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national   /   December 3, 2020

Dennis Kaiser
By: Dennis Kaiser

Stockbridge Forms JV with Korean Pension Fund, Snags 14M-SF Industrial Portfolio

San Francisco-based Stockbridge Capital Group formed a joint venture with the National Pension Service of Korea (NPS) to acquire core logistics properties in the U.S. In partnership with Stockbridge’s open-end core fund and an additional institutional investor, this newly formed venture has committed to acquire a 14.3-million square foot portfolio of Class A logistics facilities across the U.S.—the largest transaction by value of industrial properties since the onset of the pandemic.

Financial terms of the transaction and the seller were not disclosed. The Los Angeles Times reported the deal value at $2 billion and the seller as Hillwood Properties.

Stockbridge’s Terry Fancher says, “We see this acquisition as an exceptional way of tapping into the rapid acceleration of e-commerce growth—one of the most impactful investment themes post-COVID, and likely of the decade to come.”

The portfolio includes recently completed and soon-to-be-completed properties, with a significant representation of major e-commerce tenants under long-term leases. With an average year built of 2020, the portfolio embodies the latest evolution in technology-forward logistics construction, designed towards meeting demand for ever-faster e-commerce fulfillment and delivery times.

NPS’ Scott Kim says, “This acquisition will be an excellent addition to our real estate portfolio. Additionally, our local presence in New York has allowed us to quickly underwrite the portfolio and manage partner relationships to successfully form this venture.”

PGIM Real Estate provided a $356-million loan to Stockbridge for the acquisition. Nuveen Real Estate also provided an undisclosed amount.

Eastdil Secured served as the debt placement advisor and the valuation advisors were CBRE, Colliers International, Cushman & Wakefield, Eastdil Secured and JLL.

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Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience.
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