Matterhorn, TPG Add 16 Chicago Industrial Properties
Matterhorn Venture Partners has partnered with TPG AG U.S. Real Estate to acquire 16 Chicago-area industrial properties totaling approximately 986,000 square feet, expanding the firms’ recently established regional investment platform.
The assets are part of a 53-building portfolio acquired for $628 million by TPG AG, Matterhorn, Redfearn Capital and Atlanta Property Group. The full portfolio contains 5.4 million square feet of distribution, logistics and manufacturing space across seven states.
The transaction is the largest completed by each of the three regional operating partners. Matterhorn will oversee the Chicago properties, Redfearn will manage assets in Tampa, Lakeland and Memphis, and Atlanta Property Group will handle buildings in Atlanta, Charlotte and Raleigh-Durham.
“The transaction was a true team effort,” Matterhorn CEO Scott McKibben said. “Institutional capital paired with three operators who live in these submarkets is difficult to replicate.”
The acquisition expands a programmatic joint venture Matterhorn and TPG AG launched in February with $300 million of initial equity and more than $900 million in buying capacity. That partnership began with two vacant suburban Chicago properties representing $30 million in capitalized value.
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