SparrowHawk & Almanac Secure $236 Million Acquisition Loan for EQT Industrial Portfolio

Investment firms SparrowHawk and Almanac Realty Investors have teamed up to acquire a 20-property portfolio spanning six markets and totaling 4.4 million square feet of industrial space previously owned by EQT and valued at $400 million.

The transaction was handled by a JLL Capital Markets team comprised of Senior Director, Brian Walsh; Managing Director, Lucas Borges; Senior Managing Director, Steve Klein; Director, Chris Pratt; and Emma Berner and Christian Johnston, senior analysts.

According to a release, the deal was financed by a $236 million loan(opens in new tab) provided by PPM America and is structured as a five-year, fixed-and-floating-rate mortgage. The PPM loan follows another round of financing as SparrowHawk secured a $300 million capital injection from Almanac roughly a year ago to facilitate a series of acquisitions.

EQT’s Central Logistics Portfolio includes industrial spaces in Cincinnati(opens in new tab); Columbus, Ohio(opens in new tab); Dayton, Ohio(opens in new tab); Cleveland(opens in new tab); Louisville, Ky.; and St. Louis markets(opens in new tab). These assets are ideally positioned for logistics and distribution; business and professional services; industrial and manufacturing; e-commerce and retail; and wholesale and supply distribution tenants. With an average occupancy rate of 94%, the buildings are within a day’s drive of 50% of the country’s population.

On average, the portfolio is comprised of industrial properties built around 2006, mostly tilt-up and precast concrete constructions with 30-foot average clear heights, several loading docks (cross-dock and rear-load capabilities), as well as truck courts ranging from 115 feet to 205 feet. The properties can accommodate a range of tenants from various industries across various multi-tenant configurations with sizes averaging 221,000 square feet.

“This portfolio represents a significant milestone for SparrowHawk and reflects the strength of our partnership with Almanac Realty Investors,” said Alfredo Gutierrez, president and founder of SparrowHawk. “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.”

“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. “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.”