JLL Capital Markets negotiated the sale of the Chicago Shallow-Bay Portfolio, a nine-building, 390,779-square-foot light industrial portfolio located across high-performing infill submarkets in the Chicago, Illinois metropolitan area.
JLL represented the seller, Unilev Capital and their partner, an Palladius Capital Management affiliate, Mandalay Industrial. Westmount Realty Capital and Global Gate Capital acquired the assets.
The portfolio consists of shallow-bay industrial buildings ranging from 26,500 to 84,058 square feet, with an average size of 55,826 square feet. The properties feature 16.2% office space, 20-foot average clear heights and 40 total suites with an average size of 9,673 square feet. Currently 91% leased, the portfolio features a diverse tenant lineup and meaningful upside potential through successful leasing.
Located in the I-55 Corridor, North DuPage County, Fox Valley and North Cook County submarkets, the portfolio benefits from Chicago’s central location and extensive transportation infrastructure. The properties offer strategic access to O’Hare International Airport, major interstates and rail networks, serving a metro population of nine million within one of the world’s largest economies.
The JLL Capital Markets Investment Sales and Advisory team was led by Managing Director Kurt Sarbaugh and Senior Managing Director Sean Devaney. Financing was supported by JLL’s Debt Advisory team, including Senior Managing Director Jeff Sause and Senior Director Brian Walsh.
The Unilev team was led by Chief Investment Officer Ian Konowitch, Vice President of Investments Peter Berges and Managing Principal Raymond Levy.
