A fund advised by CBRE Global Investors has acquired a Class A industrial portfolio located in the greater Chicago area.
Totaling 814,002 square feet, the portfolio consists of three high-quality core single-tenant industrial properties that are well-located in established, infill business parks with excellent access to Chicago’s interstate highway system. The portfolio, which is fully leased long-term to two investment-grade tenants, includes:
• 3901 Rock Creek Blvd. in the Rock Run Business Park in Joliet: The property, which is 464,400 square feet, features a 30′-35′ clear height, crossdocking, 2.5 percent office finish, on-site trailer parking, and 120 dock and 4 drive-in doors. While currently fully leased to one tenant, the building is also set up to accommodate multi-tenant occupancy. The current tenant recently executed a long-term lease renewal and is making an investment to upgrade its conveyor and racking system. • 6325 Muirfield Drive in the Turnberry Lakes Business Park in Hanover Park: The 146,538 square foot building features a 24′ clear height, ESFR, T-5 lighting, single-load interior docks, 6.5 percent office finish, and rail service. The tenant, which relies on the rail service to produce packaging at the location, recently committed to a long-term renewal. • 801 Bryn Mawr in Itasca: The 203,064 square foot building features a 25′ clear height, new roof, ESFR, T-5 lighting, HVAC, upgraded front-loading docks, 3.1 percent office finish, on-site trailer parking and rail service with 6 dedicated rail docks. The tenant, which is also the tenant at the Hanover Park property, recently committed to a long-term lease at this location with the intent of expanding warehousing and production capacity. The property’s rail service was critical to the tenant’s commitment to the property.
These properties are located in Will and DuPage counties, which have a significantly lower real estate tax load as compared to nearby Cook County. Additionally, the Hanover Park and Itasca buildings have immediate access to the Elgin-O’Hare Expressway, which is undergoing significant improvements and expansion that will enhance accessibility and improve the overall location of these assets.
