Arcapita has acquired a seven-property industrial real estate portfolio in Cleveland. The portfolio comprises 655,000 square feet of high-quality industrial assets in the metropolitan area and is occupied by a range of tenants in the logistics, technology and assembly space.
As part of the deal, Arcapita, a Manama, Bahrain-based firm specializing in Shari’ah-compliant alternative investments, has partnered with Weston, an Ohio-based real estate owner-operator. Together, they will maintain a joint-venture investment in the portfolio, with Weston serving as the leasing and managing agent.
The acquisition is part of Arcapita’s broader U.S. industrial real estate strategy targeting quality assets within the last mile and light industrial sub-sectors, with locations in close proximity to major population centers that enjoy strong consumer demand and developed supply chain infrastructures.
“Expanding our U.S. real estate footprint is a key pillar of our growth strategy, and I am pleased with the progress our U.S. team has achieved in building our industrial portfolio," Arcapita CEO Atif A. Abdulmalik said in a statement. "We have good momentum and are excited to expand our portfolio in the sector with additional acquisitions in the months to come.”