SparrowHawk, a Houston-based industrial real estate investment and management firm, has completed its largest transaction ever and one of the most notable to kick-off the second half of 2026, acquiring a 20-property, 4.4 million-square-foot portfolio located across six high-demand Midwest logistics markets. The acquisition price was just under $400 million.
The assets are in St. Louis, Cincinnati, Cleveland, Columbus, Dayton and Louisville—strategic regional growth markets that connect the Midwest to top population centers throughout the country. The portfolio includes a diversified geographic and tenant mix of national and regional companies operating across logistics, distribution, manufacturing, e-commerce, pharmaceutical and related industries.
EQT was the seller of the Central Logistics Portfolio. JLL’s Industrial Capital Markets group represented EQT and SparrowHawk in the transaction.
“This acquisition accelerates SparrowHawk’s strategic expansion in the Midwest with a portfolio that is integral to connecting industrial occupiers to the large consumer markets driving logistics and e-commerce growth,” said Alfredo Gutierrez, President and Founder, SparrowHawk. “The portfolio is transformational for our platform as it establishes meaningful scale across key Midwest markets and provides attractive risk-adjusted returns that align with our growth strategy and plans for capital deployment.”
SparrowHawk plans to leverage existing vacancy to capture future rent growth throughout the portfolio.
SparrowHawk’s acquisition speaks to the increasing activity taking place in what John Huguenard, Senior Managing Director, Industrial Group Leader, JLL Capital Markets, calls the meat of the market, portfolio acquisitions that can range from $250 million to $750 million and higher. He said the volume of these acquisitions has quadrupled, with the back half of 2026 likely to see activity comparable to the first half—perhaps even better.
“This market represents a great opportunity for SparrowHawk, and firms like it, to acquire established portfolios of in-demand product that may also have strong mark to market potential,” Huguenard said. “It allows buyers to immediately build or enhance scale in an individual market or throughout a region.”
Huguenard also noted that EQT, as one of the most active investors in the market, is leveraging market dynamics to both sell and acquire portfolios across the U.S.—a dynamic that could further propel transaction activity for just the bigger deals.
According to JLL, the capital markets are very liquid with abundant sources of capital from insurance companies, banks, and the credit and debt fund space. Brian Walsh, Senior Director, JLL Capital Markets, noted that this portfolio acquisition was very well received by the market which led to SparrowHawk having more than one dozen financing options.
“This was an aggressive and accretive deal for SparrowHawk,” said Brian Walsh. “The financing opportunities available for SparrowHawk were enhanced by the firm’s increased profile following the announcement of the $300 million growth capital commitment from Almanac Realty Partners and two significant acquisitions to end 2025 and kick-off 2026.”
The transaction advances what already has been a significant year for SparrowHawk. In late 2025 the company secured approximately $300 million in growth capital through a joint venture with Almanac Realty Investors of New York. SparrowHawk then acquired new assets totaling 1.13 million square feet of space with a combined value of $85 million in Kansas City and St. Louis.
With this acquisition, SparrowHawk portfolio of industrial assets under management now totals more than $1.0 billion, with assets totaling approximately 10.0 million square feet of space.
According to Gutierrez, industrial real estate remains one of the most compelling sectors in commercial real estate, driven by significant transformation and growth across the logistics and e-commerce industries and the demand for reshoring and supply chain modernization. “At SparrowHawk, we are building a platform designed not only to own buildings, but to create enduring value through relationships, operational excellence, disciplined execution, and a relentless focus on serving our investors and tenants.”
