Faropoint announced today the purchase of a 757,017 square foot industrial portfolio located throughout the Chicagoland area. Jeff Devine, Steve Disse, and Tyler Ziebel represented the Seller in the acquisition. Faropoint was not represented in the transaction.
“This acquisition provides Faropoint the opportunity to plant a flag in the Chicago market with a portfolio that has strong weighted average lease term and average tenure. These properties are well located within the market, pushing us towards the creation of a last-mile ecosystem in Chicago. We are excited to have successfully completed this acquisition with both Colliers and the Seller, both great partners in this transaction” said Jordan Kovalsky, who lead’s Faropoint’s Midwest operations.
“Among several suitors in a very competitive marketplace to purchase quality industrial real estate, Faropoint proved to be an excellent group to work with. They were extremely efficient, completing this multi building acquisition less than seven weeks after being awarded the deal” said Jeffery Devine, Executive Managing Director at Colliers – Chicago.
“Chicago is the largest industrial market in the country and a key location for companies looking to operate their supply chain nationally. While digital commerce continues to reshape industrial real estate fundamentals, we believe Chicago will continue to show strong growth patterns, leveraging its great industrial amenities and core location to support the unprecedented growth in e-commerce” said Ohad Porat, CIO at Faropoint.
The Chicago Income Portfolio totals 757,017 square-feet across seven buildings. The portfolio was 100% leased to ten tenants at acquisition. The tenant base includes a diverse mix of business sectors such as technology, manufacturing, robotics, and energy. The properties are located in Elk Grove, Glendale Heights, Carol Stream, Hanover Park, Bolingbrook, and Elgin.
