Jones Lang LaSalle has announced that the firm’s Capital Markets Group has closed the sale of a 19-building portfolio of core industrial distribution facilities for Pinchal & Company, in partnership with American National Insurance Company (ANICO) and ANTAC, a wholly owned subsidiary of ANICO.
The Class-A properties are located in major distribution markets across the Midwest and Southeast. Exeter Property Group purchased the 6.0-million-square-foot portfolio for approximately $240 million.
Leading the Jones Lang LaSalle team on this transaction were John Huguenard, Peter Harwood, Garry Weiss and Sean Devaney.
“Right now, the industrial sector is one of the hottest property types on the market and we expect that interest to remain high as transaction levels are set to double in 2011 compared to 2010,” said Huguenard, national head of industrial capital markets for Jones Lang LaSalle, in a press release.
The portfolio is more than 98 percent occupied and is comprised of 27 high-quality tenants, a majority of which are publicly traded or credit-rated companies. The average remaining lease term is 5.8 years.
