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CHICAGO-A joint venture between Elmhurst-based Value Industrial Partners and Dallas-based Invesco Real Estate has secured $48.75 million in financing for a 36-property industrial portfolio. The properties, which total 1.42 million sf, are located in the Chicago metropolitan area. Under the terms of the joint venture, Invesco will take a 50% interest in the properties.

Steve Skok, director with Cohen Financial, originated the transactions. Skok tells GlobeSt.com that 30 of the properties were refinanced, while the remaining six were acquisitions. He refrained from giving the exact locations, but said the refinanced properties were "equitably spread out between the O'Hare, North and Northwest suburban industrial submarkets, and the Southwest submarket." He adds that the acquired properties are located in the Chicago suburbs, including Elmhurst, West Chicago and Mokena.

Prudential Mortgage Capital Co. provided the non-recourse, seven-year interest-only structured loans with pricing based on the seven-year US Treasury for the entire portfolio. Skok admits the deal was challenging because there were so many assets geographically dispersed with hundreds of tenants. The majority of the properties are multi-tenant buildings, ranging between 10,000 sf and 100,000 sf. The entire portfolio is 95% leased and occupied.