The 2.1M SF industrial portfolio sold to Principal Asset Management and a state-sponsored pension plan
News release
02 June 2025
JLL facilitates industrial portfolio sale across three markets
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CHICAGO, Jun. 2, 2025 – JLL Capital Markets announced today the sale of an industrial portfolio spanning Denver, Houston and New Jersey. The transaction involved 10 high-quality industrial properties totaling 2.1 million square feet.
JLL represented the confidential seller in the sale. Principal Asset ManagementSM and a state-sponsored pension plan acquired the assets.
The portfolio, which is 96.7% occupied, comprises five properties in Denver, four in southwest Houston and one in northern New Jersey. With an average building size of 210,000 square feet and an average clear height of 32 feet, the portfolio boasts modern features and strategic locations in high-growth markets.
In Denver, which accounts for 56% of the portfolio's square footage, the assets are situated between the airport and downtown, capitalizing on the city's growing logistics needs. The Houston properties, making up 34% of the portfolio, are well-positioned in the Southwest submarket. The New Jersey asset, located at Exit 8A of the New Jersey Turnpike, offers excellent access to the Northeast corridor.
The JLL Capital Markets Investment Sales and Advisory team included Senior Managing Directors and Industrial Group Leaders Trent Agnew and John Huguenard, Senior Managing Directors Peter Merrion, John Plower and Patrick Nally, Managing Director Charlie Strauss, Senior Director William McCormack and Director Robert Key.
“This portfolio transaction demonstrates the continued favor that high-quality assets in strategic markets enjoy with investors. We had a highly competitive process that resulted in a good outcome for the client,” said Agnew.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm'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 a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL’s newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Principal Asset Management
With public and private market capabilities across all asset classes, Principal Asset Management and its investment specialists look at asset management through a different lens, creating solutions to help deliver client investment objectives. By applying local insights with global perspectives, Principal Asset Management identifies distinct and compelling investment opportunities for more than 1,100 institutional clients in over 80 markets. Principal Asset Management is the global investment solutions business for Principal Financial Group® (Nasdaq: PFG), managing $555.8 billion in assets(1) and recognized as a “Best Places to Work in Money Management”(2) for 12 consecutive years. Learn more at www.PrincipalAM.com.
[1] As of March 31, 2025
[2] Pensions & Investments, “The Best Places to Work in Money Management”, among companies with 1,000 or more employees, December 2024.