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Metro Detroit Industrial Recapitalized for $125M
JLL Capital Markets recently completed the $125-million recapitalization of Gateway Industrial Center, a 69-acre, 1.4-million-square-feet industrial campus located in metro Detroit.
A JLL team of Stephen Van Leer, Ed Halaburt, Trent Niederberger and Ross Bratcher represented Innovo Development Group in arranging $10 million of JV equity utilizing the Realty Mogul platform to recapitalize the venture. The equity raise follows an $80-million financing package JLL arranged in June 2021 on Innovo’s behalf.
“We are proud to partner with an institutional capital provider who recognizes the significant growth opportunity in the Detroit industrial market,” said Brian Mullally, principal and co-founder of Detroit-based Innovo. “Realty Mogul offers us the kind of expansive partnership that will help our team continue to take on exciting new projects in Detroit and other great markets.”
Innovo recently completed an expansion of the property totaling 421,000 square feet of speculative development. JLL SVP Sean Cavanaugh is handling leasing.
- ◦Financing
