Clear Height Recapitalizes 15-Asset Portfolio in JV with Harbert
Clear Height Properties has completed a 15-property, $55-million-plus recapitalization through the formation of a joint venture partnership with Harbert U.S. Real Estate, an investment strategy sponsored by Harbert Management Corporation. The transaction marks HMC’s entry into Chicago industrial, and provides Clear Height with capital toward doubling its portfolio size in 12 months.
“This is another important milestone in the growth and expansion of Clear Height Properties,” said Gary Rose, Clear Height COO. “It both validates the founding principles of the firm and paves the way for greater opportunity to develop our platform for the benefit of our partners, investors and team members.”
The 15 assets total more than 1,000,000 square feet with more than 130 tenants. They’re located throughout the Chicago metro area and typically are multi-tenant facilities averaging 90% occupancy.
A JLL industrial capital markets team of John Huguenard, Robin Stolberg and Kurt Sarbaugh completed the transaction.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).