SparrowHawk and Neuberger Berman Acquire 20-Property Midwest Industrial Portfolio from EQT Real Estate for Nearly $400M

Houston-based industrial investment firm SparrowHawk has closed on the acquisition of a 20-property, 4.4 million-square-foot Midwest industrial portfolio from EQT Real Estate Real Estate for nearly $400 million, in one of the larger regional industrial portfolio transactions of 2026. The deal, branded the "Central Logistics Portfolio," was completed in a joint venture with Neuberger Berman, an affiliate of Neuberger Berman, with PPM America providing $236 million in acquisition financing arranged by JLL.

Deal Structure and Financing

The transaction was priced at just under $400 million, implying roughly $90 to $91 per square foot across the 4.4 million-square-foot portfolio. PPM America structured the acquisition debt as a five-year fixed-and-floating rate facility totaling $236 million. JLL's capital markets team arranged the financing on behalf of the buyer. The debt represents approximately 59% loan-to-value relative to the reported purchase price.

Portfolio Composition and Geographic Footprint

The Central Logistics Portfolio comprises 20 industrial assets spread across six Midwest markets: St. Louis, Missouri; Cincinnati, Ohio; Columbus, Ohio; Dayton, Ohio; Cleveland, Ohio; and Louisville, Kentucky. The portfolio's geographic positioning places it within a day's drive of approximately 50% of the U.S. population.

Average building size across the portfolio is approximately 221,000 square feet, with an average vintage of around 2006. At closing, the portfolio was 94% occupied, with 30 tenants representing sectors including logistics, distribution, industrial manufacturing, business and professional services, e-commerce and retail, and wholesale and supply distribution. The weighted average lease term stood at 4.1 years at the time of acquisition.

The largest concentration of square footage is in St. Louis, where eight buildings totaling approximately 2.2 million square feet — roughly half the portfolio — were 94% occupied as of May 2026. The Cincinnati sub-portfolio consists of five buildings totaling approximately 785,000 square feet and was 78% occupied at the time of reporting, representing lease-up potential. The remaining seven properties are distributed across Columbus, Dayton, Cleveland, and Louisville, though individual building counts by city have not been fully detailed in public disclosures. Specific property addresses have not yet been published in public reporting.

Strategic Context for SparrowHawk

The acquisition brings SparrowHawk's total portfolio to more than 10 million square feet and pushes the firm's assets under management above $1 billion. SparrowHawk is headquartered in Houston, Texas, and describes itself as an industrial real estate investment firm focused on developing high-performing portfolios of industrial properties across the continental United States.

Seller Background

EQT Real Estate, also known as EQT Exeter, is the real estate arm of EQT, a global investment firm headquartered in Stockholm. EQT had assembled the Central Logistics Portfolio across the six Midwest markets prior to the sale to SparrowHawk and Almanac Realty Investors.

Sources

• SparrowHawk Press Release
• Commercial Observer – PPM America Provides $236M Acquisition Debt
• JLL Newsroom – JLL Arranges $236M Acquisition Financing
• RE Business Online – SparrowHawk, Almanac Realty Acquire 4.4 MSF Industrial Portfolio
• CoStar – Midwest Industrial Portfolio Sells for Nearly $400 Million
• The Real Deal – SparrowHawk Grows Portfolio With $400M EQT Buy