NEW JERSEY—Jones Lang LaSalle’s Capital Markets and Industrial Services has arranged a programmatic joint venture equity vehicle between Sitex Realty Group (SRG) and State Teachers Retirement System of Ohio (OSTRS), which will seek to acquire more than $140 million of industrial real estate over the next two years.
Slated to commence on June 1, the venture will be led and operated by SRG and will target the Chicago, New Jersey and New York metro regions for its acquisitions.
Executive Vice President James Tramuto and Regional Managing Director Keith Stauber led the Jones Lang LaSalle team on this transaction, along with Managing Directors John Huguenard and Dave Hendrickson and Vice President Sean Devaney.
“While programmatic joint ventures have been tough to come by in this new cycle, we were very fortunate to find the cross section of needs between a boutique industrial owner/operator focused on value-add assets, and a national pension fund system in search of an efficient way of investing in that very same product. It was a perfect match,” said Tramuto.