Industrial Income Trust Inc (IIT), a Denver-based REIT, completed the acquisition of six distribution centers for $80.5 million in the I-55 and I-88 corridors during the second quarter.
The properties, owned by HSA Commercial and Bridge Development Partners, total approximately 1.1 million-square-feet and are 86 percent leased to 18 tenants including Walgreens, Ace Hardware, Nestle Waters, and Goodyear. Four of the 
properties are in located in Woodridge and two are in Aurora.
The deal is part of a portfolio sale that will include three more properties, 575 Crossroads pkwy in Bolingbrook, 2580 Diehl Rd in Aurora, and 10330 Argonne Woods Drive in Woodridge, which will close in the third quarter.
Eight of the properties are owned by HSA and one is owned by Bridge.
According to Robert Smietana, vice chairman, CEO of HSA, Ron Frain, a principal at Bridge development, is a partner in several of the HSA properties as well.
The partners began to put together the portfolio earlier this year, as the investment market began to show an appetite for core product.
“We were seeing an influx of aggressive capital and we had heard of a couple deals that were happening for Class A product in strong locations,” says Smietana.
The I-88 and I-55 corridors have been strong performers in the gradual recovery, with 2,979,389 square feet and 450,543 square feet of net absorption year-to-date, according to NAI Hiffman.
Based on the market strength and the quality of the properties, the portfolio was well received and attracted a dozen offers, says to Smietana.
IIT is a rather new REIT that has been very aggressive in purchasing industrial properties this year. Between April 28 and June 29 the REIT acquired $270.4 million in properties across five submarkets in the U.S.
Investment sales have been much stronger in 2011 than years past, with activity on track to post a more than 30 percent increase over last year and a nearly 40 percent increase over the total sales value two years ago, reports NAI Hiffman.
All of the facilities included in the sale are class A buildings and HSA will retain management services for the portfolio.
Colliers International represented HSA in the portfolio transaction.
Properties in Portfolio:
1000 – 1020 Davey Rd, BridgePoint Park in Woodridge, 383,305 sf (2 buildings)
10330 – 10335 Argonne Woods Dr, Maple Point Park in Woodridge, 166,543 sf (2 buildings)
2145 International Pkwy, Park 355 in Woodridge, 254,385 sf
575 Crossroads Parkway, Bolingbrook, 145,000 sf
2580 Diehl Rd, Aurora, 65,477 sf
1203-1207 Bilter Rd, Aurora, 419,656 sf (2 buildings)
