CB Richard Ellis Realty Trust has acquired a 1.35 million-square-foot state-of-the-art bulk warehouse/distribution center in the Chicago market. The built-to-suit facility is fully leased through August 2021 to a leading worldwide manufacturer and marketer of consumer and institutional products.
Located in Chicago’s I-80 corridor in University Park, the property is situated on 6.8 acres of land, is cross-docked and features significant on-site trailer parking for 434 stalls. Chicago is the largest industrial market in the nation and the primary regional distribution center for the Midwest. The I-80 corridor is the preferred submarket for major space users.
With the completion of this acquisition, CB Richard Ellis Realty Trust now owns two warehouse/distribution properties and three office properties in the Chicago market.
“This acquisition further diversifies our tenant base and represents an excellent core investment opportunity for CB Richard Ellis Realty Trust. The new, state-of-the-art facility is fully leased to an investment-grade tenant in an ideal location,” said Philip L. Kianka, executive vice president and COO of CB Richard Ellis Realty Trust. “We look forward to working with our newest tenant and potentially having the opportunity to expand our relationship.”
To acquire the property, the CB Richard Ellis Realty Trust team worked with Acquisition Director Gary Jaye and the acquisitions team from CBRE Global Investors.
