JLL Arranges $50.5 Million Industrial Real Estate Acquisition of Midwest Distribution Portfolio in Minneapolis and Milwaukee

MINNEAPOLIS, June 2, 2026 — JLL Capital Markets has arranged the $50.5 million sale and acquisition financing of the Midwest Distribution Portfolio, a fully occupied, four-property industrial real estate collection totaling 608,316 square feet across the Minneapolis and Milwaukee metropolitan areas, the firm announced.

JLL represented the seller, Biynah Industrial Partners, LLC, a Minneapolis-based private equity firm that exclusively focuses on direct investments in industrial real estate throughout the United States. JLL also secured acquisition financing on behalf of the new owner. The buyer was not identified in the announcement.

Portfolio Overview: Four Industrial Properties Across Two Midwest Markets

The Midwest Distribution Portfolio comprises four warehouse and distribution assets across two states. The largest asset is a 265,516-square-foot distribution center in Lino Lakes, Minnesota, offering direct access to Interstate 35W and situated in an area with a median household income exceeding $125,000. In Wisconsin, the portfolio includes two buildings totaling 141,750 square feet in Pewaukee, positioned near Interstate 94 in Waukesha County, and a 201,050-square-foot complex in Milwaukee adjacent to the international airport, which handles approximately 6.9 million passengers annually.

At $50.5 million for 608,316 square feet, the transaction implies a portfolio price of approximately $83 per square foot.

The portfolio was 100 percent occupied at the time of sale, serving nine tenants across sectors including merchant wholesalers, apparel, motor freight distribution and air freight services. Tenant tenure averaged more than 11 years across the portfolio. Physical attributes include clear heights ranging from 22 to 30 feet and more than 70 loading positions across the four buildings.

JLL Team and Transaction Structure

The investment sales advisory team was led by Senior Managing Directors Ryan Robert and David Berglund, Managing Director Ed Halaburt and Colliers Partner Tom Shepherd. Acquisition financing was arranged by Senior Managing Director Matthew Schoenfeldt and Managing Director Lucas Borges of JLL's Capital Markets group.

"We've seen transaction momentum in the Midwest pick up significantly as investors recognize the region's supply constraints and strong fundamentals, with both Minneapolis and Milwaukee maintaining vacancy rates well below the national average," said Ryan. "This portfolio stood out with its 100 percent occupancy, diverse tenant base with exceptional tenure averaging over 11 years and immediate mark-to-market rental upside that created a clear path to value creation."

About the Firms Involved

Biynah Industrial Partners, LLC was founded in 2009 and is headquartered in Minneapolis. The firm focuses exclusively on direct investments in industrial real estate across the United States.

JLL (NYSE: JLL) is a global commercial real estate services and investment management company with annual revenue of $26.1 billion and operations in over 80 countries. The firm's Capital Markets group includes more than 3,000 specialists with offices in nearly 50 countries, providing investment sales and advisory, debt advisory, equity and fund placement, and related services.

Sources

JLL Newsroom: JLL Arranges Sale of the Midwest Distribution Portfolio (June 2, 2026)