Much Advises Cresset Partners-Sponsored Joint Venture in 15-Year Lease with PUMA
Much represented a joint venture between its client, Cresset Partners, a private investment firm, and Clarius Partners, an industrial real estate development company, in connection with a 15-year lease with PUMA, one of the world’s leading sports brands. PUMA will lease the 1 million-square-foot distribution center that the venture is currently building in Glendale, Arizona.
Jason LaBella, special counsel in the firm’s Real Estate group, led the transaction alongside principals Joel Resnick and Dan Bronson. The Much team provided sophisticated solutions tailored to the buildout of the industrial space, which will include a state-of-the-art robotics product retrieval and delivery system.
“Much has been a great partner throughout the duration of the PUMA deal, acting fairly in everyone’s interest and proactive with their communications,” said Dominic DeRose, Director at Cresset Partners. “It enabled us to get a significant deal done that will help shape the region’s supply chain.”
Since the inception of its first Qualified Opportunity Zone fund in 2018, Cresset Partners has regularly turned to Much’s attorneys for counsel on real estate development projects joint ventures, construction loans, and other corporate and real estate matters.
“This transaction – one of the biggest projects we’ve worked on with Cresset Partners – is another success in our years-long partnership,” said Jason. “We are continually impressed with our client’s smart approach to investing in key markets and its understanding of the logistics infrastructure nationwide.”