Arcapita Group Holdings and Arden Group have formed a joint venture to acquire multitenant industrial properties in urban centers across major markets in the United States.
The new venture closed on an initial portfolio of properties valued at more than $550 million, with an additional $250 million of properties closing in the near term. Plans are to grow the portfolio to up to $2 billion in gross asset value across the top 25 U.S. industrial markets.
The venture’s initial portfolio totals approximately 5 million square feet spread across 18 industrial parks, located in seven U.S. markets: Atlanta; Charlotte, N.C.; Columbus, Ohio; Dallas; Houston; Indianapolis; and Philadelphia.
Atif Abdulmalik, Arcapita’s CEO, said, “This joint venture is part of our broader industrial real estate strategy, having completed roughly $5.5 billion in industrial and logistics real estate transactions globally for nearly 20 years. We are pleased to partner with Arden and provi