EQT Real Estate sells 36-asset national industrial portfolio

CHICAGO, March 31, 2026 - JLL Capital Markets announced today it has arranged the sale and financing of a 7.3 million-square-foot institutional logistics portfolio comprising 36 modern distribution facilities across 12 major U.S. markets.

JLL represented the seller, EQT Real Estate, in the sale of the portfolio to an Ares Real Estate Fund. Working on behalf of the new owner, JLL also arranged the acquisition financing through a single-asset, single-borrower (SASB) execution led by Wells Fargo.

Strategically positioned in high-demand, supply-constrained corridors, the properties offer access to gateways and regional distribution markets, including Chicago, Columbus, Cincinnati, Phoenix, Boston, Memphis, Kansas City, Louisville, Denver and across Florida, Texas and the Carolinas. This premium centrality places the buildings within reach of major consumer markets and connects tenants to critical rail, interstate and intermodal infrastructure. The surrounding markets feature robust demographic growth, low unemployment and significant job creation, contributing to lasting commercial demand.

The portfolio features best-in-class specifications, with average clear heights of 31 feet, cross-dock and rear-load configurations, expansive truck courts and generous parking accommodations. The assets are nearly 98% leased to a diversified roster of 39 unique tenants active in distribution, e-commerce, food and beverage and manufacturing.

The JLL Capital Markets Investment Sales and Advisory team representing the seller included Senior Managing Director and Industrial Group Co-Leaders Trent Agnew and John Huguenard, along with Director Will McCormack.

Senior Managing Directors Steven Klein and Chris Peck spearheaded the JLL Debt Advisory team, along with Director Chris Pratt.

"This transaction represents a strategic acquisition of scale across some of the most supply-constrained industrial markets in the country," said Huguenard. "The portfolio offers the rare combination of stable, investment-grade cash flows and substantial rent growth embedded through lease rollovers."

Agnew added, "With industrial development costs having escalated dramatically over the past several years, acquiring this quality of product at a below-replacement-cost basis provides the new owner with meaningful competitive advantages as they position these assets for the future."

Klein noted, "The ability to provide comprehensive capital markets advisory across both the investment sales and financing components of this transaction demonstrate JLL's integrated platform and deep relationships. The portfolio's institutional quality, stable cash flows and substantial upside potential made it highly attractive to lenders, enabling us to deliver compelling financing terms."

JLL's Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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