Goldman Sachs Asset Management Private Real Estate (GSAM PRE) has acquired an approximately 830,000-square-foot, 10-building industrial portfolio located primarily in the O’Hare, North Cook and North DuPage submarkets of Chicago.
The properties are located near major thoroughfares (I-94, I-294, I-290), which provide tenants with convenient access to dense concentrations of end consumers and labor pools and O’Hare International Airport. Existing tenants use their respective suites for a variety of functions, including R&D, light manufacturing and distribution.
“We are excited to own industrial product in Chicago’s infill submarkets, which are close to population nodes and skilled labor, as we believe this will be attractive to tenants,” said Joseph Sumberg, co-head of GSAM PRE.
GSAM PRE plans to proactively lease known near-term vacancies, as well as strategically invest capital to maintain the quality of the portfolio. This is the eighth industrial investment for GSAM PRE, which owns approximately 3.3 million square feet of industrial assets across the US.