November 14, 2018
Arcapita acquired a seven-property industrial real estate portfolio in Cleveland from an affiliate of Minneapolis-based Biynah Industrial Partners LLC for an undisclosed amount. The portfolio comprises 655,000 square feet of high-quality industrial assets within the metropolitan area, and is occupied by a diverse range of creditworthy tenants operating in the logistics, technology, and assembly space.
The Bahraini alternative investments firm partnered with Ohio-based Weston, which will maintain a joint-venture investment in the portfolio, and will serve as the leasing and managing agent.
The assets include: 5575 and 5565 Venture Dr. in Parma, 12875 Corporate Dr. in Parma, 26400 Broadway Ave. and 2 Thermo Fisher Way in Oakwood and 2477 and 2479 Edison Blvd. in Twinsburg.
The acquisition is part of Arcapita’s broader U.S. industrial real estate strategy, and is its first in the Cleveland market.
JLL and Cushman & Wakefield/Cresco Real Estate marketed the buildings.
For comments, questions or concerns, please contact Dennis Kaiser