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REA
January 22, 2020  

Industrial Shop Offers Stake in Big Portfolio

Perlmutter Investment is looking for an equity partner to recapitalize a roughly 5.5 million-square-foot industrial portfolio valued at about $900 million.

The properties are owned and managed by a Perlmutter unit called International Airport Centers, which develops and acquires distribution centers near major airports. Via Cushman & Wakefield, Perlmutter is offering an ownership stake of up to 50%, which would be valued at roughly $450 million.

The portfolio, which is more than 95% occupied, encompasses about 40 properties in the Chicago, Dallas, Los Angeles, Louisville, Ky., and Seattle areas — where investor appetite for distribution warehouses is especially robust. Amazon is the largest tenant.

The pitch is that an investor could work with International Airport Centers to raise below-market rents as leases expire. The portfolio also includes some developable land.

Perlmutter, of Highland Park, Ill., is led by former Heitman Financial chief executive Norman Perlmutter. Another Heitman alumnus, Larry Krasner, is president of International Airport Centers.

Since 1995, International Airport Centers has assembled and liquidated several large portfolios of warehouses. In the first go-round, the firm developed 5 million sf of distribution centers from 1995 to 2003, then sold the properties to Prologis predecessor AMB Property.