JLL Arranges $236M Acquisition Financing for SparrowHawk-Almanac Midwest Industrial Portfolio
JLL Capital Markets has arranged $236 million in acquisition financing for a 20-property industrial portfolio totaling approximately 4.4 million square feet across six Midwest markets, the firm announced Aug. 13, 2026.
The loan was secured on behalf of a joint venture between SparrowHawk and Neuberger Berman, with PPM America serving as the lender. The financing is structured as a five-year, fixed-and-floating rate facility.
Portfolio Overview: Central Logistics Portfolio
Branded the Central Logistics Portfolio, the 20 assets are distributed across Cincinnati, Columbus, Dayton, Louisville, Cleveland and St. Louis — markets spanning Kentucky, Ohio, Missouri and Illinois. The portfolio is 94% occupied and leased to 30 tenants across logistics and distribution, business and professional services, industrial and manufacturing, e-commerce and retail, and wholesale and supply distribution sectors.
The properties were built in 2006 on average and carry an average building size of 221,000 square feet. Physical specifications include 30-foot average clear heights, cross-dock and rear-load configurations, and truck courts ranging from 115 feet to 205 feet. Construction is predominantly tilt-up and precast concrete, and the portfolio includes a mix of single-tenant and multi-tenant configurations.
The six-market footprint places the assets within a day's drive of nearly 50% of the U.S. population, a factor JLL and the sponsorship group cited as a core element of the portfolio's logistics positioning.
JLL Team and Lender Execution
The JLL Capital Markets team that arranged the financing was led by Senior Director Brian Walsh and Managing Director Lucas Borges, alongside Senior Managing Director Steven Klein, Director Christopher Pratt, and Senior Analysts Emma Berner and Christian Johnston.
"This transaction attracted significant lender interest given the institutional quality of the sponsorship and the portfolio's strategic positioning across high-performing Midwest markets," Walsh said in a statement. "The joint venture between SparrowHawk, a sponsor with deep operational expertise, and Almanac Realty Investors, an institutional investor with substantial capital resources, created a highly sought-after financing opportunity that attracted significant attention across the debt markets."
PPM America, a Chicago-based institutional asset manager with $101.07 billion in assets under management as of June 30, 2026, provided the loan. The firm offers investment capabilities across public fixed income, commercial real estate debt, private and structured credit, private equity and CLO management.
Sponsor Profiles: SparrowHawk and Almanac Realty Investors
SparrowHawk was founded by Alfredo Gutierrez in 2011 and operates as a fully integrated firm focused on the acquisition and management of industrial assets throughout the Midwest. Almanac Realty Investors, a business unit of Neuberger Berman, has committed more than $9.8 billion in capital to 61 real estate companies since its founding in 1981 under the name Rothschild Realty.
"This portfolio represents a significant milestone for SparrowHawk and reflects the strength of our partnership with Almanac Realty Investors," Gutierrez said. "The strategic location of these assets across key Midwest markets, combined with JLL's financing expertise and PPM's execution, positions us well for long-term growth. We're building a platform designed to deliver consistent value through quality assets and strong partnerships."
Market Context
The transaction reflects continued lender and investor appetite for diversified, income-producing industrial platforms with institutional sponsorship. A 94% occupancy rate, a 30-tenant rent roll spread across multiple industries, and a geographically distributed asset base across established Midwest logistics corridors present a lower-risk collateral profile relative to single-asset financings.
Industrial and logistics assets have remained among the more actively financed property types as commercial real estate capital markets activity has broadened in 2026. JLL has been active across multiple large industrial transactions this year, including a separate $282.65 million sale of five industrial properties totaling 2.9 million square feet.
JLL's Capital Markets group operates globally with more than 3,000 specialists in offices across nearly 50 countries.