JLL Capital Markets recently completed the $125-million recapitalization of Gateway Industrial Center, a 69-acre, 1.4-million-square feet industrial campus located in metro Detroit. A JLL team represented Innovo Development Group in arranging $10 million of joint venture equity utilizing the Realty Mogul platform to recapitalize the venture. The equity raise follows an $80 million financing package JLL arranged on Innovo’s behalf in June 2021.
Brian Mullally, principal and cofounder of Detroit based Innovo commented: “We are proud to partner with an institutional capital provider who recognizes the significant growth opportunity in the Detroit industrial market…Realty Mogul offers us an expansive partnership that will help our team continue to take on exciting new projects across great markets.” Innovo recently completed a 421,000 square foot expansion at Gateway Industrial Center and JLL SVP Sean Cavanaugh is handling leasing for this property.
