Duke Realty Corp. added to its Chicago and nationwide industrial portfolio with the acquisition of an 827,258-square-foot industrial building in Naperville that is completely occupied by Crate and Barrel, one of the largest retail home furnishing companies in the United States, under a long-term lease.
The acquisition of the Crate and Barrel building is the fourth industrial purchase that Duke Realty has made in Chicago since September 2011, raising its total industrial portfolio in the market to more than 10 million square feet and more than 107 million square feet nationwide.
“Our most recent acquisition in Chicago is in line with Duke Realty’s strategy to increase its investment in class A, well-leased, modern industrial assets in top distribution markets,” said Steve Schnur, senior vice President of Chicago operations. “This building meets all of our criteria for the type of industrial assets we want to own, making it an excellent addition to Duke Realty’s portfolio.”
The acquired property, which was built in 1998 and expanded in 2000, is used by Crate and Barrel as a fulfillment center for Internet sales and a distribution center for a large percentage of the United States. Located in the I-88 Corridor submarket, the building is easily accessible and close to several other Duke Realty industrial properties.
The seller of the property, DB Real Estate West Jefferson Partners L.P., operated by RREEF, was represented by Jeff Devine, Steve Disse and Jeff Kahan with Colliers International in the transaction.
