Colliers International recently represented institutional investors, advised by J.P. Morgan Asset Management, in the sale of a six-building, 1.4 million square foot industrial portfolio in metro Chicago to a comingled fund managed by CBRE Investors. Sale price was approximately $95 million.
Jeff Devine and Steve Disse of Colliers International handled the deal. “This was a great opportunity for an investor to establish a substantial position in institutional quality Chicago industrial product,” said Devine.
The Class A warehouse/distribution facilities were institutionally maintained under former ownership and provide immediate access to the interstate highway system. All are located in several of Chicago’s most desirable, master planned business parks.
The portfolio includes an 89,380 square foot facility in the Carol Point Business Center in Carol Stream and a 130,000 square foot facility in the White Oak Business Park in Aurora. Several properties in New Lenox’s Cherry Hill Business Park were also included: 2700 Ellis Road, a 689,654 square foot facility; 2101 Haven Road, a 186,600 square foot facility; the 115,000 square foot 2201 Haven Road and 2200 Haven Road at 204,940 square feet. At sale, the buildings were 100% leased to seven tenants.