JLL Capital Markets closed the sale of a three-property cold storage portfolio totaling 712,051 square feet in high barrier-to-entry Chicago markets.
JLL marketed the portfolio on behalf of the seller, Investcorp, a leading global provider and manager of alternative investments. Lineage Logistics, which is controlled and operated by Bay Grove, purchased the assets.
The portfolio comprises 2635 S. Western Avenue and 2658 S. Leavitt Street in Chicago; 8424 W. 47th Street in Lyons and 1544-46 Hecht Drive in Bartlett. These facilities provide tenants with easy access to Chicago’s urban core population, and each location is known for its food-oriented user base and benefits not only from the region’s population base of 9.5 million but also for being one of the leading food production centers in the world.
The portfolio is 100 percent leased to 11 tenants and features clear heights ranging from 24 to 48 feet and ambient temperatures ranging from down to -10. Additionally, it represents one of the few multi-property, multi-tenant cold storage transactions nationally.
The JLL industrial capital markets team representing the seller was led by senior managing director John Huguenard and Senior Director Ed Halaburt along with Managing Director Sean Devaney and senior directors Kurt Sarbaugh and Robin Stolberg.
“What is unique about this cold storage portfolio is that it is a multi-tenant portfolio with fewer than four years of average remaining lease term that was able to close in spite of uncertainty caused by the COVID-19 pandemic,” Halaburt said.
