Jones Lang LaSalle's Capital Markets and Industrial Services experts announced this week the arrangement of a programmatic joint venture equity vehicle between Sitex Realty Group (SRG) and State Teachers Retirement System of Ohio (OSTRS). The new venture will seek to acquire more than $140 million of industrial real estate over the next 24 months, targeting the metropolitan regions of Chicago, New Jersey, and New York. The venture will be led and operated by SRG, commencing June 1.
"While programmatic joint ventures have been tough to come by in this new cycle, we were very fortunate to find the cross section of needs between a boutique industrial owner/operator focused on value-add assets, and a national pension fund system in search of an efficient way of investing in that very same product. It was a perfect match," said JLL Executive Vice President James Tramuto.
Regional Managing Director Keith Stauber added, "Both SRG and OSTRS have been long time clients and it was great to be able to introduce them to one another. This program allows SRG to expand its very successful and targeted strategy while enabling OSTRS to partner with one of the best local operators in the country."
For more news and information visit Blumberg Capital Partners.
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