Matterhorn Venture Partners (MVP) announced a new joint venture with TPG Angelo Gordon U.S. Real Estate to acquire and aggregate a portfolio of industrial value-add assets in the Chicago metro area and surrounding Midwest markets over the next four years.
The joint venture has an initial equity commitment of $300 million to deploy across industrial acquisitions in Chicago and surrounding target markets, with total buying power of more than $900 million. The partnership is actively seeking industrial value-add acquisitions with business plans encompassing rental rate mark-to-market, vacant property lease-up, repositioning of assets requiring capital investment or deferred maintenance, sale leasebacks and industrial condo aggregation.
As part of this new joint venture, the firms recently closed on the acquisition of two vacant suburban Chicago industrial assets totaling $30 million in capitalized value. The first asset is a 184,902-square-foot industri
