Brewster Creek Business Park – 1452 is a 260,075-square-foot industrial facility in Bartlett, Illinois, that Brookfield acquired as part of the acquisition. According to DRA Advisors, the portfolio includes 12 properties in the Chicago area totaling approximately 1.4 million square feet. Image courtesy of Brookfield
Brookfield Asset Management has completed the acquisition of a 128-property, 14.6 million square feet of infill light industrial asset portfolio from funds managed by DRA Advisors. The multinational investor won the deal in June after bidding closest to the portfolio's asking price, according to Green Street News.
Eastdil Secured's portfolio of properties sold spans 20 different markets, with the majority of properties located in the Sunbelt region, with others in the Northeast and Midwest.
According to a separate Green Street report, the cities with the most properties in the portfolio are Atlanta (18), Dallas (16), Houston (17) and Memphis, Tennessee (12). Columbus, Ohio, took the top spot by square footage, with Brookfield now owning about 2.3 million square feet of space in the city.
According to Law360, the acquisition price was $1.3 billion, and Gibson, Dunn & Crutcher LLP advised Brookfield. DRA Advisors received legal guidance from Blank Rome LLP, and DeChert Law Firm represented the financiers in the deal.
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Competitors include EQT Exeter, which has spent more than $500 million this year on industrial acquisitions in Baltimore, Washington, D.C., Phoenix and the Inland Empire, according to the Green Street report.
Brookfield did not immediately respond to CPE's request for comment.
Portfolio Planning
Following the acquisition, Brookfield plans to vertically integrate the portfolio with its own global logistics platform, which spans 425 properties and 150 million square feet across more than nine countries.
The company also plans to invest in a capital expenditure program for its assets with a focus on energy efficiency and sustainability, as well as employee and tenant safety.
Brookfield, meanwhile, has been aggressive in investing in creative assets this year, particularly in office buildings. Last month, it refinanced One Liberty Plaza, a 2.3 million-square-foot tower in Manhattan, for $750 million. In January, it opened Two Manhattan West, a $1.9 billion, 58-story high-rise.