Colliers International | Chicago’s Chris Volkert, Jeff Devine, Steve Disse, Brendan Green and Ron Jansen represented GHP Group, Inc. (GHP Group) in the sale-leaseback of three of its industrial facilities totaling 496,744 square feet. WP Carey acquired the Chicago- and Toronto-based last-mile facilities at an undisclosed price.
The first of the two Chicago-area facilities is located at 1501 Nicholas Boulevard in Elk Grove Village, IL. The 225,006-square-foot warehouse is situated on 8.03 acres and includes 20-foot clear height, 143 parking stalls, 22 loading docks, two drive-in doors and 14 rail spots. It includes 8,900 square feet of office space.
The second is located at 6440 West Howard Street in Niles, IL. The 161,770-square-foot building is located on 8.03 acres and includes 22-foot clear height, 114 parking stalls, eight interior truck docks and three overhead doors. It also includes 14,400 square feet of office space.
The sole Toronto facility is located at 271 Massey Road in Guelph, Ontario. The 109,968-square-foot building is located on 5.54 acres and includes 30-foot clear height in the warehouse, five exterior docks, and one drive-in door. It also includes 4,736-square-feet of office space.
All three buildings are located at the center of large industrial concentrations in highly constrained, fully developed areas.
“Both the Chicago and Guelph industrial markets are some of the fastest-growing and most stable industrial markets in North America,” said Volkert, a principal with Colliers Chicago. “The regions are characterized by low vacancy rates, scarcity of supply, and steadily rising rents. This was a rare opportunity for an investor to get into these coveted areas at a cost far below what it would have been to construct a new facility.”
GHP Group is a leading manufacturing company of more than 200 seasonal products such as barbecues, heaters, fireplaces, water dispensers, and filtration products. Headquartered in Niles, IL, the company employs more than 250 and has eight locations across North America. GHP Group will continue to lease the Chicago- and Toronto-area facilities long-term.
