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Brennan Forges JV with Arbah Capital
JLL Capital Markets arranged a Shariah-compliant joint venture equity partnership and $22.9 million in debt financing for the acquisition of a five-property industrial portfolio with more than 557,000 square feet of light industrial and flex space in Michigan, Minnesota, Illinois and Iowa.
JLL worked on behalf of Chicago-based Brennan Investment Group (BIG) to arrange the JV with Saudi Arabia-based Arbah Capital. Additionally, working on behalf of the new partnership, JLL placed a five-year, floating-rate loan with Wintrust Bank.
London-based Claudio V. Sgobba and Chicago-based Christopher Carroll arranged the JV partnership, along with JLL’s David Berglund, Matthew Schoenfeldt and Doug Childers.
“It has been a pleasure to work with JLL and BIG on this transaction, which posed a number of challenges in this environment,” said Arbah CEO Mahmood Y. Al-Kooheji. “We were very impressed with the professionalism and pragmatism of our partners to get this deal over the line.”
Pictured: 1865 Industrial Dr. in Grand Haven, MI, part of the JV portfolio.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Sale/Acquisition
