PowerOne Industrial Properties Limited Partnership has acquired a 920,000 square foot portfolio of industrial properties in Chicago, Illinois for approximately US$45 million.
The portfolio includes distribution, light industrial and office/warehouse buildings, and comprises 14 buildings on 11 properties, all infill locations situated across six of Chicago’s leading submarkets and centered around O’Hare International Airport.
Pat DiCapo, Managing Director of The PowerOne Capital Group, said: “We are pleased by the closing of this acquisition. PowerOne Industrial was formed in partnership with an experienced leadership team and first-class operational expertise at SparrowHawk to invest in an attractive asset class with tremendous growth potential. We look forward to continuing to build out the platform consistent with our long-standing strategy for successfully building growth businesses in the real assets space. The Chicago portfolio, together with the recent acquisition in St. Louis, Missouri, is a solid foundation from which PowerOne Industrial will continue its broader objectives of complementary acquisitions in the US Midwest.”
Alfredo Gutierrez, founder of SparrowHawk said: “The portfolio offers high quality, functional real estate with a strong and diverse tenant base and stable income. Strategically located in infill locations across six of the best performing submarkets in Chicago, the Portfolio offers investors the opportunity to enter or expand holdings in the second largest industrial market in the United States, while providing a geographic diversification among the top submarkets. The portfolio contains a broad mix of industrial facilities including distribution, warehouse and office/warehouse buildings to meet the needs of all sectors of the market. The combination of single-tenant and multi-tenant assets, coupled with the ideal size, appropriate clear heights, depths and finish allow the portfolio to best serve the needs of the broadest tenant audience in the market.”