Corebridge Financial, Partners Group Provide $343M for Industrial Recap

Adler Partners, an owner and operator in the U.S. industrial space, has secured $343 million to recapitalize select assets in its fourth commercial real estate investment fund after closing its Adler Light Industrial Portfolio II (ALIP II) this month, according to a release.

Corebridge Financial provided $203 million in senior financing, while Partners Group provided $140 million in equity to fund the continuation vehicle. 

Brokers from JLL arranged the transaction. 

Matthew Adler, founder and managing partner of Adler Partners, called the recapitalization “an important milestone” for his firm and thanked both Corebridge Financial and Partners Group for their partnership. 

“Their participation reflects the quality of our assets, the strength of our operating platform, and the long-term relationships we have built over many years,” he said. 

Adler Partners has launched five investment funds since its 2012 inception — all specializing in acquiring and operating multi-tenant light industrial properties in core U.S. markets — and has managed 9-million square-feet of industrial real estate and leased to more than 900 tenants in this timeframe. 

The firm plans to launch its sixth investment fund later this year.  

“Since founding Adler, our objective has been to build an enduring investment platform capable of creating value across multiple market cycles,” said Adler. “ALIP II demonstrates how continuation vehicles can provide meaningful liquidity while preserving the opportunity to continue compounding value in high-quality assets.”

Brian Pascus can be reached at bpascus@commercialobserver.com.