A KTR Capital Partners‘ affiliate has closed on the acquisition of 280-290 Gerzevske Lane in Carol Stream. The 74,400-square-foot property is a Class A distribution warehouse situated on approximately five acres.
The rear-load asset was built in 1999, features precast construction, interior steel columns and 24-foot clear heights. The acquisition presented an opportunity to acquire a high quality, functional, multi-tenant building in the Central DuPage submarket of Chicago on an off-market basis. KTR acquired the property at 39 percent occupancy with plans to perform facility upgrades and repairs prior to widely marketing the vacancy, which includes 10,000 square feet of existing high-end office, for lease.
“This was an off-market opportunity to acquire a high-quality building in a premier institutional submarket in Chicago,” said Ryan Stoller, vice president of investments at KTR. “After our extensive upgrades, the 45,000 square feet of vacancy will be very well positioned to compete for tenants in the rapidly improving Central DuPage submarket of Chicago.”
The acquisition brings KTR’s total portfolio in the Chicago market to approximately 10.4 million square feet.
