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JV of Venture One, DRA Recapitalizes Industrial Portfolio for Nearly $369M
Rosemont, IL-based Venture One Real Estate has formed a joint venture with New York City-based DRA Advisors to take over a 2.8 million-square-foot industrial portfolio in a recapitalization valued at nearly $369 million, reported Crain’s Chicago Business.
The portfolio comprises properties in the Chicago area, New Jersey, Long Island and Philadelphia, with the heaviest concentration in suburban Chicago. The JV bought the portfolio from a Venture One investment fund that acquired the properties starting in 2019.
Although demand for warehouse space remains high among tenants, fewer properties are trading as higher interest rates have pushed borrowing costs up and investment returns down, Crain’s reported. Total U.S. industrial sales volume fell to $142 billion in the 12 months through February, down 24% from the prior 12-month period, according to MSCI Real Assets.
A CBRE team led by vice chairman Michael Caprile arranged the sale to the DRA JV.
- ◦Sale/Acquisition
