Principal Asset Management and a state-sponsored pension plan have acquired an industrial portfolio spanning Denver, Houston and New Jersey. The transaction involved 10 high-quality industrial properties totaling 2.1 million square feet.
JLL represented the confidential seller in the sale.
The portfolio, which is 96.7 percent occupied, comprises five properties in Denver, four in southwest Houston and one in northern New Jersey. With an average building size of 210,000 square feet and an average clear height of 32 feet, the portfolio boasts modern features and strategic locations in high-growth markets.
In Denver, which accounts for 56 percent of the portfolio's square footage, the assets are situated between the airport and downtown, capitalizing on the city's growing logistics needs. The Houston properties, making up 34 percent of the portfolio, are well positioned in the Southwest submarket. The New Jersey asset, located at Exit 8A of the New Jersey Turnpike,
