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 led by Stephen Van Leer, Ed Halaburt, Trent Niederberger and Ross Bratcher 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 for Innovo’s behalf in June 2021.
Brian Mullally – principal and cofounder of Detroit based Innovo – commented on their partnership with an institutional capital provider who recognizes growth potential within the Detroit industrial market: “Realty Mogul offers us expansive partnership that will help our team continue to take on exciting new projects in Detroit and other great markets.” Innovo recently completed an expansion of 421,000 square feet at Gateway Industrial Center for speculative development purposes; JLL SVP Sean Cavanaugh is handling leasing duties at this time.
