Jones Lang LaSalle Arranges $140+ Million Programmatic JV Equity Vehicle between Sitex Realty Group and STRS of Ohio
Venture will focus on industrial value-add acquisitions in Chicago, New Jersey and New York
CHICAGO, HOUSTON, NEW YORK – May 17, 2012 – (RealEstateRama) — Jones Lang LaSalle’s Capital Markets and Industrial Services experts today announced the firm has arranged a programmatic joint venture equity vehicle between Sitex Realty Group (SRG) and State Teachers Retirement System of Ohio (OSTRS). The new venture, led and operated by SRG, will commence June 1, 2012 and will seek to acquire more than $140 million of industrial real estate over the next 24 months. Together, they are focusing exclusively on value-add acquisitions in the industrial asset class. The venture will target the metropolitan regions of Chicago, New Jersey, and New York for its acquisitions.
Executive Vice President James Tramuto and Regional Managing Director Keith Stauber led the Jones Lang LaSalle team on this transaction, along with Managing Directors John Huguenard and Dave Hendrickson, and Vice President Sean Devaney.
“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 Tramuto.
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.”
Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2011 alone, Jones Lang LaSalle Capital Markets completed $60 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $52 billion in global investment sales and buy-side transactions, equating to nearly $216 million of investment trades completed every working day around the globe. In the United States, Jones Lang LaSalle grew its total Capital Markets volumes by 122 percent in 2011 and is quickly gaining market share across all property types. The firm’s Capital Markets team comprises more than 1,200 specialists, operating all over the globe.
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About Sitex Realty Group
Sitex Realty Group is a fully integrated real estate investment, development, property management and asset management company. Since its formation in 2001, Sitex has focused its efforts acquiring and adding value to industrial property including warehouse/distribution, manufacturing and flex/ tech buildings. With a singular focus and the experience of the principals Cary Goldman, David Friedman, Eric Joss and Brian Milberg, SRG has established the necessary infrastructure, relationships and track record to execute its investment strategy. This will be SRG’s seventh Fund.
About STRS of Ohio
STRS of Ohio is the 18th largest domestic US Pension fund, with a real estate portfolio valued at just over $5.6B, and a total investment portfolio of over $65B. STRS of Ohio has a proven track record of successfully acquiring, managing, and disposing real estate on behalf of its clients. https://re.strsoh.org.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE: JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $47.2 billion of assets under management. For further information, please visit www.joneslanglasalle.com.
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