Investcorp Sells 640 KSF Chicago Industrial Portfolio
Sperry Equities has acquired Northwest Indiana Logistics Portfolio, measuring 639,829 square feet across two buildings in Portage, Ind. Investcorp was the previous owner, according to CommercialEdge information.
JLL brokered the deal on behalf of the seller. Additionally, the company arranged a five-year, fixed-rate loan through New York Life Real Estate Investors.
At the time of sale, the portfolio boasted a 97 percent occupancy rate with eight tenants, including Tosca Services, MCP USA and Green Sense Farms Holdings, CommercialEdge data shows.
READ ALSO: Chicago Industrial Market Outshines the Rest of the Midwest
Building 1 is a 122,829-square-foot facility featuring 25-foot clear heights, 13 dock-high loading doors and six drive-in doors with dock levelers and bumpers. Additionally, the distribution center has 305-foot truck courts and about 115 parking spaces.
Completed in 2000, the more than 8-acre property is at 6525 Daniel Burnham Drive and provides easy access to Interstate 94. Downtown Chicago is some 41 miles away and the Port of Chicago is within 28 miles.
The 2003-completed Building 2 is a 517,000-square-foot structure that consists of 30-foot clear heights, 60 dock-high loading doors and four drive-in doors with levelers and bumpers, as well as 140-foot truck courts and 384 parking spaces. The 31-acre property is at 6750 Daniel Burnham Drive, less than 1 mile from Building 1.
The distribution center is also part of AmeriPlex at the Port, a 387-acre, mixed-use business park that broke ground in 2000 and is still under construction.
JLL Investment Sales and Advisory Senior Managing Director John Huguenard, alongside Managing Directors Ed Halaburt and Kurt Sarbaugh brokered the deal. The JLL Debt Advisory team was led by Senior Director Brian Walsh.
Larger deals are still happening in Chicago
Metro Chicago registered the largest industrial sales volume in the region year-to-date through June, clocking in at more than $1.3 billion, according to the latest CommercialEdge industrial report. However, assets traded at an average of $98 per square foot, well below the $139 national figure.
In April, Stonepeak acquired a three-building, 1.7 million-square-foot logistics portfolio in the Chicago market. CenterPoint Properties sold the fully leased properties for $125 million.
At the beginning of the year, an acquisition fund managed by Venture One Real Estate and Kovitz Investment Group purchased a 785,181-square-foot portfolio totaling two buildings in St. Charles, Ill. The buyer financed the purchase with a $30.4 million acquisition loan.
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