Arden Logistics Parks, Arden Group’s logistics real estate operating platform, acquired a Chicago ISF site, a 34,700-square-foot industrial service facility and outdoor storage asset in Addison within the West Suburbs submarket of the metro Chicago area.
This acquisition represents the most recent addition to the growing ALP portfolio and continues the growth of its ISF platform in primary U.S. markets.
ALP acquired the property through an off-market transaction from the seller, who purchased the 3.61-acre vacant site a year ago. The seller embarked on a capital improvement plan to enhance the property and eventually leased the asset to UPS.
As the third-largest MSA in the country, Chicago boasts strong demographic fundamentals that lend themselves to an upward economic trajectory for industrial assets. The city’s O’Hare International Airport produces 1.8MM tons of freight annually, requiring a robust industrial real estate infrastructure, which drives continual demand for logistics assets throughout the region’s supply chain.
