The Chicago suburbs are proving a major draw for both users and investors seeking a foothold in the nation’s second largest industrial market. On behalf of Northern Builders, JLL‘s Capital Market experts announced the firm has closed the sale of a six-property, 1.4-million-square-foot portfolio of industrial properties located in four of the primary submarkets of Chicago. Dallas-based Hillwood Investment Properties purchased the Class A portfolio for nearly $91 million.
International Director John Huguenard, Managing Director Trevor Ragsdale and Senior Vice President Sean Devaney led the JLL team on the transaction.
“Northern Builders did a great job developing a geographically diverse portfolio that offered investors a combination of strong income and tenancy,” said Huguenard. “Hillwood will now be able to increase value through future lease-ups and organic growth through contractual lease obligations.”
The portfolio is 85 percent leased to 11 quality tenants with a weighted average lease term of nearly six years. The properties are located in Joliet, Bolingbrook, Carol Stream, Hanover Park and Elgin.
