invests with private and institutional capital to achieve outstanding risk-adjusted returns. The company has 18 regional offices throughout the United States, and the firm’s management team is among the most accomplished in its industry, having invested in over 5,000 properties covering more than 60 cities throughout the United States, Canada, and Europe.

For more information on Brennan Investment Group, go to brennanllc.com.

Farallon Capital Management, L.L.C., is a global investment firm founded in 1986 and registered as an investment advisor with the United States Securities and Exchange Commission since 1990. Farallon seeks investments across asset classes and around the world through a process of bottom-up fundamental research and analysis emphasizing capital preservation. More information on Farallon is available at www.faralloncapital.com.