Hayman Company, in partnership with BELFOR, has acquired an industrial portfolio in the Chicago MSA comprising 832,000 square feet across eight light-industrial properties. Terms of the transaction were not disclosed.
The buildings are leased to an impressive roster of tenants with a weighted average lease remaining that exceeds 11.5 years. The portfolio consists of 10 tenants in 10 different industries, protecting investors through diversification. Most tenants have made significant investments into the mission critical facilities and have equipment that is cost-prohibitive to relocate.
Seven of the buildings were developed by the seller, a prominent, 92-year old development company local to the market. Chicago remains a strategic location for industrial real estate as it is centrally located with dominant transportation advantages. These include the largest intermodal center in the U.S., a Class A railroad system, O’Hare Airport, along with developed interstate highway infrastructure.
