A seven-property industrial portfolio totaling 447,059 square feet recently sold in the Chicago MSA for $38 million. Holliday Fenoglio Fowler, L.P. (HFF) marketed the portfolio for the seller, Globe Corporation. A Chicago-based private equity sponsor, Green Door Capital, purchased the assets in part via a partnership with Citimark, Inc., a real estate investment company based in Indianapolis.
“The portfolio is comprised of very well-maintained and well-occupied assets that we are pleased to have acquired,” said Shannon Westberg, principal of Green Door Capital. At the time of sale, the portfolio was 93 percent leased to 10 different tenants.
Located in the second largest industrial market in the country, the portfolio properties are housed in four separate industrial submarkets. Three of the properties—5120 Prairie Stone Parkway in Hoffman Estates and 1124 Tower Road and 1555-1559 Brasswood Road in Schaumburg—are located in the Northwest Cook Industrial submarket. 3225 Corporate Drive and 3301-3301 Corporate Drive in Joliet are located in the I-80 Industrial corridor. In the North DuPage submarket, 454 Scott Drive in Bloomingdale was part of the sale, as was 3720 Prairie Lake Court in Aurora, within the I-88 Industrial corridor.
The HFF investment advisory team representing the seller included senior directors Kurt Sarbaugh and Robin Stolberg, managing director Stephen Skok and analyst Sam Berry.
“We are pleased with the execution provided by the HFF team,” said Bert A. Getz, Jr., co-CEO of Globe Corporation. “Some of the assets were developed by Globe, and almost all of them owned for over a decade, reflecting Globe’s long-term investment thesis. The sale of the seven properties reflects a broader strategy within Globe Corporation to partner with and develop larger projects in our core markets.”