$820MM financing arranged for 6.1MM SF industrial portfolio spanning six states

Rhea-AI Summary

JLL (JLL) arranged an $820 million floating-rate, single-asset single-borrower refinancing for a 42-property shallow-bay industrial portfolio totaling 6.1 million square feet across six states on Oct 20, 2025.

The loan was led by Wells Fargo with portions originated by J.P. Morgan and Goldman Sachs. The portfolio is 91% leased to over 950 tenants, averages 145,925 SF per property, and has average clear heights of 19 feet and ~33% office finish.

Positive

• $820M refinancing arranged by JLL
• Portfolio totals 6.1M SF across 42 properties
• Portfolio 91% leased to >950 tenants

Negative

• None.

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On the day this news was published, JLL gained 1.93%, reflecting a mild positive market reaction.

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JLL's Capital Markets group secured refinancing for CIP Real Estate and Almanac Realty Investors' diversified portfolio of 42 shallow bay industrial properties

PHOENIX, Oct. 20, 2025 /PRNewswire/ -- JLL's Capital Markets group announced today that it has arranged an $820 million refinancing for a national industrial portfolio comprising 42 shallow bay industrial properties totalling 6.1 million square feet across six states.

JLL represented the borrower, a joint venture between affiliates of CIP Real Estate LLC and Almanac Realty Investors, to secure a floating-rate, single-asset single-borrower (SASB) refinancing led by Wells Fargo, with J.P. Morgan and Goldman Sachs also originating portions of the loan.

The portfolio spans six major industrial markets including Atlanta, Dallas-Fort Worth, Charlotte, Tampa, and California's East Bay and Inland Empire. As of September 2025, the portfolio is 91% leased to more than 950 unique tenants.

The properties feature average clear heights of 19 feet, an average office finish of approximately 33% and range in size from 16,176 to 944,655 square feet, with an average property size of 145,925 square feet. The portfolio's strategic locations provide tenants with proximity to major transportation infrastructure and population centers, supporting a broad range of logistics, e-commerce and distribution users, including last-mile operators and small to medium-sized businesses.

"This refinancing represents a significant milestone for our partnership with Almanac and demonstrates the strength of our diversified industrial portfolio," said Eric Smyth, CEO of CIP Real Estate. "We appreciate JLL's expertise in securing competitive terms that provide us with enhanced flexibility to continue our growth strategy in the shallow bay industrial sector, where we see tremendous opportunity to serve the evolving needs of logistics, e-commerce and distribution tenants."

The JLL Debt Advisory team was led by Capital Markets President Kevin MacKenzie, Senior Director Peter Thompson, Director Christopher Pratt, Associates Kyle White and Anthony Scaglione and Analyst Nick Englhard, with additional support from investment sales teams in local markets.

"Strong sponsorship and strategic execution drove exceptional results on this significant financing," said MacKenzie. "The proven CIP-Almanac partnership including operational performance at the asset level, combined with JLL's expertise in large loan placements and deep lender relationships, enabled us to structure competitive terms across this geographically diverse shallow bay portfolio."

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 a 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 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.

About CIP Real Estate
CIP Real Estate LLC is a full-service real estate investment company focused on the acquisition, repositioning, re-branding, and management of industrial assets throughout West Coast, Southeast and Texas markets. Founded in 1995 and based in Irvine, CA, the company owns and manages over 10.0 million square feet of quality properties, with offices in Ontario (CA), Riverside (CA), Hayward (CA), Las Vegas, Charlotte, Atlanta and Dallas. www.ciprealestate.com

About Almanac Realty Investors
Almanac Realty Investors, a business unit of Neuberger Berman, is a leading provider of growth capital to private and public real estate companies. Originally founded in 1981 under the name Rothschild Realty, Almanac Realty Investors partners with established owner-operators in all sectors of the real estate market to accelerate company growth and has committed more than $8.3 billion in capital to 56 real estate companies, both private and public, throughout North America. For more information, visit www.almanacrealty.com.

About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $2.0 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 33 on Fortune's 2025 rankings of America's largest corporations. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com
LinkedIn: https://www.linkedin.com/company/wellsfargo

About Goldman Sachs
Goldman Sachs is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

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

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SOURCE JLL

FAQ

What refinancing did JLL arrange for the CIP-Almanac portfolio on Oct 20, 2025 (JLL)?

JLL arranged an $820 million floating-rate single-asset single-borrower refinancing for the 42-property portfolio.

Which lenders led and originated the $820M loan for the 6.1M SF portfolio?

The financing was led by Wells Fargo, with portions originated by J.P. Morgan and Goldman Sachs.

How large and how leased is the industrial portfolio refinanced on Oct 20, 2025?

The portfolio is 6.1 million square feet across 42 properties and was reported 91% leased as of September 2025.

Which markets are included in the 42-property shallow bay industrial portfolio?

The portfolio spans six markets including Atlanta, Dallas-Fort Worth, Charlotte, Tampa, East Bay, and Inland Empire.

What are the average property and asset characteristics of the refinanced portfolio?

Average property size is 145,925 SF, average clear height is 19 feet, and average office finish is ~33%.

Who were the borrower parties in the refinancing arranged by JLL?

The borrower was a joint venture between affiliates of CIP Real Estate and Almanac Realty Investors.