$252.5M financing secured for a 3.64M SF national industrial portfolio

Rhea-AI Summary

JLL (NYSE:JLL) has successfully arranged $252.5 million in financing for the Lower Terra Industrial Portfolio, comprising 21 light industrial properties across 17 U.S. markets. The portfolio, owned by Brennan Investment Group and Farallon Capital, spans 3.64 million square feet across 13 states.

The financing package consists of a floating-rate, five-year loan from Apollo affiliates. The portfolio maintains a 98% occupancy rate with 16 diverse tenants and features an impressive average tenant tenure of over 30 years. Notable aspects include several mission-critical facilities with heavy bolt-down investments and four headquarters locations.

According to JLL's Q1 2025 data, new manufacturing leasing activity has shown strong momentum with a 17.4% quarter-over-quarter increase. The portfolio's strategic positioning provides access to labor markets representing approximately 18% of the U.S. workforce.

Positive

• 98% occupancy rate across the portfolio
• Strong tenant commitment with average tenure exceeding 30 years
• Geographic diversity across 17 top-performing industrial markets
• Access to labor markets representing 18% of U.S. workforce
• 17.4% quarter-over-quarter increase in manufacturing leasing activity
• Portfolio includes four headquarters locations

Negative

• Floating-rate loan structure exposes to interest rate risk

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JLL led the financing efforts for the Lower Terra Industrial Portfolio located across 17 top-performing industrial markets in the U.S.

CHICAGO, June 30, 2025 /PRNewswire/ -- JLL's Capital Markets group announced today that it has arranged $252.5 million in financing for the Lower Terra Industrial Portfolio, a collection of 21 light industrial, mission-critical properties totaling 3.64 million square feet across 17 markets in the United States.

JLL represented the sponsor, Brennan Investment Group ("BIG") and Farallon Capital, to secure the floating-rate, five-year loan from affiliates of Apollo.

Located across 13 states in the East, West, Central and Southeast regions, the portfolio benefits from strategic positioning in top-performing industrial markets. The portfolio's geographic diversity provides access to labor markets representing approximately 18% of the U.S. workforce. Further, the portfolio features strong tenant commitment with an average tenure of over 30 years, including several mission-critical facilities with heavy bolt-down investments and four headquarters locations.

The properties are 98% occupied by 16 diverse tenants spanning a broad array of industries representing the largest sectors of the U.S. economy. The portfolio also benefits from its exposure to the manufacturing sector, affording sponsorship the opportunity to capitalize on pent-up leasing demand as leases roll. As of Q1 2025, JLL observed new manufacturing leasing activity increase by 17.4% quarter-over-quarter. 

The JLL Capital Markets Debt Advisory team was led by Senior Director Lucas Borges, Senior Managing Director Matthew Schoenfeldt and Associate Tara Hagerty.

"This portfolio represented an exceptional opportunity to finance well-maintained, mission-critical industrial facilities with an institutional sponsorship group that brings unrivalled sector expertise," said Borges. "The combination of the portfolio's geographic diversity, long-term tenant base and strategic positioning in markets with strong industrial fundamentals made this an attractive investment opportunity in today's capital markets environment."

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 — whether investment sales and advisory, debt advisory, equity advisory or recapitalization. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL's newsroom. 

About Brennan Investment Group
Brennan Investment Group, a Chicago-based private real estate investment firm, acquires, develops, and operates industrial properties in select major metropolitan markets throughout the United States. Since 2010, Brennan Investment Group has acquired or developed $6.5 billion in industrial real estate in 30 states. The company's current portfolio spans 29 states and encompasses approximately 57 million square feet.

Brennan Investment Group co-invests with private and institutional capital to achieve outstanding risk-adjusted returns. The company has 18 regional offices throughout the United States, and the firm's management team is among the most accomplished in its industry, having invested in over 5,000 properties covering more than 60 cities throughout the United States, Canada, and Europe.

For more information on Brennan Investment Group, go to brennanllc.com.

About Farallon
Farallon Capital Management, L.L.C., is a global investment firm founded in 1986 and registered as an investment advisor with the United States Securities and Exchange Commission since 1990. Farallon seeks investments across asset classes and around the world through a process of bottom-up fundamental research and analysis emphasizing capital preservation. More information on Farallon is available at www.faralloncapital.com.

About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

Contact: Grace Lewis, JLL PR
Phone: +1 903 520 3478  
Email: grace.lewis@jll.com

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SOURCE JLL

FAQ

What is the size and value of the industrial portfolio financing arranged by JLL?

JLL arranged $252.5 million in financing for a portfolio of 21 properties totaling 3.64 million square feet across 17 U.S. markets.

What is the current occupancy rate of JLL's Lower Terra Industrial Portfolio?

The portfolio maintains a 98% occupancy rate with 16 diverse tenants across various industries.

What type of loan did JLL secure for the Lower Terra Industrial Portfolio?

JLL secured a floating-rate, five-year loan from Apollo affiliates for the portfolio.

How many states does the Lower Terra Industrial Portfolio cover?

The portfolio spans across 13 states in the East, West, Central and Southeast regions of the United States.

What is the average tenant tenure in JLL's Lower Terra Industrial Portfolio?

The portfolio features strong tenant commitment with an average tenure of over 30 years, including several mission-critical facilities.