JLL closes $73.6M financing on a four-property portfolio across four markets in the United States

MIAMI, Mar. 15, 2024 – JLL Capital Markets announced today that it has arranged $73.6 million in financing for the acquisition of four, fully stabilized industrial assets located in Fremont, CA, Houston, TX, Gouldsboro, PA and Tampa, FL on behalf of Hines.

JLL represented the borrower, Hines U.S. Property Partners (HUSPP or the “Fund”), the firm’s flagship commingled U.S. core plus fund.

Half of the portfolio is recently delivered 2022-2023 construction, while the other half has undergone extensive Capital Expenditures and remodels, resulting in little to no near-term expenditures for Hines. The properties sit in robust industrial parks surrounded by highly trafficked roads (ranging from 40K to 272K Vehicles Per Day) and national tenants such as Coca-Cola, Tesla, Sysco, Costco and Americold.

The five-building portfolio is fully occupied by ten various longstanding manufacturing and distribution tenants. All properties are located in high growth markets with local resident bases averaging 1.9 million residents within a 30-minute drive, and 14 percent population growth on average, over the last decade.

The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Melissa Rose and Colby Mueck, Senior Directors Michael DiCosimo and Michael Pagniucci, Director Taylor Gimian and Analyst Nicole Barba.

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.

HUSPP is an open-ended, diversified fund targeting next-generation assets in top-performing submarkets throughout the United States. The fund’s strategy is to “buy, build, and manage to core” through research-driven portfolio construction, smarter submarket and sector selection, vertically integrated value creation, and product designed for future demand. HUSPP expects to continue to invest across the living, industrial, office and mixed-use sectors, as well as select alternative sectors, such as life sciences, self-storage, and others, to construct a diversified portfolio that targets a balance of yield and growth.

For more news, videos and research resources, please visit JLL’s newsroom.

Hines is a global real estate investment, development and property manager. The firm was founded by Gerald D. Hines in 1957 and now operates in 30 countries. We manage a $93.2B¹ portfolio of high-performing assets across residential,

logistics, retail, office, and mixed-use strategies. Our local teams serve 857 properties totaling over 270 million square feet globally. We are committed to a net zero carbon target by 2040 without buying offsets. To learn more about Hines, visit www.hines.com and follow @Hines on social media. #Marketing Communications

¹Includes both the global Hines organization as well as RIA AUM as of December 31, 2023