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IAC closes on $750M industrial portfolio recap

Cushman & Wakefield served as the exclusive advisor to Perlmutter Investment Company’s IAC Properties industrial real estate investment business in a 5.35 million-square-foot 12-park industrial portfolio.

The $700,500,000 recapitalization represents a price per square foot of $130 with a 4.7 percent cap rate.


The New York Institutional Capital Markets team, led by team members Adam Spies, Josh King and Marcella Fasulo, in collaboration with the firm’s National Industrial Advisory Group, led by Jim Carpenter, represented IAC. The institutional real estate manager’s investment in the portfolio satisfied the company’s requirements for a new partner and resulted from Cushman & Wakefield’s highly targeted global marketing process.

King said, “The investment will continue to grow the IAC portfolio through further acquisition and development.”

“The smooth execution and closing of this transaction during the depths of the pandemic illustrates the amazing resiliency of the U.S. industrial sector and further underscores its status as the most demanded asset class for global investors,” Carpenter added.

The properties, which are 97% leased, are in Los Angeles, the Greater Chicago area, Seattle, Dallas-Fort Worth and Louisville, Kentucky. These properties are surrounded by key transportation hubs which offer immediate highway access and proximity to seaports/airports.

The portfolio is e-commerce and distribution focused with assets designed to provide efficient circulation patterns, best-in-market clear heights and abundant car parking and trailer storage.

The New York Institutional Capital Markets team led by Doug Harmon and Adam Spies is the number one trusted advisor for large sales and advises on some of the most notable transactions in the world, including the largest sale-lease back in history at 30 Hudson Yards and Chelsea Market, the largest single asset sale ever recorded.

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