EXECUTIVE TEAM LAUNCHES NEW COMPANY
‘OUTRIGGER INDUSTRIAL, LLC’
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New Venture Encompasses CA Industrial Platform, Private REIT Centris Industrial
Chicago, Illinois - June 7, 2024 Former executives of CA Industrial Logistics Trust announce the launch of their new venture “Outrigger Industrial, LLC”. In partnership with investment firms Davidson Kempner Capital Management and Monarch Alternative Capital, the joint venture was spun off from its former parent company CA Ventures. CA’s Industrial Division will operate under the new independent entity, Outrigger Industrial, and will also oversee the externally managed private REIT Centris Industrial. In addition to managing existing projects and stakeholders, Outrigger Industrial will seek new development and growth opportunities nationwide.
Outrigger Industrial is led by seasoned real estate executives Michael Podboy, Joe Trinkle, William Lu and Steve Rowley who served as the leadership team of Centris Industrial. In connection with the transition, Scott Henderson, Adam Niemeyer, and Jimmy Hwang will also join the new venture.
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“Since starting four years ago, the Outrigger Industrial Team had previously completed approximately 12M square feet of industrial buildings in 14 markets for a total investment value of nearly $1.6 billion,” said Michael Podboy, Co-Founder and Managing Partner. “Having the same team lead the new Outrigger Industrial platform favorably positions us for a growing yet sustainable pipeline of opportunities. As we start a new chapter, we also value our continued partnership with Davidson Kempner and Monarch who bring both long-term capital and operating expertise which will be instrumental in achieving our growth initiatives as we capitalize on today’s market environment.”
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Outrigger Industrial plans for future growth by continuing to target investment and development opportunities to facilitate last-mile delivery through state-of-the-art warehouse and distribution facilities.
“Given our experienced leadership team at Outrigger Industrial, we have the opportunity to focus our strategy on markets that historically have high barriers to entry,” says Podboy. “Our deep regional networks and extensive REIT and institutional knowledge allows us to progress the development process swiftly from site selection to leasing up.”
CA Industrial’s active developments have been transitioned to Outrigger Industrial who will continue to develop and support the current projects. These include 17 Class A industrial properties throughout the United States totaling 8.7M square feet.
As part of the transition, Outrigger Industrial has become the external manager of Centris Industrial. The private REIT, based in Chicago, has more than 10.3 million square feet of industrial space currently under development in key United States markets.
Region Specific Information
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About Outrigger Industrial, LLC:
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Outrigger Industrial, LLC is a joint venture partnership between co-owners and investment firms Davidson Kempner Capital Management and Monarch Alternative Capital, and co-owners and managing members of PTLR, LLC (Podboy, Trinkle, Lu and Rowley). Outrigger Industrial is a developer of real estate assets used for logistics, distribution, assembly, outdoor storage, data centers, cold storage and light manufacturing around the U.S. with a focus on infill and other high barriers to entry submarkets in major U.S. cities which exhibit strong macroeconomic and real estate fundamentals. The company has offices in Chicago, Los Angeles, Houston, Atlanta, Philadelphia, and Columbus.
About Centris Industrial:
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Centris Industrial ("Centris") is an externally managed private REIT, strategically designed to invest in speculative ground-up industrial and logistics projects across the United States. We aim to support the growth of the industrial and logistics industry through the delivery of superior products that set a new standard for quality, solving the industry's most complex problems through resilient, innovative solutions.
About Davidson Kempner:
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Davidson Kempner Capital Management LP is a global investment management firm with over 40 years of experience and a focus on fundamental investing with a multi strategy approach. The firm has approximately $37 billion in assets under management - DKCM invest globally in a variety of credit and equity strategies as well as real assets.
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About Monarch Alternative Capital LP:
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Monarch Alternative Capital LP is a global investment firm founded in 2002 with over $14 billion in assets under management. Monarch focuses primarily on opportunistic credit and real estate across various market segments and instrument types. Monarch draws on the skills and experience of its employees across its offices in New York, London, and West Palm Beach. For more information, please visit www.monarchlp.com.
Outrigger Industrial Regional Media Contacts:
Midwest:
Michael Podboy, Co-Founder and Managing Partner
312-330-4035
mpodboy@outriggerindustrial.com
Texas/Denver/Las Vegas/Phoenix:
Joe Trinkle, Co-Founder and Managing Partner
281-779-6645
jtrinkle@outriggerindustrial.com
Southeast/Carolinas:
Steve Rowley, Co-Founder and Managing Partner
770-880-6075
srowley@outriggerindustrial.com
West Coast:
William K Lu, Co-Founder and Managing Partner
949-872-0021
wlu@outriggerindustrial.com
Northeast:
Scott Henderson, Senior Vice President and Northeast Market Officer
610 - 787 - 1153
shenderson@outriggerindustrial.com
Friday June 7, 2024
MEDIA CONTACT
Jen Meyer
201-914-9957
jmeyer44@proton.me