Arcapita signs deal to acquire Cleveland portfolio which comprises 655,000 square feet of industrial assets
Arcapita, a Bahrain-based Shari’ah-compliant alternative investment firm, has acquired a seven-property industrial real estate portfolio in Cleveland, Ohio.
The Cleveland portfolio comprises 655,000 square feet of industrial assets within the metropolitan area and is occupied by a range of tenants operating in the logistics, technology, and assembly space.
Arcapita said it has partnered with Weston, an Ohio-based real estate owner-operator, with a strong history in Cleveland and the wider Mid-west.
Weston will maintain a joint-venture investment in the portfolio and will serve as the leasing and managing agent, a statement said.
The acquisition is part of Arcapita’s broader US industrial real estate strategy targeting quality assets within the last mile and light industrial sub-sectors, with locations close to major population centres that enjoy strong consumer demand and developed supply chain infrastructures.
Atif A Abdulmalik, Arcapita’s CEO, said: “We have a strong track record in the industrial warehousing sector, having overseen $2 billion of industrial real estate transactions in the US and Asia. We previously managed and successfully exited five industrial portfolios comprising over 100 properties, including a $1.4 billion IPO.
“Expanding our US real estate footprint is a key pillar of our growth strategy, and I am pleased with the progress our US team has achieved in building our industrial portfolio. We have good momentum and are excited to expand our portfolio in the sector with additional acquisitions in the months to come.”