JLL arranges $236M acquisition financing for 20-property Midwest industrial portfolio

CHICAGO, Aug. 13, 2026 – JLL Capital Markets announced today it arranged $236 million in acquisition financing for a 20-property industrial portfolio totaling approximately 4.4 million square feet across six markets in Kentucky, Ohio, Missouri and Illinois.

JLL worked on behalf of the borrower, a joint venture between SparrowHawk and Almanac Realty Investors, to secure a five-year, fixed-and-floating rate loan through PPM America.

The Central Logistics Portfolio spans the Cincinnati, Columbus, Dayton, Louisville, Cleveland and St. Louis markets, positioning the owners to capitalize on the region's strategic logistics advantages and access to nearly 50% of the U.S. population within a day's drive.

The portfolio is 94% occupied by 30 tenants across diverse industries including logistics and distribution, business and professional services, industrial and manufacturing, e-commerce and retail, and wholesale and supply distribution.

The 20 properties, built in 2006 on average, feature modern specifications including 30-foot average clear heights, extensive dock capacity and predominant tilt-up and precast concrete construction. The assets offer substantial flexibility through a mix of single-tenant and multi-tenant configurations, with an average building size of 221,000 square feet. Properties feature cross-dock and rear-load capabilities, extensive dock door capacity and truck courts ranging from 115 feet to 205 feet.

"This portfolio represents a significant milestone for SparrowHawk and reflects the strength of our partnership with Almanac Realty Investors," said Alfredo Gutierrez, president and founder of SparrowHawk. "The strategic location of these assets across key Midwest markets, combined with JLL's financing expertise and PPM's execution, positions us well for long-term growth. We're building a platform designed to deliver consistent value through quality assets and strong partnerships."

The JLL Capital Markets team was led by Senior Director Brian Walsh and Managing Director Lucas Borges, along with Senior Managing Director Steve Klein, Director Chris Pratt, and Senior Analysts Emma Berner and Christian Johnston.

"This transaction attracted significant lender interest given the institutional quality of the sponsorship and the portfolio's strategic positioning across high-performing Midwest markets," Walsh said. "The joint venture between SparrowHawk, a sponsor with deep operational expertise, and Almanac Realty Investors, an institutional investor with substantial capital resources, created a highly sought-after financing opportunity that attracted significant attention across the debt markets."

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, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group 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. 

JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 112,000 as of June 30, 2026. For over 200 years, clients have trusted JLL, a Fortune 500^® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. 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 WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

SparrowHawk was founded by Alfredo Gutierrez in 2011. The firm is fully integrated and focused on the acquisition and management of institutional-quality industrial assets located throughout the Midwest. For more information, visit www.sparrowhawkre.com.

Almanac Realty Investors, a business unit of Neuberger, is a leading provider of growth capital to private and public real estate companies. Originally founded in 1981 under the name Rothschild Realty, Almanac Realty Investors partners with established owner-operators in all sectors of the real estate market with the goal of accelerating company growth and has committed more than $9.8 billion in capital to 61 real estate companies, both private and public, primarily across North America. Neuberger is an employee-owned, private, independent investment manager founded in 1939 with 2900 employees in 26 countries. For more information, visit www.almanacrealty.com.

Our mission is to deliver consistent results and unrivaled service that clients trust to achieve their investment objectives.

PPM is a US-based institutional asset manager with $101.07 billion in assets under management as of June 30, 2026.¹ Established in Chicago in 1990, PPM offers investment capabilities in public fixed income, commercial real estate debt, private and structured credit, private equity and CLO management. PPM exists to consistently support institutional clients in achieving their long-term value goals. We offer our mentality of hard work, straight talk, full transparency and humility. Our success is supported by a team-based culture that encourages debate, collaboration and consistency. At the center of our belief is the fact that our best ideas to date have and can come from any team member anywhere in our firm. We believe the success of our investment culture is best demonstrated by the strong retention of our clients and investment professionals. For more information, visit ppmamerica.com.

¹ AUM includes committed but unfunded capital for PPM’s private equity and commercial real estate businesses. AUM includes both securities issued by PPM CLO vehicles held by PPM separately managed account clients and the underlying collateral assets of the CLO vehicles managed by PPM.